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Instant Saver

Some of our savings accounts will change into an Instant Saver at the end of their term.

Instant Saver

Some of our savings accounts will change into an Instant Saver at the end of their term.

Features and benefits

Earn up to 1.20% AER/gross variable interest

Interest is applied annually. The rate depends on your balance. See summary box for details.

Unlimited withdrawals

You can make as many withdrawals as you like from this account.

Let's break it down

Who it's for

If you have one of the following accounts we’ll change it into an Instant Saver at the end of its term:

  • Everyday Saver
  • Fixed Saver
  • Bonus Saver
  • Reward Bonus Saver
  • Family Boost fixed savings account.

You can't open an Instant Saver in any other way.

How it works

  • If you choose to let your account change into an Instant Saver, your sort code and account number will stay the same.
  • You can manage the account online, in the app, in a branch and by phone.
  • You could renew your Instant Saver to another account. It's important you review your savings options.

Summary box for the Instant Saver 

  • 1.05% AER/gross on balances from £1 to £24,999.

    1.15% AER/gross on balances from £25,000 to £99,999.

    1.20% AER/gross on balances of £100,000 or more.

    The interest rate is variable. The rate applies to the full balance.

  • 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 you deposit £1,000.00 when you open the account, the balance after 12 months will be £1,010.50.

    If you deposit £25,000.00 when you open the account, the balance after 12 months will be £25,287.50.

    If you deposit £100,000.00 when you open the account, the balance after 12 months will be £101,200.00.

    This assumes:

    • you make the deposit on the day you open the account
    • you don’t pay more money into the account
    • you don’t withdraw any money or interest
    • the interest rate stays the same
    • your interest is paid each year.

  • How the account is opened

    If you have an Everyday Saver, Fixed Saver, Bonus Saver, Reward Bonus Saver, or Family Boost fixed savings account with us that's coming up 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, we'll change your account to an Instant Saver.

    Your sort code and account number will stay the same. You can start saving with your new Instant Saver from as little as £1.

    You can't open an Instant Saver in any other way.

    You can manage your account:

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

  • Yes. You can make as many withdrawals as you like from this account and there are no charges for doing so. You can also close your account at any time. 

  • Savings terms explained

    AER

    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.

    Gross rate

    This means we won’t remove 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).

    For more definitions, view our glossary.

Explore your options

We want to make sure you know about our other ISA and savings accounts. Here are some that might suit you.

Cash ISAs

A cash ISA could be a tax-efficient way to save or invest for the future.

Compare cash isas

Fixed-rate savings

You’ll benefit from a fixed rate if you put away your money for one to five years.

Compare fixed savings accounts

Protecting your money

FSCS logo



The Financial Services Compensation Scheme (FSCS) protects up to £85,000 of the eligible money you hold with us.

More about the FSCS



Protecting your money

FSCS logo

The Financial Services Compensation Scheme (FSCS) protects up to £85,000 of the eligible money you hold with us.

More about the FSCS

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