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Instant Access Savings Account

If you have Fixed Rate Bond or Access Saver with us, it will change into this account at the end of its term.

Who this account is for

  • If you have a Fixed Rate Bond or an Access Saver 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 account will change to an Instant Access Savings Account.
  • This account is not available to any other customers.
  • If you don't have a Fixed Rate Bond or an Access Saver that's at the end of its term, you can compare our available accounts.

The benefits

  • Earn 0.01% gross/AER variable interest on balances of £1 or more.
  • Save and withdraw your money as it suits you.
  • Eligible account for Save the Change® - save your pennies when you spend.

How it works

  • If you choose to let your Fixed Rate Bond or Access Saver change into this account, your sort code and account number will stay the same.
  • It will be easy to manage your account through Internet Banking, our app, in branch, or by phone.
  • You could renew your Instant Access Savings Account to another account. It's important you review your savings options.

Summary box for the Instant Access Savings Account

1. What is the interest rate?

0.01% gross/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 £1,000.10.

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 a Fixed Rate Bond or an Access Saver 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 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.

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.

You can close your account at any time.

6. Additional information

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.

Not the account for you?

If you do not have a Fixed Rate Bond or an Access Saver that's coming up to the end of its term, then this is not the account for you.

Compare our available accounts

Your money is protected by the FSCS