Summary Box - Monthly Saver
1. What is the interest rate?
It’s a fixed rate, as shown in the table below
|Your balance||Annual interest|
- Your interest is paid annually on the anniversary of the account opening.
2. Can Bank of Scotland change the interest rate?
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:
|Regular deposit||Gross rate||Balance at 12 months|
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?
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 and illustrates what the interest rate would be if interest was paid and compounded once each year. As every advertisement for a savings product which quotes an interest rate will include an AER, it makes it easier for you to compare what return you can expect from your savings over time.