Royal Bank of Scotland First Home Saver account launched

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Royal Bank of Scotland First Home Saver account launched

Wed 26th Oct 2005

The Royal Bank of Scotland First Home Saver account has been launched for those looking to save money for a deposit for their first home.

The account offers a rate of 3.5 per cent AER and upon completing a Royal Bank of Scotland mortgage, customers are rewarded with a tax-free cashback bonus of up to £360.

Furthermore, the interest rate will track the Bank of England base rate by percentage, which is good news for customers as it means a better return on their savings.

Darrell Evans of the Royal Bank of Scotland said the account was a "smart way to get used to a new monthly commitment" and that it was an "ideal way" to separate your savings from your disposable cash.

Customers can make up to three withdrawals without charges every three months.

An initial deposit of £500 is required to open an account.

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