eSavings - Savings | Ulster Bank

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eSavings

Get a rate of 1.25% AER/Gross p.a. (variable)

Start saving online from £1

Please read the Summary Box information below before you apply.

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eSavings at a glance

 

   You'll earn 1.25% AER/Gross p.a. (variable)

   Instant access once you've set up internet and telephone banking and have a card and card reader

   Manage your account online, by telephone banking or via our mobile app

   It only takes a few minutes to apply

   You'll need to be 18 or over and a UK resident

   Daily withdrawal limits apply (see section 5 below)

Our mobile app is available to customers with Anytime Internet Banking and a UK mobile number.

Summary Box

Account name: eSavings

1. What is the interest rate?

 

Balance AER/Gross p.a. (variable)
£1+ 1.25%

 

 

The maximum balance is £5 million. Interest is calculated daily and paid on the last business day of the month and at account closure.

 

 

2. Can Ulster Bank change the interest rate?

Yes, this rate is variable. We can increase or decrease the rate for any of the reasons set out in the Ulster Bank Personal banking – terms and conditions.

Please see General Conditions 11.1 and 11.2 of the Ulster Bank Personal banking – terms and conditions for more details on when we may change the interest rate and the notice that we’ll give you.

 

3. What would the estimated balance be after 12 months based on a range of deposits?

 

Initial deposit at account opening Balance after 12 months Interest earned
£1,000 £1,012.50 £12.50
£50,000 £50,625 £625

 

These are only examples and do not take into account your individual circumstances. The examples assume that:

  • No further deposits or withdrawals are made,
  • There is no change to interest rate and 
  • Any interest earned stays in the account.

 

4. How do I open and manage my account?

  • You must be aged 18 years or over and a UK resident
  • You can only open your account online
  • You can manage your account online through Anytime Banking, by telephone and by using our mobile app
  • You can only pay money into your account by online transfer
  • You must register for the Anytime Banking services to manage your account via online, telephone or on the mobile app
  • There is no minimum deposit required to open the account, however there is a maximum balance limit of £5,000,000
 

5. Can I withdraw money?

Yes.  You first need to set up Anytime Internet Banking and Telephone Banking (see below) and order a card reader, card and pin. Once you’re set up, you can withdraw money by online transfer, on the mobile app or through telephone banking, and no notice is required.

Step 1   Activate Anytime Internet Banking

If you have not been provided your Customer Number and given the option to set up your PIN and password at the end of your application you’ll need to wait to receive your Customer Number and Activation Code before you can log in to Anytime Internet Banking for the first time. In most cases we’ll send your Customer Number 2 working days after your account is opened.  Your Activation Code will then be sent 24 hours later as long as you provided a valid email address and mobile number during your application, otherwise your activation code will be posted to you.

Step 2   Make withdrawals in Anytime Internet Banking

You need to order a card reader, which will come with a card and PIN, through Anytime Internet Banking or our Webchat Service before you can withdraw money online. It can take up to 15 working days for your card reader, card and PIN to arrive. Until these arrive you can withdraw up to £250 per day using the mobile app without a card reader, 72 hours after you have activated Anytime Internet Banking. Our mobile app is available to customers with a valid device, Anytime Internet Banking and a UK mobile number. 

Step 3   Set up Anytime Telephone Banking

The mobile number you provided during your application will be automatically registered for Telephone Banking. Your mobile number needs to have been registered with us for at least 30 days from the date your account is opened before you can withdraw money by telephone. After 30 days, you can call Telephone Banking on 0345 742 4365 or minicom 0800 015 4422 to make withdrawals.

Daily Limits

There are daily limits on the amount that can be transferred out of your account online, through telephone or mobile banking. Here is more information on the current daily limits and how to withdraw amounts in excess of the daily limits, for more information contact Telephone Banking.

6. Additional information

Tax

We do not deduct tax from the interest we pay to you. The tax treatment may be subject to change in the future and depends on your individual circumstances.


Definitions

Annual Equivalent Rate (AER) - This is a notional rate used for interest bearing accounts, which illustrates the interest rate if paid and compounded each year. It helps you to compare the effective rates of credit interest on different accounts.

Gross Rate - The interest rate you are paid without the deduction of income tax.

p.a. Per annum (per year).

 

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View common questions

Common Questions

 

What identification do I need to provide to open an account?

