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Instant Access ISA: Special offer
Earn tax free interest of up to 2.82% AER (variable) on balances of at least £50,000. Includes bonus of 1.00% Gross p.a. (fixed) for 12 months.
Other rates available for lower balances.
- Earn from 1.37% AER (variable) to 2.82% AER (variable) (balances £50,000+) tax free on your savings including a bonus of 1% gross p.a. (fixed) for 12 months
- Transfers in allowed - bring all your cash ISAs together in one place
- Instant access – manage your account by phone, in-branch and online
- The bonus is added to the standard variable interest rate and starts on the 15th or 16th day of the next month after your account is opened
- 12 months after the bonus starts interest will automatically revert to the standard variable rate. See the applicable rates
- This special offer is only available to customers who do not currently have an Instant Access ISA account with RBS
Take advantage of this limited offer now, as it may be withdrawn at any time.
AERs are calculated over a 365 day period. AER including bonus is based on earning the rate excluding bonus for 66 days (maximum period from account opening before bonus will be paid) and then earning the rate including 1% bonus for 299 days.
Discover why people save with an RBS Instant Access ISA
Features and benefits
- No withdrawal penalties
- Interest paid annually
- Save up to £5,640 in your Instant Access ISA in the 2012/2013 tax year ending 5th April 2013
- Easy to manage by phone, in-branch and online
- Set up regular payments from another RBS account
- Set up and monitor a savings goal for your account with Digital Banking
Current Instant Access ISA interest rates
Interest rates for accounts opened on or after 1st March 2012 including a bonus of 1% gross pa (fixed) for 12 months
| Balance | Rates including bonus | Rates excluding bonus | ||
|---|---|---|---|---|
| AER (variable) | Gross pa | AER (variable) | Gross pa | |
| £50,000+ | 2.82% | 3.00% | 2.00% | 2.00% |
| £27,000 - £49,999 | 2.72% | 2.90% | 1.90% | 1.90% |
| £22,000 - £26,999 | 2.57% | 2.75% | 1.75% | 1.75% |
| £15,000 - £21,999 | 1.77% | 1.95% | 0.95% | 0.95% |
| £9,000 - £14,999 | 1.57% | 1.75% | 0.75% | 0.75% |
| £1 - £8,999 | 1.37% | 1.55% | 0.55% | 0.55% |
Interest paid annually. Last updated 26th April 2012.
Tax free interest means interest payable is exempt from UK income tax.
- Instant Access ISA Information Sheet (PDF File 102KB)
- Our rates explained
Example of how the Instant Access ISA special offer works
Account opening date - 10 April 2012
Bonus period starts - 15 May 2012
Bonus period ends - 14 May 2013 (inclusive)
If the 15th falls on a weekend, interest will start from the next working day.
Transfer your existing ISAs
Keep all your cash ISAs in one place and make it easier to manage all your tax free savings online.
Digital and Mobile Banking
- Make payments and transfers
- Stay safe with free security software
- Free apps for iPhone, iPad, BlackBerry and Android
ISAs explained
Learn more about saving tax efficiently with a cash ISA, the rules about how much you can pay in, and more...
Ready to apply?
Other ISA options
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Why choose an RBS Instant Access ISA?
- Earn up to 2.82% AER (variable) includes a bonus of 1.00% Gross p.a. (fixed) for 12 months added to the standard variable interest rate when you save over £50,000 in your Instant Access ISA
- Save up to £5,640 tax free – in the tax year 2012/2013
- No withdrawal penalties – take money out whenever you want. Remember, you can only save up to £5,640 this tax year and if you take money out you'll not be able to pay any money back in if you've already paid in the maximum cash ISA allowance for the tax year.
- Annual tax-free interest – interest is calculated daily and paid annually at the end of every March directly into your ISA account or another nominated RBS savings or current account
- Get the savings habit – we can set up a regular transfer from your other RBS account
- Easy to manage – on the phone or at your RBS branch
- Or manage your Instant Access ISA online – we’re open 24 hours
- Set up and track your personal saving goal – with Digital Banking.
