What is the Simple Saver and how does it work?
The Simple Saver is a savings account that allows you to save and withdraw flexibly, with one withdrawal per calendar month paid back to you on the next working day.
It pays an interest rate of 0.25% AER variable and you can deposit to £85,000 into the account overall. You may keep this account open for as long as you wish.
AER (annual equivalent rate) is the rate you will earn after a year, including compounding. The interest rate may change.
Money you add to the account earns interest daily which is then paid into your savings account monthly. Withdrawals on this account are limited to one per calendar month (does not need to be the same day each month) but any requested withdrawal will be paid back to you on the next working day. Withdrawals can be requested in-app in Settings > Withdraw.
There are no fees for this account.