Instant ISA Saver
If you have an ISA Saver Variable or an ISA Saver Fixed with us, it will change into this account at the end of its term.
Earn 0.05% tax free/AER variable interest on £1 or more.
There will be no change to your interest frequency.
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 account conditions (PDF, 347KB) explain when and how we do this. For example we might review the interest rate if the Bank of England base rate changes.
For example, if your balance is £1000.00 when you open the account, after 12 months you will have a balance of £1000.50 after interest is paid.
- You don't withdraw any money and interest isn’t paid out of the account.
- The interest rate stays the same.
- The initial deposit is made on the day the account is opened and no further deposits are made.
- Your interest is paid each year.
How the account is opened
If you have an ISA Saver Variable or an ISA Saver Fixed account with us that’s coming up to the end of its terms, 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 Instant ISA Saver.
Your sort code and account number stays the same. You can carry on saving with your new Instant ISA Saver.
This ISA is not available to any other customers.
You can manage the account
- on our app
- in branch
- by phone.
As with all ISAs, there are some rules:
- You can only save into one cash ISA in a tax year unless you do an ISA transfer. This includes Help to Buy: ISA and cash ISAs with other banks. If your cash ISA changes to an Instant 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.
Yes. You can make unlimited withdrawals 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.
Savings terms explained
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.