Tax-free interest means interest payable is exempt from UK income tax.
- Are there any penalties?
- Can I transfer money in from more than one bank or building society?
- I’ve paid £1,000 of my current tax year allowance into a cash ISA with another provider. Can I open an RBS cash ISA and pay in the remaining £4,640?
- Do I need to send a cheque for my initial deposit and who should I make it payable to?
- What should I enter in the initial deposit section if I have already fully subscribed my tax-free allowance for the year?
- I’m registered with Digital Banking, how do I check what my cash ISA limit is?
Q. Are there any penalties?
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.
Q. Can I transfer money in from more than one cash ISA?
A. Yes. Simply fill out an ISA transfer form ( PDF, 88KB) for each cash ISA you want to transfer.
Q. I’ve paid £1,000 of my current tax year allowance into a cash ISA with another provider. Can I open an RBS cash ISA and pay in the remaining £4,640?
A. No, you can’t pay into 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.
Q. Do I need to send a cheque for my initial deposit and who should I make it payable to?
A. No, once your account has been opened we’ll write to you with instructions on how to make a deposit.
Q. What should I enter in the initial deposit section if I’ve already fully subscribed my tax-free allowance for the year?
A. Key in £1 initial deposit, select payment method cheque/cash and click that you do not wish to make regular savings. This will let you move 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 cash ISA.
Q. I’m registered with Digital Banking, how do I check what my cash ISA limit is?
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'.
ISA Guide
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What is an ISA and who can have one?
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How much can I put in to an ISA?
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Making withdrawals
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Choosing an ISA
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What happens to my ISA in the future?
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What to do next
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.
There are two types of ISA:
- Cash ISAs — are tax-free. Interest payable is exempt from UK income tax. The RBS Instant Access ISA is a type of cash ISA.
- Stocks and shares ISAs - are tax efficient. They are a medium to long term investment so they should be held for at least five years. With stocks and shares ISAs, the value of your investment and any income you receive can go down as well as up and you may not get back your original investment.
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.
To subscribe to an ISA:
- You must be aged 16 or over, or 18 or over to hold a stocks and shares ISA
- You must be a resident and ordinarily resident in the UK
- You can subscribe to one cash ISA and one stocks and shares ISA in a tax year, but there are limits to how much you can save in each ISA.
There’s a yearly limit on the amount you can put in to an ISA. For the 2012/13 tax year the limit is £11,280. You can use this allowance in a variety of ways. You can:
Save up to £5,640 in a cash ISA
or
Save up to £11,280 in a stocks and shares ISA
or
Save up to £5,640 in a cash ISA and put the remainder of the £11,280 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 that 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 £9,280 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 | £5,640 |
|---|---|
| You pay into your Instant Access ISA | £2,100 |
| Your remaining tax-free allowance is | £3,540 |
| You then make a withdrawal of | £500 |
| Your remaining tax-free allowance is still | £3,540 |
| Overall possible saving by end of tax year | £5,140 |
There are two types of cash ISA:
- Variable Rate ISAs – where the interest rate can move up and down. They normally give you instant access to your money or a short notice period.
- Fixed Rate ISAs - where the interest rate is fixed for a period of time, and conditions often apply if you want to withdraw your money early
Your choice of stocks and shares ISA
You can choose from three types of stocks and shares ISA:
- Self-Select ISAs, where you choose what you want to invest in
- Actively Managed ISAs, where a team of experts manage your investments for you
- Passively Managed ISAs, (also known as tracker ISAs) where your money is invested so that it tracks a particular market or index, such as the FTSE 100.
With stocks and shares ISAs, the value of your investment and any income you may receive can go down as well as up and you may not get back your original investment.
Making future subscriptions
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.
How to reactivate your cash ISA
To reactivate your cash ISA, you simply need to complete a reactivation form.
Reactivate an old RBS Cash ISA
Transferring an ISA
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:
- Your National Insurance number
- One form of evidence of your identity - such as a current passport, full UK driving licence, a benefit book or UK armed forces identity card
- One form of evidence of your address - such as an original gas, electricity, phone or council tax bill, an original bank or building society statement
All documents should be the most recent you have, and no more than six months old.
