If you are coming to the end of your mortgage, credit card or loan payment holiday, we will contact you before it ends, there is no need to call us. To help find the right solution for your needs you can use our coronavirus support tools for credit cards and loans and for Halifax mortgages. If you have a Bank of Scotland mortgage, find out more here.

ISA Saver

If you have an adult cash ISA with us, it will change into this account at the end of its term.

Who this account is for

  • If you have an adult cash ISA with us that's coming up to the end of its term, we will contact you to let you know your options. If you don't ask us to do something else, your ISA will change to an ISA Saver.
  • This ISA is not available to any other customers. If you don't have a cash ISA coming up to the end of its term, you could compare our other accounts.
  • You must still be a UK resident to add more money into the ISA Saver.

The benefits

  • Earn 0.05% tax free/AER variable interest on balances of £1 or more.
  • Save and withdraw your money as it suits you.
  • This is a flexible ISA. This means you can take out money and put it back in within the same tax year without affecting your ISA allowance.

How it works

  • If you choose to let your cash ISA change into this account, your sort code and account number will stay the same.
  • You will be able to save what you like within the ISA allowance. This is £20,000 this tax year across all your ISAs.
  • You could renew your ISA Saver to another account. It's important you review your savings options.

Summary box for the ISA Saver

1. What is the interest rate?

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

There will be no change to your interest frequency.

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 £1,000.50.

This assumes:

  • Your interest is paid each year.
  • You make the deposit on the day you open the account and then 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?

How the account is opened

If you have an adult cash ISA with us that's coming up to the end of its term, we will contact you to let you know your options. If you don't ask us to do something else, your ISA will change to an ISA Saver.

Your sort code and account number will stay the same. You can carry on saving with your new ISA Saver.

This ISA is not available to any other customers.

Managing the account

You can manage your account:

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

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. If your cash ISA changes to an ISA Saver, it counts as the same cash ISA because the sort code and account number will stay the same.
  • You can transfer money from an ISA you have with us or another bank. Find out how to transfer an ISA.
  • 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 are a UK resident and 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're not a UK resident, you can withdraw some of your money but you can't replace this money or save any more.

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.

You can close your account at any time.

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.

Not the account for you?

If you do not have a cash ISA that's coming up to the end of its term, then the ISA Saver is not the account for you.

Compare our available accounts

Your money is protected by the FSCS