Advantage Saver

Have Vantage on your current account? You could open this instant access savings account, which pays a higher interest rate for making fewer withdrawals.

Who this account is for

You can open this account if you:

This account could be ideal for you if you don't need to make regular withdrawals.

The benefits

  • Earn 4.00% AER/3.93% gross variable interest if you make 3 or less withdrawals in the 12 months after opening. How this worksIf you make three or less withdrawals within the 12 month term, you'll get paid the higher rate of interest for the whole term. Your interest will be paid monthly, on the same date you opened the account.
  • Earn 1.35% AER/1.34% gross variable interest if you make 4 or more withdrawals in the 12 month term. How this worksIf you make 4 or more withdrawals, you’ll get a lower interest rate from the month you make the fourth withdrawal until the end of the account year . Interest is paid monthly, on the same date you opened the account.
  • You can have up to five Advantage Saver accounts. You can name each one to help you save for different things.

 

How it works

  • Open with just £1. Then save as it suits you.
  • You can transfer money out of the account online, but only to another Bank of Scotland account in your name. You can withdraw money in branch.

Summary box for the Advantage Saver

  • Earn 4.00% AER/3.93% gross variable interest on balances from £1 if 3 or less withdrawals are made in the 12 months after opening.
    Earn 1.35% AER/1.34% gross variable interest on balances from £1 if 4 or more withdrawals are made in the 12 months after opening. This lower interest rate will apply from the month you make the fourth withdrawal until the end of the account year.

    Interest is paid monthly, on the same date you open your account.

  • Yes. As this account pays a variable rate of interest it can change over time. We’ll always let you know of any planned changes to the rate. Our terms and conditions (PDF, 182KB) explain when and how we do this. For example, we might review the interest rate if the Bank of England base rate changes.

     

  • For example, if you deposit £1,000 when you open the account and make no withdrawals, the balance after 12 months will be £1040.01.

    If you deposit £1,000 when you open the account and withdraw £10 on the first day of the month for the first 4 months of the term, the balance after 12 months will be £979.36.

    This assumes:

    • You make the deposit on the day you open the account.
    • You don’t add any more money.
    • The interest rate stays the same.

     

  • This account can be opened and managed:

    • online
    • on our app
    • in branch
    • by phone.

    You can open this account if you:

    Accounts with Vantage include:

    • Classic Account with Vantage
    • Silver Account with Vantage
    • Gold Account with Vantage
    • Platinum Account with Vantage
    • Premier Account with Vantage

    Bear in mind:

    • You can have up to five Advantage Saver accounts and name each one.
    • You need to open the account in sole name but you can make it joint once it's open.
    • Open with just £1.
    • If you change your mind, you can cancel the account free of charge within 30 days of opening.

     

  • Yes. You can make as many withdrawals as you like from this account and there are no charges for doing so.

    You will get a higher rate of interest if you make 3 or less withdrawals in the twelve months from opening. If you make 4 or more withdrawals, you’ll get a lower interest rate from the month you make the fourth withdrawal until the end of the account year.

    Closing your account counts as a withdrawal.

    If making an online transfer, it can only be made to an existing Bank of Scotland current account.

    After 12 months the account will change to an Instant Access Savings Account. Before this happens, we'll contact you to explain your options and next steps.

     

  • Gross rate means we won’t deduct tax from the interest we pay on money in your account. You will need to pay any tax you may owe to HM Revenue & Customs (HMRC).

    AER stands for Annual Equivalent Rate. Whenever you see an advert for a savings account which shows an interest rate, you will see the AER. This means you can use the AER to compare accounts. It shows what the interest rate would be if your interest was paid and compounded once each year.

    For more definitions, view our savings glossary.

     

Open an Advantage Saver today

You can open this account if you:

You should read the summary box and the terms and conditions (PDF, 182KB) before you apply. 

Open an Advantage Saver

Other ways to apply:

Call us on 0345 602 0304. Lines are open 9am – 6pm Monday – Saturday

Or, book an appointment at your local branch at a time to suit you.

Already have a savings account with us?

If you have got a Bank of Scotland easy access savings account, you can renew it into an Advantage Saver without the need to open a new account.

Have you thought about investing?

Our investment options could provide a higher return than saving. Choose from our investment accounts.

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Save the Change®

Save the Change® makes saving so easy, you’ll forget you’re doing it.

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