The Royal Bank of Scotland interest change October 2018

Royal Bank of Scotland Interest Rate Change

From the 01/10/2018 the Royal Bank of Scotland have changed the credit interest rate on deposit accounts. The credit interest has increased to a new managed rate of 0.25% Gross/AER per annum. They pay credit interest at a rate set centrally, which isn’t directly linked to the Bank of England rate. Annual Equivalent Rate (AER): this is a notional rate used for interest bearing accounts which illustrates the rate if interest is paid and compounded. Gross rate: This is the rate you are paid.