Summary Box - Access Cash ISA
1. What is the interest rate?
It's a variable rate as shown in the table below
- Your interest is paid annually on the anniversary of the account opening
2. Can Bank of Scotland change the interest rate?
As this account pays a variable rate of interest the rate can change over time. For example we might review the interest rate if the Bank of England bank rate changes. We’ll always let you know of any planned changes to the rate. Our account conditions explain when and how we do this.
3. What might the future balance be?
Below is an example of what the future balance might be, after interest has been paid:
||Tax free rate
||Balance after 12 months
This example 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 make any further deposits.
4. How do I open and manage my account?
This account can be opened and managed in branch, by phone or online.
Opening this account
- You must be 16 or over and resident in the UK for tax purposes.
- You can only open this account in your sole name.
- The minimum opening deposit is £1.
- To transfer an existing ISA into your new account from either Bank of Scotland or another Bank, you must complete the ISA Transfer Request.
Managing the account
- ISAs have an annual limit of £20,000 per tax year. This means that you can't pay more than this into any combination of ISAs within the same tax year.
- You can choose to use your ISA allowance across a range of ISAs but keep in mind that you can only save into one cash ISA in a tax year. This includes cash ISAs held outside Bank of Scotland.
5. Can I withdraw money?
You can make withdrawals from this account and there are no charges 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.
If you choose to close the account and move the money to a non-ISA account, your savings will lose their tax-free status. The tax treatment depends on your individual circumstances and may change in future.
After 12 months the account will automatically change to an ISA Saver. Before this happens, we'll contact you to explain your options and next steps.
6. Additional information
Tax free is the rate of interest payable to you where your interest is exempt from income tax.
ARE stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. As every advertisement for a savings product which quotes an interest rate will include an AER, it makes it easier for you to compare what return you can expect from your savings over time.