Monthly Saver

Save £25-£250 each month for one year, and watch your savings grow with fixed interest.

Who this account is for

  • Can you save £25-£250 each month? If so, take a look at this Monthly Saver.
  • You can open this account if you're 16 or over and a UK resident. You also need to have a Bank of Scotland current account.
  • You must not already have a Monthly Saver, as you can only open one every 12 months.

The benefits

  • Earn 5.50% gross/AER fixed interest for 12 months.
  • Get into the habit of saving every month. 
  • Easily access your money online, on the app, by phone or in branch.

How it works

  • Set up a standing order or make a bank transfer to save £25 - £250 by the 25th of each month. You can top up your savings by bank transfer as long as you don’t exceed the £250 monthly limit. 
  • You can withdraw money if you need to, but you can't add it back in.

Summary box for the Monthly Saver

  • 5.50% gross/AER fixed for balances of £1 or more.

    Your interest is paid a year after you open the account.


  • No. This account has a fixed rate of interest so the rate won’t change during the term.


  • For example, if you make regular deposits of £250.00 every month, the balance after 12 months will be £3082.50.

    This assumes:

    • You make regular monthly deposits in the middle of the month.
    • You don’t withdraw any money.
    • You keep your interest in this account.
    • Interest is calculated each day. As your balance is lower at the start of the term and grows after each monthly deposit, your daily interest calculation also slowly increases. At the end of the term your interest is added into your savings account.


  • This account can be opened and managed:

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

    You can open the account if:

    • you're 16 or over and a resident in the UK
    • you have a Bank of Scotland current account
    • you don't already have a Monthly Saver, as you can only open one every 12 months.

    Managing the account

    • You can only have one Monthly Saver and this must be opened in your sole name. The account can be opened online, on our app, over the phone and in branch. You can make it joint by going into branch or calling us after you've opened it.
    • You can save £25 - £250 every month by one standing order or a bank transfer. This needs to reach your account before the 25th of the month. You can also make a bank transfer to top up your savings as long as the total amount of your deposits does not exceed the monthly limit of £250. The amount that you save each month can vary but needs to stay between the £25 to £250 monthly limit.
    • You can close it early. If you do, you won’t be able to open another one until a year after you opened the account.
    • After 12 months you’ll receive your interest and the account will change to an Instant Access Savings Account. You can then open a new Monthly Saver and save for another 12 months. Once you have opened your next Monthly Saver we’ll send you the sort code and account number. You will need to set up a new standing order to this Monthly Saver account. This needs to be between £25 and £250 each month. Remember to cancel your old standing order unless you want to keep saving into the Instant Access Savings Account.


  • Yes. You can make withdrawals from this account and there are no charges for doing so. You can transfer money out of the account online, but only to another Bank of Scotland account.

    Bear in mind you may not be able to replace what you withdraw. This is because of the monthly deposit limits.

    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 a Monthly Saver today

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

Open a Monthly 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.

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Your money is protected by the FSCS

The Financial Services Compensation Scheme (FSCS) protects your money.

FSCS Protected