Savings Interest Rates, Switch Offers and Guides for Ulster Bank

Who they are

Ulster Bank opened for business in 1836 as Ulster Banking Co, initially serving Belfast merchants. After being acquired by the London County and Westminster Bank in 1917, it eventually became a wholly owned subsidiary of National Westminster Bank, and then part of the Royal Bank of Scotland Group in 2000. Today it sits within NatWest Group and supports people, their families and their businesses with all their banking needs across Northern Ireland.

One important thing to be clear on: Ulster Bank in Northern Ireland is a trading name of National Westminster Bank Plc, registered in England and Wales. That matters for FSCS purposes - your deposits are protected under NatWest's banking licence, not a separate Ulster Bank one. If you also hold savings with NatWest or any other brand sharing that licence, your total cover across all of them combined is £120,000.

Savings accounts

Ulster Bank keeps its savings range fairly focused. Right now there are three accounts to consider.

The Limited Edition Saver is the headline rate - 4.3% variable on balances of £5,000 or more. Worth knowing: a chunk of that rate is a 2.75% fixed 12-month bonus, so when the bonus period ends, the underlying rate drops considerably. Keep that date in mind and be ready to move your money if the revert rate no longer stacks up.

The Loyalty Saver pays 3.5% variable, again requiring a minimum of £5,000 to earn that rate. Both of these accounts are for existing Ulster Bank current account holders - you must be 16 or older, a UK resident and hold an Ulster Bank current account to apply.

The Cash ISA pays 2.45% variable with a low entry point of just £1, making it the most accessible option here. It wraps your interest in a tax-free shelter, which is worth factoring in if you are a higher-rate taxpayer or already using your personal savings allowance elsewhere. All three accounts carry FSCS protection up to £120,000 under the NatWest banking licence.

Is it right for you?

Ulster Bank savings accounts are only practically available if you already bank with them in Northern Ireland, or are willing to open a current account first. If that fits your situation, the Limited Edition Saver offers a competitive headline rate - but do keep a close eye on when that bonus expires. For straightforward, long-term easy access without the bonus cliff edge, the Loyalty Saver is the more predictable option, provided you can meet the £5,000 minimum.

Rates are variable across the board and can change at any time. Check the live figures shown on this page to make sure you are always comparing the most current numbers before deciding.