Summary Box - Access Saver
1. What is the interest rate?
It's a variable rate, as shown in the table below.
|Your balance||Annual interest|
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.
|Initial deposit||Gross 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
- Online applications must be made in your sole name but the account can be made joint in branch or over the phone once opened.
- The minimum opening deposit is £1.
Managing this account
- You can have multiple Access Saver accounts at the same time.
5. Can I withdraw money?
You can make withdrawals from this account and there are no charges for doing so.
After 12 months the account will automatically change to an Instant Access Savings Account. See Instant Access Savings Account interest rates (PDF).
Before this happens, we'll contact you to explain your options and next steps.
6. Additional information
Gross rate means we won’t deduct tax from the interest we pay on money in your account. It’s your responsibility to pay any tax you may owe to HM Revenue & Customs (HMRC).
AER 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.