If you have an Everyday Saver, Fixed Saver or Family Boost Fixed Savings Account with us, it will change into this account at the end of its term.
Earn 0.01% gross/AER variable interest on balances of £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 £1,000.00 when you open the account, after 12 months your balance will be £1,000.10.
- 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 Everyday Saver, Fixed 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, your account will change 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.
This account is not available to any other customers.
You can manage your account:
- on our app
- by phone
- in 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.
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.