The £1000 competition begins on 1 March 2020 with ten customers each being awarded £1000 for opening an account and saving regularly.

Customers can enter by opening a Digital Regular Saver account in March and saving between £1-£50 in April, May and June. The winners will be selected in July with ten customers winning £1000 each.

Over the last year 650,000 customers started saving for the first-time. The bank is aiming to help two million customers to start saving by 2023 and help increase financial capability.

The Digital Regular Saver account is designed to help customers with little or no savings develop a savings habit and unlike other regular savings accounts does not close after a year.

The account is more flexible too, allowing for withdrawals to be made without the need to close the account. Interest is paid monthly with the top rate of 3% interest paid on balances of up to £1000.

Lewis Broadie, RBS’s savings expert, said: “Since the launch of the Digital Regular Saver we have seen that once customers begin to save they develop a really good savings habit and with the added incentive of a chance to win £1000 we hope to help even more customers kickstart a savings habit.”