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Instant Access Cash ISA
Why pay tax on your savings interest?
Instant access - manage your savings online, via telephone or visit one of our branches
- Save up to £5,340 in your Instant Access Cash ISA this tax year
- Instant access to your money 24/7
- Transfers in allowed - bring all your cash ISAs together in one place
Why choose an Instant Access Cash ISA?
Tax-free* interest - so your savings can grow fast
Instant access - get your money when you need it
Manage your ISA - do your banking in-branch, online and on the phone
Interest calculated daily and paid at the end of every March. We can pay the interest into your Instant Access Cash ISA or another Royal Bank of Scotland account
Set up and track your own personal savings goals - through Digital Banking
*Interest is paid tax-free which means it is exempt from UK income tax
Cash ISA for current tax year 2011/2012
Earn 0.55% to 2.00% Gross / AER (variable) - with instant access
Save up to £5,340 in a tax year - this is the limit for tax year 2011/ 2012.
Transfer your existing ISAs
Easy transfers - It's simple to move a cash ISA (including a previous TESSA-only ISA) to RBS. You'll simply need to complete a Cash ISA transfer form (PDF, 59KB). Then simply take the completed ISA transfer form into your local branch or post it to: Central Tax Unit, 9th Floor, 1 Hardman Boulevard, Manchester M3 3AQ. (Please note transfers within the RBS Group (including NatWest) are not eligible for the bonus.)
Your existing ISA provider has a maximum of 5 working days, or to the end of any required notice period, after receiving your transfer request to send your ISA monies to us. This period is specified within the ISA Regulations and Her Majesty’s Revenue & Customs (HMRC) ISA Guidance Notes for ISA Managers
If you'd like more information on how to transfer your ISA, here is a simple guide provided by the British Bankers Association (PDF, 354KB).
If you do not currently have an ISA with us we'll open an account for you in branch, so please bring appropriate ID.
Not paid into your Cash ISA for over a year?
If you are an existing customer and you haven't paid money in to your ISA for a whole tax year you will need to complete a re-activation form before you can pay money in again. Please take your completed application forms to your local branch or post it to: Central Tax Unit, 9th Floor, 1 Hardman Boulevard, Manchester M3 3AQ.
Interest rates are subject to variation
This page provides the current interest rates that apply to this account. We have a separate page for previous savings interest rates.
Full copies of the fees and rates, and terms and conditions that apply to our personal accounts can be downloaded for our terms and conditions page.
Current savings rates
Instant Access Cash ISA
| Amount | AER | Gross Rate % p.a. | Net Rate % p.a. |
|---|---|---|---|
| £50,000 + | 2.00% | 2.00% | N/A |
| £27,000 - £49,999 | 1.90% | 1.90% | N/A |
| £22,000 - £26,999 | 1.75% | 1.75% | N/A |
| £15,000 - £21,999 | 0.95% | 0.95% | N/A |
| £9,000 - £14,999 | 0.75% | 0.75% | N/A |
| £1 - £8,999 | 0.55% | 0.55% | N/A |
Interest paid annually.
Last updated on: 1 Apr 2009.
Instant Access Cash ISA with 0.5% bonus
| Amount | AER | Gross Rate % p.a. | Net Rate % p.a. |
|---|---|---|---|
| £50,000 + | 2.50% | 2.50% | N/A |
| £27,000 - £49,999 | 2.40% | 2.40% | N/A |
| £22,000 - £26,999 | 2.25% | 2.25% | N/A |
| £15,000 - £21,999 | 1.45% | 1.45% | N/A |
| £9,000 - £14,999 | 1.25% | 1.25% | N/A |
| £1 - £8,999 | 1.05% | 1.05% | N/A |
Interest paid annually.
Last updated on: 1 Apr 2009.
For customers who applied to transfer in funds between 01 February 2010 to 30 April 2010.
Common definitions
Annual Equivalent Rate (AER). This is a notional rate used for interest bearing accounts which illustrates what the interest would be 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.
