Royal Bank of Scotland is launching a new savings competition to help encourage first-time savers. The £1,000 competition begins on March 1 2020 with 10 customers each being awarded £1,000 for opening an account and saving regularly.
Customers can enter by opening a Digital Regular Saver account in March and saving between £1-£50 in April, May and June. The winners will be selected in July with 10 customers winning £1,000 each.
Over the last year 650k customers started saving for the first-time. The bank is aiming to help two 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 close 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 £1,000.
Lewis Broadie, Royal Bank’s savings expert said: “Since the launch of the Digital Regular Saver we have seen that once customers begin to save they develop a really good savings habit and with the added incentive of a chance to win £1,000 we hope to help even more customers kickstart a savings habit.”
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.