Don't need instant access? Higher rates may be available with our Fixed Rate ISA.
Our brand new monthly budget calculator helps you to trim your spending and start saving.
RBS savings customers can now plan their savings with Digital Banking. Simply choose the goal you are saving towards, calculate your ideal savings plan and track your progress.
Tax-free interest means interest payable is exempt from UK income tax.
A. No. You can withdraw your money or close your account at any time. We’ll simply pay interest on the daily cleared balance. Remember if you withdraw money you’ll not be able to pay any money back in if you’ve already paid in the maximum cash ISA allowance for that tax year.
A. Yes. You can transfer cash ISAs from other providers and/or combine cash ISAs held with us. You can find details here.
A. You can’t pay into more than one cash ISA in the current tax year. However, in this case you can transfer the other provider’s cash ISA into an RBS cash ISA.
As it is a current tax year ISA, you’ll only have the option of transferring the whole balance to RBS, i.e. £1,000 in this example. Then, you can top-up your new RBS ISA by £4,760 to £5,760.
A. No, once your account has been opened we’ll write to you with instructions on how to make a deposit.
A. You can check how much you can pay/have paid in to your cash ISA account on the 'View Account Details' screen.
You can access that screen by selecting your cash ISA account on the 'Accounts Summary' and then selecting the 'View Account Details' button, near the bottom of the screen.
If you have not used any of your cash ISA allowance for the tax year, it will show the 'Deposits allowed this year'.
If you have used some, but not all, of your cash ISA allowance for the tax year, it will show the 'Deposits allowed this year' and 'Deposits so far this year'.
If you have used all of your cash ISA allowance for the tax year, it will show the 'Deposits so far this year'.
An ISA is a tax efficient way to save. It stands for Individual Savings Account. With an ISA you pay little or no tax on the interest your savings and investments make.
Paying money into an ISA is called a subscription. You can subscribe to one cash ISA and one stocks and shares ISA in every tax year, and there’s a maximum amount you can pay into each one.
With some cash ISAs – like the RBS Instant Access ISA − you have instant access to your money, so it can be a flexible way to plan your finances. Some cash ISAs have penalties for early withdrawals.
It’s important to remember that ISA allowance limits apply to everyone on an individual basis. If you’re married or in a relationship, you can both have an ISA, each with the full allowance.
There’s a yearly limit on the amount you can put into an ISA. For the 2013/2014 tax year the limit is £11,520. You can use this allowance in a variety of ways. You can:
Save up to £5,760 in a cash ISA
Save up to £11,520 in a stocks and shares ISA
Save up to £5,760 in a cash ISA and put the remainder of the £11,520 allowance into a stocks and shares ISA.
If you put less than the full allowance into a cash ISA, you can use the rest of the limit to add into your stocks and shares ISA limit. For example, if you only choose to put £2,000 into an RBS Instant Access ISA, you can put up to £9,520 into a stocks and shares ISA.
If you withdraw money from your ISA, you can’t reinvest it in the same tax year if your total deposits will exceed your yearly allowance.
Using the Instant Access ISA as an example:
|Your cash ISA yearly limit||£5,760|
|You pay into your Instant Access ISA||£2,100|
|Your remaining tax-free allowance is||£3,660|
|You then make a withdrawal of||£500|
|Your remaining tax-free allowance is still||£3,660|
|Overall possible saving by end of tax year||£5,260|
There are two types of cash ISA:
Your choice of stocks and shares ISA
You can choose from three types of stocks and shares ISA:
You can subscribe to a fixed rate cash ISA for a single tax year, but it can be fixed for a longer term, sometimes up to five years. In the next tax year, you can then open a new cash ISA which can either be fixed rate or variable rate.
You can keep a variable rate cash ISA and a stocks and shares ISA open year after year, paying into them in subsequent tax-years, up to your yearly allowance. However, if an entire tax-year goes by without a deposit being made into your cash ISA, you cannot make any further payments into it until you have reactivated your account.
To reactivate your cash ISA, you simply need to complete a reactivation form.
You can only open one cash and one stocks and shares ISA each tax year. If you want to move your current or previous cash ISA balances between providers, you can, without losing your tax-free entitlement.
Some cash ISA transfers can take up to 15 working days to process. Your new ISA provider will start to pay your interest from day 16 if the transfer process is not complete within this period. This lets you start earning interest from your new cash ISA account faster.
