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Advantage Saver
Have Vantage on your current account? You could open this instant access savings account, which pays a higher interest rate for making fewer withdrawals.
Summary box for the Advantage Saver
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Earn 3.70% AER/3.64% gross variable interest on balances from £1 if 3 or less withdrawals are made in the 12 months after opening.
Earn 1.05% AER/1.04% gross variable interest on balances from £1 if 4 or more withdrawals are made in the 12 months after opening. This lower interest rate will apply from the month you make the fourth withdrawal until the end of the account year.Interest is paid monthly, on the same date you open your account.
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Yes. As this account pays a variable rate of interest it can change over time. We’ll always let you know of any planned changes to the rate. Our terms and conditions (PDF, 182KB) explain when and how we do this. For example, we might review the interest rate if the Bank of England base rate changes.
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For example, if you deposit £1,000 when you open the account and make no withdrawals, the balance after 12 months will be £1037.01.
If you deposit £1,000 when you open the account and withdraw £10 on the first day of the month for the first 4 months of the term, the balance after 12 months will be £976.40.
This assumes:
- You make the deposit on the day you open the account.
- You don’t add any more money.
- The interest rate stays the same.
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This account can be opened and managed:
- online
- on our app
- in branch
- by phone.
You can open this account if you:
- aged 18 or over
- a UK resident
- have a Bank of Scotland current account with Vantage added to it.
Accounts with Vantage include:
- Classic Account with Vantage
- Silver Account with Vantage
- Gold Account with Vantage
- Platinum Account with Vantage
- Premier Account with Vantage
Bear in mind:
- You can have up to five Advantage Saver accounts and name each one.
- You need to open the account in sole name but you can make it joint once it's open.
- Open with just £1.
- If you change your mind, you can cancel the account free of charge within 30 days of opening.
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Yes. You can make as many withdrawals as you like from this account and there are no charges for doing so.
You will get a higher rate of interest if you make 3 or less withdrawals in the twelve months from opening. If you make 4 or more withdrawals, you’ll get a lower interest rate from the month you make the fourth withdrawal until the end of the account year.
If making an online transfer, it can only be made to an existing Bank of Scotland current account.
After 12 months the account will change to an Instant Access Savings Account. Before this happens, we'll contact you to explain your options and next steps.
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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.
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If you’d prefer to speak to someone, give us a call or visit your nearest branch.
Already have a savings account with us?
If you have got a Bank of Scotland easy access savings account, you can renew it into an Advantage Saver without the need to open a new account.