We could ID you quickly if you have a passport and working Credit or Debit card to hand. If you don't have these, don't worry. You can still apply and we’ll ask you for other forms of ID via email, text or post.

 

When will my account be opened?

If we can ID you during your application, you’ll get your account number and sort code today; you can start saving the next working day. Otherwise, we’ll email within 3 working days (if you’ve provided one), or write within 6 working days to advise you of next steps.

 

How do I use my eSavings account once it’s open?

Once you have set up Anytime Internet Banking and Telephone Banking, you can manage your account and withdraw money either online, on the mobile app or by telephone banking. Our mobile app is available to customers with a valid device, Anytime Internet Banking and a UK mobile number. 

If you have not been provided your Customer Number and given the option to set up your pin and password at the end of your application you’ll need to wait to receive your Customer Number and Activation Code before you can log in to Anytime Internet Banking for the first time. In most cases we’ll send your Customer Number 2 working days after your account is opened.  Your Activation Code will then be sent 24 hours later as long as you provided a valid email address and mobile number during your application, otherwise your activation code will be posted to you.

To keep your money safe you’ll need to order a Card Reader, which will come with a card and pin,  to withdraw money from your account. If you don’t have these, you can order them via Anytime Internet Banking by clicking Security and Order a Card Reader on the left hand side - these can take up to 15 working days to arrive. When your card reader arrives, you’ll need to enable it on Anytime Internet banking by clicking Security and Enable a Card Reader

There are daily limits on payments via Anytime Internet Banking and the Ulster Bank Northern Ireland Mobile app. For Personal customers these limits are: £20,000.00 per working day however any payments made via Telephone Banking are limited to £10,000.00 per working day. The limit for personal customers is per person not per account. Payments made on a Saturday, Sunday or Bank Holiday will form part of the next working day's allowance. You can withdraw up to £250 per day using the mobile app without a card reader,72 hours after  registering for Anytime Internet Banking.

 

Why might I see a temporary deduction of £1.01 on my statement?

If you shared Debit or Credit Card details during your application, you might see a temporary debit of £1.01 from your balance - we use this transaction to check your card’s valid. The money hasn’t actually been debited, and it’ll show as a refund or just disappear within a few days.

 

How do I pay money into my new eSavings account?

You can pay money into your new account by doing an online transfer from your existing bank or building society. eSavings is an online only account so unfortunately we’re unable to accept cheques.

 

How do I order a new or replacement Anytime Internet Banking card, PIN or card reader?

You can order these via Ulster Bank Web chat. Your card reader will typically arrive within six working days. If you don’t have an Ulster Bank debit card, we’ll send you an Anytime Internet Banking card and PIN to use with the card reader. These should arrive separately within 15 working days. At busy times, these may take slightly longer to arrive.

 

I need to withdraw savings quickly, what should I do?

The quickest way to access your savings is via online banking. You’ll need to order and activate a card reader to make the initial transfer. You can also call Anytime Telephone Banking on 0345 900 3200.

We have a daily withdrawal limit of £20,000 for Anytime Internet Banking, and £10,000 for Anytime Telephone banking – that’s per person, not per account. Withdrawals made on a Saturday, Sunday or Bank Holiday will form part of the next working day's limit.

 

What if I need to make a payment over the daily limit?

If it suits, you can set up separate payments over a number of days using online or telephone banking. Alternatively, you’ll need to write to us at the address below, noting your eSavings sort code and account number, and where you’d like to make the transfer to - you’ll also need to sign the letter (both of you if it’s a joint account).

Withdrawals over the daily limit can only be returned to the account they originally came from. If that account is now closed, or you need to make payment to a third party, or we don’t hold a valid signature for you, you’ll need to visit an Ulster Bank, Royal Bank of Scotland or NatWest branch and provide:

  • A passport, driving licence or EU National identity card; and
  • A statement for the account you wish to transfer to, if it’s in your name. Or, if you’re transferring to a third party, their account details and full name.

The branch won’t be able to transfer your savings; they’ll pass your information to a team who will run security checks, to keep your money safe. Once through security, transfers will be made on the same day, and paid into the receiving account by the next day.

Written requests will take time to arrive and pass security checks, which could lead to delays, so please consider if setting up payments over a number of days would be quicker for you.

 

Address for written requests

Ulster Bank Ltd

Regular payments Team

1st Floor Danesfort

Stranmillis Road Belfast 

 

 

 

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