Monthly Saver

Watch your savings grow and earn fixed interest for one year, with easy access to your money

At a glance

table of basic information on the monthly saver

Interest rates

Features and benefits

Keep in mind

Withdrawals

Access

Interest rates

2.00% gross/AER fixed for 12 months

Features and benefits

  • Set your own monthly deposit from £25 to £250 each month, paid by standing order. It must reach your account by the 25th of each month for it to count as that month’s payment
  • Access to your savings with no withdrawal charges (although any funds withdrawn cannot be replaced)
  • Manage your account online, over the phone and in branch

You must already hold a Bank of Scotland current account to open this account.

Keep in mind

  • You can only have one Monthly Saver in your sole name or held jointly
  • You must have a Bank of Scotland current account
  • After 12 months the account will automatically change to an Access Saver account

Withdrawals

  • Unlimited. You can’t, however, replace any money you withdraw.

Access

  • Online
  • Branch
  • Phone

Summary Box - Monthly Saver

1. What is the interest rate?

It’s a fixed rate, as shown in the table below

Monthly saver interest rates

Your balance

Gross (Annual Interest)

AER (Annual Interest)

Your balance

£1+

Gross (Annual Interest)

2.00%

AER (Annual Interest)

2.00%

  • Your interest is paid annually on the anniversary of the account opening.

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?

Below is an example of what the future balance might be, after interest has been paid:

Example of what the future balance might be after the interest has been paid

Regular Deposit

Gross rate

Balance at 12 months

Regular Deposit

£100.00

Gross rate

2.00%

Balance at 12 months

£1212.00

This example assumes that:

  • you don’t withdraw any money and interest isn’t paid out of the account
  • you make regular monthly deposits in the middle of the month

4. How do I open and manage my account?

This account can be opened and managed in branch, by phone or online.

Opening this account

  • You must be 16 or over and resident in the UK
  • Online applications must be made in your sole name but the account can be made joint in branch or over the phone  once opened
  • You must have a Bank of Scotland current account

Managing this account

  • You can save from £25 to £250 a month by standing order (this must reach your account by the 25th of the month)
  • You can only have one Monthly Saver in your sole name or held jointly
  • If you close the account early, you won’t be able to open another one before the first anniversary of opening the first 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 automatically change to an Access Saver account. Before this happens, we'll contact you to explain your options and next steps.

6. Additional information

Gross rate means we won’t automatically deduct tax from the interest we pay on money in your account. It’s your responsibility 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.

Please read the summary box before applying.

Open a Monthly Saver

We recommend that you download and read the account conditions (PDF) carefully as they form a legal contract with us. If there is anything you do not understand, please contact us before you agree to them (as part of the application).

Your money is protected by the FSCS

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

FSCS logo

Please note:

Rates of interest are subject to change, please check before opening. Rates are fixed on account opening.  Rates effective from 0.00am on 30/10/2018.

For a definition of AER, gross and other terms, view our savings glossary.