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.

Open a savings account... View Summary Box

eSavings at a glance

 

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

A simple instant access savings account

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.  No notice is required.

You can withdraw money by online transfer, on the mobile app or through telephone banking.

You will need a card and a card reader to withdraw money from your account. You must order and enable your card reader through Anytime Internet Banking. An Anytime Banking card and PIN will be automatically provided for use with the card reader if you do not have an existing Ulster Bank debit card.

Please note 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 Anytime 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).

 

Open a savings account today

View common questions

 

Common Questions

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

If you're applying online, try and have a passport or a UK, Northern Ireland or Republic of Ireland driving licence to hand, along with a working credit or debit card. If you don't have these available, don't worry. You can still apply online and we will ask you to provide other forms of ID and proof of address that we can accept.

When will my account be opened?

We may be able to verify your identity during your eSavings application, if this is the case we will provide you with your new sort code and account number at the end of the application, you can start using it the next working day.

If we require more information from you we will let you know at the end of the application, you'll then receive an email within 2 working days to advise you of the further steps you need to take to open your account.

How do I operate my eSavings account once it has been opened?

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 Anytime Internet Banking and a UK mobile number.

To keep your money safe, you'll need to order a Card and Card Reader to withdraw money from your account. If you don’t have one, you can order one and enable it online through Anytime Internet Banking. It’ll take 7-10 working days to arrive.

I need access to the funds in my eSavings account quickly what should I do?

The quickest way to get access to funds in your eSavings account is to log into our online banking service and make a transfer to a nominated account. Remember you will need to order and activate your card reader to set up payment details and make the initial transfer. You can also call our Anytime Telephone Banking Service on  0345 900 3200. Please note we would advise if you anticipate needing access to your total balance above these limits that you request this in adequate time.

How do I make a large payment from my account?
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.

 

What if I need to make a payment for more than the daily limit?

 

You can set up separate payments over a number of days using online or telephone banking ; or you can write to us at the address below. Please ensure your letter clearly notes the sort code and account number of the account from which the payment is to be made and the account to which the funds will be transferred.


Please ensure your letter clearly notes the sort code and account number of the account from which the payment is to be made and the account to which the funds will be transferred. Ensure your letter is signed by all parties to the account if required. Funds can only be returned to the account that they originally came from. All written requests will be subject to additional security which could lead to delays.

As we are dependent upon the post to receive your instruction and all written requests will be subject to additional security, this could lead to delays in processing.  Therefore please consider if setting up payments over a number of days would better suit your needs.

If the account from which you originally transferred funds into your eSavings account is now closed, if you need to make payment to a third party or we don’t hold a valid signature for you,  you will need to visit a local Ulster Bank, Royal Bank of Scotland or NatWest branch and provide them with:

  • 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 information (i.e. in whose name  the account is held), where funds are being transferred to an account  in a third party’s name.

The branch will not be able to action your transfer request but will pass the information you have supplied to our central processing area who will evaluate your request as part of the additional security checks we will need to undertake. All requests received will be actioned same day and if all security checks have been passed funds will be paid into the other account next day.

Address for written requests

Ulster Bank Ltd

Regular payments Team

1st Floor Danesfort

Stranmillis Road Belfast 

 

 

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