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Why save in a cash ISA?

The tax-free way to save

New ISA allowance

Our 2 cash ISAs

Which cash ISA is right for me?

Instant Access ISA

 

Our Instant Access ISA gives you immediate access to your money.

You can also save the way you want – either as a lump sum, as a standing order or simply pay in whenever you choose to.

The interest rate on your savings is variable, which means the rate can go up as well as down.

Current interest rates up to and including 31 July 2014

Transfer in Balance AER (variable) Gross p.a. (variable)
£0 - 24,999   1.00% 1.00%

£25,000 +

 

1.50% 1.50%

 

Our interest rates are changing - new interest rates from 1 August 2014.

Transfer in

Balance

AER
(variable)

Gross p.a.
(variable)

£0 - 24,999  

0.75%

0.75%

£25,000 +

1.00%

1.00%

Interest is paid annually.

More on Instant Access ISA and Apply

Instant Access ISA

What you should know

Our Instant Access cash ISA lets you:

  • Up until 31st July 2014 earn up to 1.50% AER Gross p.a. (variable) when you save £25,000 or more in your Instant Access ISA or earn 1.00% AER/Gross p.a. (variable) when you save between £1 and £24,999
  • From 1st August 2014 earn up to 1.00% AER/Gross p.a. (variable) - when you save £25,000 or more in your Instant Access ISA or earn 0.75% AER/Gross p.a. (variable) when you save between £1 and £24,999.
  • Access your money instantly – there are no withdrawal penalties, so you can take money out whenever you want
  • Save your way – either in a lump sum, by standing order or simply pay in when it suits you
  • Maximise your cash ISA allowance – save from £1 up to £15,000 in the 2014/2015 tax year up to 5th April 2015. This includes the New ISA allowance increase announced in the 2014 Budget that commenced on 1st July 2014. 
  • Transfer in – move existing ISA balances from other providers easily
  • Watch your savings grow – interest is calculated daily and paid annually directly into your account
  • Manage your account – Online, Mobile, in branch or by phone.

Things to consider:

  • The interest rate is variable, so it can go up as well as down
  • Interest is paid annually
  • If you take money out you'll not be able to pay any money back in if you've reached the maximum cash ISA allowance for the tax year. 
  • You can only subscribe to one cash ISA per tax year

All the key information is also contained in this handy information sheet: Cash ISA Key Features

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.

Tax-free interest means interest payable is exempt from UK income tax.

Fixed Rate ISA

 

If you have a minimum deposit of £1,000, and you’re happy to leave your money untouched for a while, a Fixed Rate ISA might be better for you.

This type of cash ISA offers a fixed rate of interest for either one or two years.

The longer the term you choose, the higher the interest rate will be.

Application deadline 4th August 2014 – this is a limited offer and may be withdrawn at any time

 
 

Transfer in

Term

Minimum
Balance

AER
(fixed)

Gross p.a.
(fixed)

  1 Year  

£1,000 +

1.35%

1.35%

  2 Years  

£1,000 +

1.60%

1.60%

Interest is paid annually. Interest is paid at a rate of 1.50% AER/Gross p.a. (fixed). until the Fixed Rate ISA start date –1st September 2014. Partial withdrawals are not permitted. Early closure will result in an early closure charge.
More on Fixed Rate ISA and Apply

Fixed Rate ISA

What you should know

Our Fixed Rate ISA lets you:

  • Earn 1.35% AER/Gross p.a. (fixed) with our 1 year Fixed Rate ISA and 1.60% AER/Gross p.a (fixed) with our 2 year Fixed Rate ISA – tax free
  • Fix your interest rate – so you know in advance what your savings will earn
  • Choose a term that suits you – either one or two years
  • Maximise your ISA allowance – save up to £15,000 tax free in your Fixed Rate ISA for the 2014/2015 tax year up between  1st July - 4th August 2014. This includes the New ISA allowance increase announced in the 2014 Budget that commenced on 1st July 2014
  • Transfer in – bring all your ISAs together in one place easily

Things to consider:

  • Minimum deposit £1,000
  • Partial withdrawals not allowed. Early closure will result in an early closure charge equivalent to: 90 days' gross interest for our 1 year Fixed Rate ISA and 180 days' gross interest for our 2 year Fixed Rate ISA.
  • Interest will be paid at the rate of 1.50% AER/Gross p.a. (fixed) until the Fixed Rate ISA start date – 1st September 2014.
  • This is a limited offer and may be withdrawn at anytime

All the key information is also contained in this handy Fixed Rate ISA Information Sheet.

We'd like you to read these documents: Fixed Rate ISA Terms

I'm ready to apply

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.

Tax-free interest means interest payable is exempt from UK income tax.

 

Key ISA Definitions

 

Gross – this means the interest rate you are paid before the deduction of basic rate income tax.

 

 

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.

Tax-free interest means interest payable is exempt from UK income tax.

Cash ISAs

Why save in a cash ISA?

Cash ISAs are tax-free savings accounts that can help you reach your savings goals more quickly.

You can save up to £15,000 in the 2014/2015 tax year up to 5th April 2015.

This includes the New ISA allowance increase announced in the 2014 Budget that commenced on 1st July 2014.  

To help you make the most of your cash ISA allowance, we have two easy to open ISAs.

Plus, we're making 4 promises to our Instant Access ISA customers for 2014.

Need more help?

Understanding ISAs

Our practical guides and simple FAQs will give you all the information you need.

Getting started with an ISA

Got a Question?

Got a RBS cash ISA?

Manage your existing cash ISA

From getting started with a new ISA to reactivating an existing one, you’ll find everything you need to manage your account here.

Helpful Banking

Protecting your money

Your eligible deposits with RBS 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: The Royal Bank of Scotland, Direct Line, the One Account, Child & Co, Drummonds and Holt's. Any total deposits you hold above the £85,000 limit between these brands are not covered.

Further information is available here or visit www.fscs.org.uk.

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