This comparison simply includes all savings accounts.
RBS Current Account
Why we like it: Which? Recommended Savings Provider. No notice period. Deposit from £100. Interest paid monthly or annually. Apply in minutes. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services. Compensation Scheme (FSCS)
Why we like it: Instant access to your savings. Unlimited deposits and withdrawals. Interest paid monthly, either to a linked current account, or adding it to your Online Flexi Saver account. Easy application process, you just need a UK mobile phone and UK driving licence or passport. Manage account online. Maximum balance £250,000. Must be aged 18 or older and have a UK address. Must have a linked UK current account. Your eligible deposits with Investec Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)
Why we like it: Save from £1. Unlimited payments and withdrawals. Interest paid annually. Open in a single or a joint name. Maximum deposit £500,000. Open and manage account online. FSCS Protected. Must be UK resident. Must be aged 16 or older
Why we like it: Unlimited payments and withdrawals. Interest paid annually. Open in a single or a joint name. Maximum deposit £250,000. FSCS Protected. Winner of Platinum Feefo Trusted Service Award in 2024. Must be UK resident and be aged 18 or older
Why we like it: Choose monthly or annual interest payments. Unlimited deposits and withdrawals. 24/7 access to your savings. Open and manage online. After 12 months the rate will revert to the underlying rate, currently 1.45% gross/AER variable. Post Office Online Saver is provided by Bank of Ireland UK. Must be UK resident. Must be aged 18 or older. FSCS protected
Why we like it: All funds deposited into the RCI Bank E-Volve Savings 14 Day Notice Account will be used to fund pure electric vehicles and charging facilities. Interest paid monthly or annually. Manage account online. UK-based support, seven days a week. Which? Recommended Savings Provider. Unlimited withdrawals subject to 14 days notice. Must be UK resident. Must be aged 18 or older. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)
Why we like it: The interest rate tracks the Bank of England (BoE) Base Rate. Interest is calculated on the minimum daily balance and applied to the account on the first day of every subsequent month. Open and manage account online. Your eligible deposits are protected up to £85,000 by the Financial Services Compensation Scheme. The maximum deposit you may pay into any one OakNorth Account is £500,000. The maximum amount (excluding the interest) that you will be allowed to hold on deposit with OakNorth Bank across multiple accounts is also £500,000. Unlimited withdrawals, subject to 95 days notice. Available to individuals, aged 18 or over, who are UK residents
Why we like it: Unlimited deposits and withdrawals. Interest paid monthly: can be added to your Notice Saver or paid to your linked account. Easy application process, you just need a UK mobile phone and UK driving licence or passport. Manage account online. Maximum balance £250,000. Withdrawals subject to 90 days notice. Must be aged 18 or older and have a UK address. Must have a linked UK current account
Why we like it: 3 penalty-free withdrawals in a 12 month period. 3.82% AER (variable tracker) + 0.68% AER 12 month boost. 3.75% gross variable tracker. Interest paid monthly. Deposit and withdraw almost instantly. No fees or charges for holding account. FSCS eligible on your deposits. After 3 withdrawals within a 12 month period the rate will revert to either 3.40% AER (variable tracker with boost applied) or 2.72% AER (variable tracker) for the remainder of the 12 month period since opening the account. Must be UK resident. Must be aged 18 or older
Why we like it: 9 month term, minimum deposit £1,000, no withdrawals permitted. FSCS Protected
Why we like it: Interest paid on maturity. Automatic repayment to your linked account. Maximum deposit £250,000. FSCS Protected. Must have a UK residential address and be aged 18 or older. No withdrawals permitted
Why we like it: 1 year term, minimum deposit £1,000, no withdrawals permitted. FSCS Protected
RBS Current Account
RBS offer a selection of accounts from a basic everyday account to make life easier to paid monthly reward accounts.
Their Basic Account offers the following features:
- 24-hour telephone banking and online banking.
- Emergency money available from ATMs if you forget or lose your card.
- Access to your account at any time with 24 hour call centres, using the mobile app, online banking or by visiting one of 600 branches.
- Apple Pay, a secure way to pay using your Royal Bank of Scotland debit or credit card and Apple device.
- An arranged overdraft with a ten pound buffer.
Rewards and Offers
- 3% cashback on household bills
RBS also offer a reward account. It’s worth noting that this account is not available to customers in England and Wales but as NatWest is part of the RBS group they offer the same account to English and Welsh residents.
There are no monthly payments for this account, which makes it a great option for those who are unable to meet the high minimum payment requests of some other accounts. There is, however, a charge per month of £3.
The rewards you can earn on this account are similar to the Santander 123 account in that you can earn cashback on your household bills. As this account is a cheaper option than the Santander account, it’s a great choice for those who pay a lot of household bills out of one account and would like to see some return on that. Although, in order to see any profit on this, you would need to spend over £100 on bills per month in household bills.
The scheme is quite simple, you can automatically earn 3% on seven kinds of household bills, including council tax. As soon as you reach £5 in rewards you can exchange it for £5, which you can convert to money and transfer in to your current account or even use towards your RBS credit card balance.
RBS state that there will be no limits to the rewards you can earn and on average customers can earn around £120 per year in rewards.
- You are also able to exchange the rewards for gift cards or codes to spend at selected UK retailers or donate to one of four charities.
You can earn your ‘rewards’ on the following bills when you pay by Direct Debit from your Reward Bank Account; council tax, mobile, landline, TV package, gas, electricity and broadband.
However, they don’t allow you to earn rewards on payments to organisations such as insurance providers, repairs or home maintenance.
Other Useful Information
- If you go overdrawn without having an arranged overdraft (or if you go over your agreed limit), then you may be charged an unarranged overdraft Usage Fee of £6 per day if you go past the £10 buffer and an unpaid Transaction Fee of £6 for each transaction not paid.
- It’s worth noting that no interest is paid on either of these accounts for in-credit balances.
Overall the basic bank account is a very good option for those who want a standard bank account.
The Reward Account is a great account for cashback and with no minimum monthly pay-in, it is a cheaper option than other current accounts. The £3 a month charge would be covered by your rewards if you take full advantage of the offer.