Digital and mobile banking
Our Digital Banking service helps you:
- Stay in control - looking after your is savings even easier
- Bank when it suits you - day and night
- Transfer money - make instant transfers to any RBS account
- Manage your account - check your balance and search through your transactions
- Stay safe - get an additional layer of security with our free security software
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 for iPhone, iPad, BlackBerry and Android
Mobile banking makes looking after your savings when you’re out and about even easier:
- Mini statements − see your last six transactions for your Instant Access ISA and your other RBS accounts
- Transfers − move money between your accounts
- Near me − find RBS branches and cash machines
To use mobile banking you must:
- Be an RBS customer who is registered for Digital Banking
- Have an RBS personal account with a debit card
- Be over age 16 and have a mainland UK mobile number starting 07
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.
Manage your ISA in branch or by phone
Branch banking
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.
Telephone banking
With friendly advisers based right here in the UK, our telephone banking service is here for you 24 hours a day.
Telephone banking benefits:
- UK call centres - speak to someone who understands your needs
- Fast service - need to bank in a hurry? Our touchtone service could help you save time
- Free - there are no monthly charges; all you pay for is the cost of the call
- 24 hour access - we’re open 365 days a year. However, please remember that system updates mean that our telephone service is unavailable for short periods in the early hours of the morning.
- Personal accounts management - our system puts your RBS current account, savings and credit card information in one place
- Flexible - transfer money between your accounts with us, pay regular bills, manage direct debits and much more
Telephone banking is available to RBS personal customers aged 16 or over with a current or savings account.
How to transfer your existing cash ISAs to RBS
It’s easy to transfer your existing cash ISAs (including TESSA ISAs) to RBS. Here’s how:
Once your new cash ISA is open, simply complete an ISA transfer form ( PDF File 88KB) for each cash ISA you want to transfer. Print it, and send it to:
Central Tax Unit
9th Floor, 1 Hardman Boulevard
Manchester M3 3AQ
If you'd like more information on how to transfer your ISA, here is a simple guide ( PDF File 354KB) provided by the British Bankers Association .
How long does it take?
Your existing ISA provider has a maximum of five 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.
Partial transfers
If you only want to transfer part of your cash ISA balance to your RBS ISA, you should first check with your existing ISA provider as their terms and conditions may not allow partial transfers.
Interest rates
These are the current interest rates for Instant Access ISA.
Interest rates for customers who open an Instant Access ISA on or after 1st March 2012 and includes a bonus of 1% Gross pa (fixed) for 12 months.
| Balance | Rates including bonus | Rates excluding bonus | ||
|---|---|---|---|---|
| AER (variable) | Gross pa | AER (variable) | Gross pa | |
| £50,000+ | 2.82% | 3.00% | 2.00% | 2.00% |
| £27,000 - £49,999 | 2.72% | 2.90% | 1.90% | 1.90% |
| £22,000 - £26,999 | 2.57% | 2.75% | 1.75% | 1.75% |
| £15,000 - £21,999 | 1.77% | 1.95% | 0.95% | 0.95% |
| £9,000 - £14,999 | 1.57% | 1.75% | 0.75% | 0.75% |
| £1 - £8,999 | 1.37% | 1.55% | 0.55% | 0.55% |
Interest paid annually. Last updated 26 April 2012.
AERs are calculated over a 365 day period. AER including bonus is based on earning the rate excluding bonus for 66 days (maximum period from account opening before bonus will be paid) and then earning the rate including 1% bonus for 299 days.
Common definitions
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.
View information sheet and summary box information ( PDF File 102KB)
Important information
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.
RBS Personal and Private Banking - Terms and Conditions ( PDF File 938KB)
Tax relief
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.
Instant Access ISA Standard Rates
| Balance | AER (variable) | Gross pa |
|---|---|---|
| £50,000+ | 2.00% | 2.00% |
| £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% |
Tax year deadline
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.