Net Rate. This means the interest rate you are paid after the deduction of income tax.
Using your Instant Access Cash ISA
- Are there any penalties?
- Can I transfer money in from more than one bank or building society?
- I have paid £700 of my current tax year allowance into a Cash ISA with another provider. Can I open another Cash ISA with RBS and pay the remainder of my annual allowance?
- Do I need to enclose a cheque for my initial deposit and who should I make it payable to?
- I have received my ISA application form, what do I put in the 'credit interest' section?
- I am registered with Digital Banking, how do I check what my cash ISA limit is?
ISA transfers
- How do I transfer a Cash ISA with another provider to The Royal Bank of Scotland?
- How long does it take to transfer a Cash ISA?
- I have a TESSA ISA - can I transfer this to you?
- I have a stocks and shares ISA - can I transfer this to you?
- I have an old Cash ISA with The Royal Bank of Scotland which I haven't used for several years. Can I transfer my cash ISA with another provider to you?
- I only want to transfer part of my Cash ISA balance to The Royal Bank of Scotland - can I do this?
- What should I enter in the initial deposit section if I have already fully subscribed my tax-free allowance for the year?
Cash ISA transfer in bonus offer
- Have I qualified for the bonus?
- I have an old Cash ISA with RBS, can I transfer this to an Instant Access Cash ISA and qualify for the bonus?
- When is the bonus interest paid?
- How long is the bonus paid for?
- I am currently qualified for the transfer in offer, can I also qualify for the max fund offer?
Cash ISA max fund bonus offer
Using your Instant Access Cash ISA
Are there any penalties?
No. You can withdraw your money or close your account at any time. We'll simply pay interest on the daily cleared balance.
Can I transfer money in from more than one bank or building society?
Yes. Simply fill out a cash ISA transfer form for each one you want to transfer.
I have paid £700 of my current tax year allowance into a Cash ISA with another provider. Can I open another Cash ISA with RBS and pay the remainder of my annual allowance?
No, due to Cash ISA Regulations you cannot have more than one Cash ISA in a tax year. However, you can pay the remainder of your annual allowance into your existing Cash ISA with the other provider and then transfer it over to us.
Do I need to enclose a cheque for my initial deposit and who should I make it payable to?
If you wish to make an initial deposit, please enclose a cheque with the application form and make it payable to yourself. If you do not wish to make an initial deposit you do not need to send a cheque.
I have received my ISA application form, what do I put in the 'credit interest' section?
If this section is left blank, interest will automatically be credited to your ISA. If you would like to credit another RBS account, please specify the details on the box provided.
I am registered with Digital Banking, how do I check what my cash ISA limit is?
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'.
ISA transfers
How do I transfer a Cash ISA with another provider to The Royal Bank of Scotland?
You'll need to complete a Cash ISA transfer form (PDF, 59KB). Simply take the completed form into your local branch or post it to Central Tax Unit, 9th Floor, 1 Hardman Boulevard, Manchester M3 3AQ.
If you do not currently have an ISA with us we'll open an account for you in branch, so please bring appropriate ID.
How long does it take to transfer a Cash ISA?
Your existing ISA provider has a maximum of 5 working days, or to the end of any required notice period, after receiving your transfer request to send your ISA monies to us. This period is specified within the ISA Regulations and Her Majesty’s Revenue & Customs (HMRC) ISA Guidance Notes for ISA Managers.
I have a TESSA ISA - can I transfer this to you?
Yes, since 6 April 2008 these have been classed as Cash ISAs so you can transfer these to The Royal Bank of Scotland.
I have a stocks and shares ISA - can I transfer this to you?
No. Stocks and shares ISAs cannot be converted to Cash ISAs.
I have an old Cash ISA with The Royal Bank of Scotland which I haven't used for several years. Can I transfer my Cash ISA with another bank to you?
Yes. However you will also need to complete a re-activation form as well as a Cash ISA transfer form (PDF, 59KB).
I only want to transfer part of my cash ISA balance to The Royal Bank of Scotland - can I do this?
