The £1000 competition begins in August, with 10 customers each being awarded £1000 for opening an account and then developing a regular savings habit.

To have a chance of winning, customers simply need to open a Digital Regular Saver account in August, set up a standing order for between £1-£50 and make payments in September, October and November. The winners will be selected in December with 10 customers winning £1000.

RBS also revealed that setting up a savings goal is most popular among 21- 30-year-olds and customers who set up a savings goal are more likely to achieve their goal compared to those who don’t have a goal. Customers aged 41-50 years old were the least likely to set up a goal.

The bank is aiming to help an additional 2 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 expire 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 savings expert, said: “We hope the added incentive of winning £1000 in time for Christmas will help encourage more customers to begin building a savings pot.”