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.

At a glance

Summary of basic information about the Access Cash ISA

Who this ISA is for

The benefits

How it works

Who this ISA is for

You can open this account if:

  • You're aged 16 or over.
  • You're a UK resident for tax purposes and 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. This includes Help to Buy: ISAs and cash ISAs with other banks.

The benefits

  • 0.20% tax free/AER variable interest.
  • This is a flexible ISA, so you can take out money and put it back in within the same tax year.
  • Take out as much money as you like, when you like, with no charges.

How it works

  • Open the account with just £1 or more.
  • Open and manage online, by phone or in branch.
  • You can instantly access your money.
  • ISAs have a limit of £20,000 this tax year. You can't pay more than this into any combination of ISAs within the same tax year. Learn more about ISAs.
  • After 12 months, the account will change to an ISA Saver. We'll write to you first to let you know your options.

Summary Box - Access Cash ISA

1. What is the interest rate?

It's a variable rate as shown in the table below

what is the interest rate?

Your balance

Tax free

AER

Your balance

£1+

Tax free

0.20%

AER

0.20%

It’s a variable interest rate. It will be paid after a year, on the date you opened 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 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?

Below is an example of what the future balance might be, after interest has been paid:

what might the future balance be?

Initial Deposit

Tax free rate

Balance after 12 months

Initial Deposit

£1000.00

Tax free rate

0.20%

Balance after 12 months

£1002.00

This assumes that:

  • You don't withdraw any money and interest isn't paid out of the account
  • The interest rate stays the same
  • You make your initial deposit payment on the day you open the account
  • You don’t add any more money.

4. How do I open and manage my account?

This account can be opened and managed:

  • Online
  • By phone
  • In branch

To open this account

  • You must be 16 or over and resident in the UK for tax purpose and have a national insurance number.
  • You must open with at least £1.
  • You can transfer an ISA you have with us or another bank. Find out how to transfer an ISA.

Bear in mind:

  • If you have already saved into another cash ISA this tax year, you'll need to do an ISA transfer and move over the money you saved in this tax year.
  • You can save up to £20,000 in a combination of permitted ISAs this tax year.
  • 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 only open this account in your sole name.

5. Can I withdraw money?

Yes.

You can make withdrawals from this account and there are no changes for doing so.

This is a flexible ISA, so if you make a withdrawal, you can pay that money back in to this account before the end of 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. See ISA Saver interest rates (PDF). Before this happens, we'll contact you to explain your options and next steps.

6. Additional information

Savings terms explained

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

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

Open now

Your money is protected by the FSCS

FSCS logo

The Financial Services Compensation Scheme (FSCS) protects your money.

About our rates

Our interest rates can change. They were last updated 0.00am on 04/07/2019 .

For a definition of AER, gross and other terms, view our savings glossary