We will accept partial transfers, however you will need to check with your existing ISA provider as their terms and conditions may not allow partial transfers.
What should I enter in the initial deposit section if I have already fully subscribed my tax-free allowance for the year?
Please key in £1 initial deposit, select payment method cheque/cash and click that you do not wish to make regular savings. This will allow you to move forward through the screens. By enclosing the transfer form with your application we will be aware that you do not wish to deposit £1 therefore you will not be oversubscribing to your ISA.
Cash ISA Transfer in bonus offer
Have I qualified for the bonus?
For customers who applied to transfer in funds from another cash ISA provider (excludes transfers within the RBS Group, which includes NatWest) between 01 February 2010 and 30 April 2010 will have qualified for the fixed rate bonus of 0.5% gross p.a. for 12 months.
This offer is not available to customers in conjunction with any other Cash ISA offer.
The bonus will be applied to your account from the date we received your Cash ISA transfer request form (and guaranteed for 12 months from when we received your transferred funds).
I have an old Cash ISA with RBS, can I transfer this to an Instant Access Cash ISA and qualify for the bonus?
No. Only transfers from other ISA providers will qualify for the bonus. Any transfers from within the RBS Group (including NatWest) are not eligible.
When is the bonus interest paid?
We pay bonus interest at the same time as regular interest – at the end of March each year.
How long is the bonus paid for?
The bonus rate is applied from the date of receipt of the transfer form and will accrue for 12 months from the date of receipt of the transferred funds.
For example, if your cash ISA transfer request reaches us on 15 February 2010, the bonus will be applied to your account on 15 February 2010, and when we receive the funds in your Instant Access Cash ISA account, i.e. on 15 March 2010 the bonus period will expire on the 12th month anniversary of receipt of the funds, i.e. 15 March 2011.
If you make any withdrawals during the 12 month period, the 0.5% gross p.a. bonus interest will be applied to your reduced balance.
I am currently qualified for the transfer in offer, can I also qualify for the max fund offer?
No. You can only qualify for one offer (either the transfer in offer or the max fund offer).
Cash ISA max fund bonus offer
Have I qualified for the bonus?
For customers who saved their full 2010/2011 cash ISA allowance (£5,100) by 30 April 2010, their accounts will receive a fixed rate bonus of 0.5% gross p.a. for 12 months on their 2009/10 and 2010/11 tax-year contributions, starting from 1 May 2010.
This offer is not available to customers in conjunction with any other Cash ISA offer.
When is the bonus interest paid?
Bonus interest is payable in one lump sum on 31 May 2011.
If you make any withdrawals during the 12 month period, the 0.5% gross bonus interest will be applied to your reduced balance.
ISAs can be made up of cash or stocks and shares.
You can have one Cash ISA and one Stocks and Shares ISA per tax year. These can be held with different ISA providers
The Instant Access Cash ISA is only available to private individuals who are aged 16 or over, are resident and ordinarily resident in the UK for tax purposes or otherwise qualify under the ISA regulations. This account is only available to you if you have not subscribed to another Cash ISA, or you have not invested the maximum amount in a Stocks and Shares ISA in the tax year in which a subscription is made to the account.
You can open an Instant Access Cash ISA with as little as £1.
Because of their tax advantages, there is a limit on how much you can deposit in cash ISAs during any tax year. This limit is currently £5,340. Once you have deposited the maximum allowed, you won't be able to make any more deposits in that tax year, even if you have made withdrawals.
New customers will be asked to provide proof of identity including verification of address.
Tax reliefs referred to are those applying under current legislation which may change. The favourable tax treatment for ISAs may not be maintained. The availability and value of the reliefs will depend on your individual circumstances. The value of investments and any income from them can fall as well as rise, and an investor might not get back the original amount invested in an investment.
System updates will mean that our internet and telephone banking services are unavailable for short periods in the early hours of the morning.
- Apply online for this account
- Please also read our website terms and conditions which cover your use of this website
