Instant Access Savings Account
Some of our savings accounts will change into an Instant Access Savings Account at the end of their term.
Summary box for the Instant Access Savings Account
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1.10% AER/gross on balances from £1 - £9,999.
1.20% AER/gross on balances from £10,000 - £49,999.
1.35% AER/gross on balances of £50,000 or more.
The interest rate is variable. The rate applies to the full balance. There will be no change to how often your interest is paid.
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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, 399KB) explain when and how we do this. For example, we might review the interest rate if the Bank of England base rate changes.
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For example, if you deposit £1,000.00 when you open the account, the balance after 12 months will be £1,011.00.
If you deposit £10,000.00 when you open the account, the balance after 12 months will be £10,120.00.
If you deposit £50,000.00 when you open the account, the balance after 12 months will be £50,675.00.
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.
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How the account is opened
If you have a Fixed Rate Bond, Access Saver, Monthly Saver, or an Advantage Saver that’s coming to the end of its term, we’ll contact you to let you know your options. If you don't ask us to do something else, your account will change to an Instant Access Savings Account.
Your sort code and account number will stay the same. You can carry on saving with your new Instant Access Savings Account.
This account is not available to any other customers.
Managing the account
You can manage your account:
- online
- on the app
- by phone
- in branch.
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Yes. You can make as many withdrawals as you like from this account and there are no charges for doing so.
You can close your account at any time.
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Gross rate means we won’t deduct tax from the interest we pay on money in your account. You will need to pay any tax you may owe to HM Revenue & Customs (HMRC).
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.