Don't forget to make sure that your new cash ISA provider allows transfers in, and that you open your new account in advance. It is possible to transfer your cash ISA balances into a stocks and shares ISA, however it is not possible to transfer stocks and shares ISA balances into a cash ISA.
There are a number of important factors which need to be considered before transferring a stocks & shares ISA. For more information on stocks & shares ISAs take a look at Tax efficient investments.
If you already subscribe to an ISA, you can continue saving in your existing ISA in the new tax year, or you can open a new ISA.
You can subscribe to one cash ISA and one stocks and shares ISA in a tax year. Don’t forget, the tax year ends on 5 April – make sure you take advantage of this year's allowance before it’s too late.
Setting up a new RBS Instant Access ISA is simple and you can apply online. You’ll need the following information to set up your Instant Access ISA:
All documents should be the most recent you have, and no more than six months old.
Our Digital Banking service helps you:
To sign up for Digital Banking you need to have an RBS account and be aged 16 or over.
System updates mean that Digital Banking is unavailable for short periods in the early hours of the morning.
Mobile banking makes looking after your savings when you’re out and about even easier:
RBS doesn’t charge for any mobile banking services, however, your mobile network provider may charge depending on your tariff.
Standard data download charges may apply. Please contact your network operator for details.
You can make payments to and withdrawals from your Instant Access ISA at any RBS branch. If you withdraw money from your Instant Access ISA, you can't reinvest it in the same tax year if your total deposits will exceed your yearly cash ISA allowance.
With friendly advisers based right here in the UK, our telephone banking service is here for you 24 hours a day.
Telephone banking benefits:
Telephone banking is available to RBS personal customers aged 16 or over with a current or savings account.
We have made transferring your ISA simple for our customers. Existing ISA customers can transfer cash ISAs with other providers to RBS:
If you have an ISA with us, find out more information on how to transfer your ISA.
You will need to open a RBS e-ISA, Instant Access ISA or Fixed Rate ISA, account before you can transfer any funds into it. You can then transfer your existing ISA easily.
These are the current interest rates for Instant Access ISA.
|Balance||AER (variable)||Gross pa (variable)|
|£27,000 - £49,999||1.90%||1.90%|
|£22,000 - £26,999||1.75%||1.75%|
|£15,000 - £21,999||0.95%||0.95%|
|£9,000 - £14,999||0.75%||0.75%|
|£1 - £8,999||0.55%||0.55%|
Interest paid annually. Last updated 01 June 2012.
Annual Equivalent Rate (AER). This is a notional rate used for interest bearing accounts which illustrates the interest rate if paid and compounded each year. It helps you to compare the effective rates of credit interest on different accounts.
Gross Rate. This means the interest rate you are paid before the deduction of income tax.
We sometimes allow savings accounts to be operated in a way which enables the customer to give instructions for a withdrawal or other payment which cannot be met from the funds in the account. If this happens, we may apply charges to the account.
Tax reliefs referred to are those applying under current UK legislation, which may change. The favourable tax treatment for ISAs may not be maintained. The availability of any tax relief will depend on your individual circumstances. The rate of interest depends on your individual circumstances and may be subject to change in the future.
If you want to pay into your ISA for this tax year (2011/2012) you need to have your account opened and funds in the account by 5th April 2012. Any applications that are completed after the 5th April will be open and ready to use for the 2012/2013 tax year.
After applying you will receive an account number and sort code or an application reference number.
If you receive an account number and sort code you can pay into your ISA straightaway using the account number and sort code details. Your account and any funds deposited will show in your online banking within 24 hours of your account being opened.
If you receive an application reference we recommend that you take this along with the following identification documents and complete your application at your branch by Thursday 5th April 2012. Find your local branch.
Make the most of your ISA limit this tax year (2011/2012) by making sure you’ve paid in your money by midnight on the 5th of April 2012.
Your eligible deposits with Royal Bank of Scotland Plc are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit protection scheme. This limit is applied to the total of any deposits you have with the following: Royal Bank of Scotland, Direct Line, the One Account, Child & Co, Drummonds and Holt's.
Any deposits you hold above the £85,000 limit are not covered.
It's easy to apply for an Instant Access ISA. There are three ways to apply:
Call us on 0800 121 129. Customers with hearing and speech impairments can contact us by Minicom number 0800 917 0526.
Lines are open: Monday to Friday 8am-8pm, except public holidays, and Saturdays 9am-6pm. Calls may be recorded.