Access Cash ISA

Want to save tax free and be able to access your money easily? Open this cash ISA with as little as £1.

Changes to terms and conditions

We are making some changes to our general account terms and conditions from the 8 June and will provide a ‘guide to changes’ that explains these in your account opening documentation.

Who this account is for

  • Ideal for savers who want easy access to their money.
  • You can open this account if you're 16 or over and a UK resident for tax purposes. You need a national insurance number.
  • You must not have already saved in a cash ISA this tax year, unless you're going to complete an ISA transfer. This includes Help to Buy: ISAs and cash ISAs with other banks.

The benefits

  • Earn 0.05% tax free/AER variable interest for 12 months on balances of £1 or more.
  • This is a flexible ISA, so you can take out money and put it back in within the same tax year without affecting your ISA allowance.
  • You don't need to pay any tax on your interest.

How it works

  • Open with just £1. Then save what you like as long as it's within the ISA allowance. This is £20,000 this tax year across all your ISAs. Learn more about ISAs.
  • Access your savings whenever you like with no charges. You can do this through Internet Banking, on the app, in branch, or by phone.
  • After 12 months the account will change to an ISA Saver.

Summary box for the Access Cash ISA

1. What is the interest rate?

0.05% tax free/AER variable for balances of £1 or more.

Your interest is paid 12 months after you open the account.

2. Can Bank of Scotland change the interest rate?

Yes. As this account pays a variable rate of interest it can change over time. We’ll always let you know of any planned changes to the rate. Our terms and conditions (PDF) explain when and how we do this. For example, we might review the interest rate if the Bank of England base rate changes.

3. What might the future balance be?

For example, if you deposit £1000.00 when you open the account, the balance after 12 months will be £1000.50.

This assumes:

  • You make the deposit on the day you open the account.
  • You don’t add any more money.
  • You don’t withdraw any money.
  • You keep your interest in this account.
  • The interest rate stays the same.

4. How do I open and manage my account?

This account can be opened and managed:

  • online
  • on our app
  • in branch
  • by phone.

You can open this account if:

  • You're 16 or over and a UK resident for tax purposes.
  • You have a national insurance number.
  • You haven't already saved in a cash ISA this tax year, unless you're going to complete an ISA transfer. You would need to transfer over all the money you saved in this tax year. This includes Help to Buy: ISAs and cash ISAs with other banks.

Bear in mind:

  • You can only save into one cash ISA in a tax year unless you do an ISA transfer. This includes Help to Buy: ISAs and cash ISAs with other banks.
  • You can transfer an ISA you have with us or another bank. Find out how to transfer an ISA.
  • You need to open the account with at least £1. Then save what you like as long as you don't go over your ISA allowance.
  • The ISA allowance is £20,000 this tax year. This means you can save up to £20,000 in total across your ISAs this tax year. Learn more about ISAs.
  • ISAs cannot be made joint.

5. Can I withdraw money?

Yes. You can make as many withdrawals as you like from this account and there are no charges for doing so.

This is a flexible ISA. This means if you make a withdrawal, you can pay that money back into this account before the end of the tax year and not affect the amount you can save in your cash ISA tax free.

Any money you move to an account that isn't an ISA will lose its tax-free status. Tax treatment depends on your individual circumstances and may change in the future.

After 12 months the account will change to an ISA Saver. Before this happens, we'll contact you to explain your options and next steps.

6. Additional information

Tax free means you will not pay income tax on your interest.

AER stands for Annual Equivalent Rate. Whenever you see an advert for a savings account which shows an interest rate, you will see the AER. This means you can use the AER to compare accounts. It shows what the interest rate would be if your interest was paid and compounded once each year.

For more definitions, view our savings glossary.

Open an Access Cash ISA today

You should read the summary box and the terms and conditions (PDF) before you apply.

Open an Access Cash ISA

Other ways to apply:

Call us on 0345 602 0304. Lines open Mon to Fri 7am-10pm, Sat and Sun 8am-6pm.

Or, book an appointment at your local branch at a time to suit you.

Already have a cash ISA with us?

If you have got a Bank of Scotland easy access cash ISA, you can renew it into an Access Cash ISA without the need to open a new account.

Your money is protected by the FSCS