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Bank Online Bonus Saver

Earn bonus interest every month you don't make a withdrawal.

  • Start saving with just £1
  • That's all you need to open an account, to a maximum of £2,000,000. Please note that accounts are limited to one per customer

  • Get a higher rate on balances of up to £50,000
  • If you have more than £50,000 in your account, we pay a lower interest rate on the amount above that – see our interest rates.

  • Bonus interest, calculated daily
  • When you qualify for a bonus interest payment, it’s calculated on the daily balance and paid monthly.

  • Manage your account online
  • As the name suggests, this account is ‘online only’. That means you can access your funds anytime you need them and all your interactions with this account will be online.

Open a Online Bonus Saver today

Please read the important product information and check eligibility before you apply.

Key product information

How it works

    Our Online Bonus Saver account gives you a variable rate of 0.45% AER/gross (including bonus interest) for any calendar month you don't make a withdrawal. You'll get a variable rate of 0.10% AER/gross in any calendar month you do make a withdrawal or close your account.

    You can open an Online Bonus Saver with £1 or more. If you have more than £50,000 in your account, interest is paid at a lower rate on balances above that amount.

Download PDF version of interest rates

Summary box

Question

Answer

What is the account name?

OnlineBonusSaver

What is the interest rate?

Standard Rate

Interest rate on first £50,000: 0.10% AER (0.10% Gross)
Interest rate on any balance over £50,000: 0.10% AER (0.10% Gross)

Interest Rate including bonus

Interest rate on first £50,000: 0.45% AER (0.45% Gross)
Interest rate on any balance over £50,000: 0.25% AER (0.25% Gross)

Interest is calculated daily and credited to the account monthly.

The standard rate of interest is paid in any month where a withdrawal is made or you close your account.

The interest rate including bonus is paid in any month where you don't make a withdrawal or don't close your account.

Balances up to £50,000 will earn the higher rate of interest. Only the part of the balance above £50,000 will earn the lower rate of interest.

Can Bank change the interest rate?

Yes, the interest rate is variable. We can change the interest rate on this account, in line with the account's Terms and Conditions.


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

Initial Deposit of £1,000

Standard rate

Interest rate: 0.10% AER (0.10% Gross)
Balance at end of 12 months: £1,001

Interest rate including bonus

Interest rate: 0.45% AER (0.45% Gross)

Balance at end of 12 months: £1,004.50

Initial Deposit of £60,000

Standard rate

Interest rate on 1st 50,000: 0.10% AER (0.10% Gross)
Interest rate on any balance over £50,000: 0.10% AER (0.10% Gross)
Balance at end of 12 months: £60,060

Interest rate including bonus

Interest rate on 1st 50,000: 0.45% AER (0.45% Gross)
Interest rate on any balance over £50,000: 0.25% AER (0.25% Gross)

Balance at end of 12 months: £60,250

For the purpose of this calculation, it is assumed:

  • Initial deposit of either £1,000 or £60,000
  • No additional deposits
  • No withdrawal made in any month for the interest rate including bonus calculation
  • A withdrawal made in every month for the Standard rate calculation
  • No change to the interest rate during the 12 months

Projection provided for illustrative purposes only and does not take into account individual circumstances.

How do I open & manage my account?

Eligibility:

  • Aged 16 years or over
  • Able to manage your account online only

How to open the account:

  • Open an account via Online Banking only

Minimum/Maximum Balance:

  • A minimum of £1 must be deposited to open the account
  • The maximum balance you can hold in the account is £2,000,000

How to manage the account

  • Once opened the account can be managed via Online Banking or the Bank UK Mobile Banking App

Can I withdraw money?

Yes, you have instant access to your account. You can make as many fee free withdrawals as you like. However if you do make a withdrawal you will receive the standard rate of interest for that month.

Additional Information

A 14 day cancellation period applies to this account.

We do not deduct tax from any interest paid to you.

Tax benefits depend on individual circumstances and could change in the future.

Definitions

  • AER stands for Annual Equivalent Rate. This shows you what the gross rate would be if interest were paid and compounded each year.
  • Gross is the rate of interest if interest were paid and not compounded each year

Rates correct as at 06.04.18

How to apply

Are you eligible?

To be eligible for the Online bonus saver account you just need to be:

  • aged 16 or over
  • able to operate the account solely online through online banking

Customers registered for online banking

If you have an Bank Current Account or other savings account and you're registered for online banking, you can apply online in minutes.

Log on to apply

Customer not registered for online banking

If you already have an Bank Current Account or savings account (excluding an ISA), you can register for online banking. Once you've received your security details, you'll be able to apply for and manage your savings account online.

Register for online banking

Non-UK tax residents

If you’re liable to pay tax outside the UK, please apply at your local branch.

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Frequently Asked Questions

You can save from £1. For balances that exceed £50,000 we'll pay a lower rate of interest. See our Interest Rates for current rates.

Please note that the maximum balance permitted is £2 million.

You can access your Online Bonus Saver Account via online banking only.

We will pay a variable rate of interest as well as bonus interest for any month when you don't make a withdrawal. Please note, no bonus interest will be paid in any month where a withdrawal is made. Interest is calculated daily and is paid monthly. See our Interest Rates for current rates.