• New savings customers could win £1000
  • Savings goals most popular amongst younger customers

Royal Bank of Scotland is launching a new savings competition to help encourage first-time savers. The £1000 competition begins in August, with 10 customers each being awarded £1000 for opening an account and then developing a regular savings habit.

To have a chance of winning, customers simply need to open a Digital Regular Saver account in August, set up a standing order for between £1-£50 and make payments in September, October and November. The winners will be selected in December with 10 customers winning £1000.

Royal Bank also revealed that setting up a savings goal is most popular among 21-30 year olds and customers who set up a savings goal are more likely to achieve their goal compared to those who don’t have a goal. Customers aged 41-50 years old were the least likely to set up a goal.

The bank is aiming to help an additional 2 million customers to start saving by 2023 and help increase financial capability.

The Digital Regular Saver account is designed to help customers with little or no savings develop a savings habit and unlike other regular savings accounts does not expire after a year. The account is more flexible too, allowing for withdrawals to be made without the need to close the account. Interest is paid monthly with the top rate of 3% interest paid on balances of up to £1000.

Lewis Broadie, Royal Bank’s savings expert said: “We hope the added incentive of winning £1000 in time for Christmas will help encourage more customers to begin building a savings pot.”

Royal Bank also offers a range of savings tools to help customers save, including a Savings Goal tool in the bank’s mobile app and Spending which helps customers to budget.

A Digital Regular Saver Account can be opened through the Royal Bank mobile app or online at www.rbs.co.uk/savings

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