Royal Bank of Scotland Savings Guide
There is a range of options when it comes to choosing a savings account, and which is suitable depends on your needs and circumstances. For example, if you are happy to tie up your money for a specific period, then a fixed-rate account could be suitable.
However, if you need access to your cash and you’re seeking flexibility from your savings then an easy access account is likely to be a better option for you. You can increase the sum held in this when you want, and benefit from unlimited withdrawals.
The first step for any savings, however, should be an ISA. This is a savings account held in a tax-free ‘wrapper’ that benefits from tax-free interest, up to a certain annual allowance.
Whichever Royal Bank of Scotland savings account you choose, make sure you understand how it operates and any restrictions on the account.
The first £75,000 (as of January 2016) of any savings held with Royal Bank of Scotland is protected by the Financial Services Compensation Scheme (FSCS). Typically, this protection applies per bank, not per banking institution. In this case, if you also have savings with NatWest, you will be covered for deposits of up to £75,000 for this bank too.