Save £25-£250 each month for one year, and watch your savings grow with fixed interest.
Summary box for the Monthly Saver
1. What is the interest rate?
2.00% gross/AER fixed for balances of £1 or more.
Your interest is paid a year after you open the account.
2. Can Bank of Scotland change the interest rate?
No. This account has a fixed rate of interest so the rate won’t change during the term.
3. What might the future balance be?
For example, if you make regular deposits of £100.00 every month, the balance after 12 months will be £1212.00.
- You make regular monthly deposits in the middle of the month.
- You don’t withdraw any money.
- You keep your interest in this account.
4. How do I open and manage my account?
This account can be opened and managed:
- 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 make the account joint once it's open. You can do this by visiting branch or calling us.
- Save from £25 to £250 each month by standing order. This needs to reach your account by the 25th of the month.
- 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.
5. Can I withdraw money?
Yes. You can make withdrawals from this account and there are no charges for doing so. You can’t, however, replace any money you withdraw
After 12 months the account will change to an Access Saver. Before this happens, we'll contact you to explain your options and next steps.
6. Additional information
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.