RBS, otherwise known as the Royal Bank of Scotland, provides a variety of savings options for Britons who are looking to get the most out of their money. The well-known bank has three main savings accounts currently on offer on an instant access basis. Dependent on how Britons choose to access their money, and how much interest they are looking to accumulate, different accounts may suit their personal needs.
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Savers with a balance of £10,000 appear to be best suited to the RBS Savings Builder.
Available to current account customers aged 16 and over, the Savings Builder is designed to help people to build up their savings pot.
The account allows customers to earn up to 1.00 percent variable in interest rate if they grow their savings by £50 or more each month.
However, the account does provide flexibility if a person, for whatever reason, cannot afford to save in a particular month.
In a month where a person can’t afford to grow their savings by at least £50, this just means they will not earn interest for that particular month.
The account can be opened and managed via mobile, online or in branch providing convenience for savers.
There is also no minimum deposit required to open the account, which is good news for those who are just getting started on their savings journey.
For potentially the more experienced saver, the Instant Saver account could suit circumstances.
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With this account there is no need to deposit regularly, providing the flexibility that many savers are looking for.
Once again open to customers aged 16 and over, the account can be applied for in just five minutes, and savings can start from £1.
The interest rate on the Instant Saver currently stands at 0.01 percent variable.
Larger savers, with a balance of over £25,000, may opt for the Premium Saver account.
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While the account is instant access, RBS rewards savers with bonus interest for every month they leave their savings untouched.
For customers with a balance of between £25,000 and £49,999, 0.10 percent can be gained in bonus interest.
And for those with a balance between £50,000 and £1million, up to 0.35 percent interest can be gained.
This is particularly attractive given the low interest rates currently offered by many providers.
RBS has also offered advice to Britons on how best to save money amid the lockdown measures across the country.
Firstly, it advises Britons to review their subscriptions such as Spotify and Netflix, to see whether they could save on regular outgoings.
In a similar way, membership fees for fitness organisations could also be wasted while gyms are closed, so it is important to check.
The bank advises people to set aside time to look through their income and expenditure, to eliminate unnecessary costs.
And finally, moving spare cash into a savings account helps savers to adopt healthy savings habits.
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