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Why save in a cash ISA?

The tax-free way to save

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 £5,940 in the 2014/2015 tax year from 6th April to 30th June 2014. 

From 1st July 2014, the New ISA changes announced in the 2014 Budget commence and your overall limit for the remainder of the 2014/2015 tax year increases to £15,000.

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.

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.

More on Instant Access ISA and Apply

Instant Access ISA

What you should know

Our Instant Access cash ISA lets you:

  • Earn up to 1.50% AER Gross p.a. (variable) – when you save £25,000 or more in your Cash ISA or earn 1.00% 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 £5,940 in the 2014/2015 tax year from 6th April to 30th June 2014. From 1st July 2014 the New ISA changes announced in the 2014 Budget commence and your overall limit for the remainder of the 2014/2015 tax year increases to £15,000.
  • 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
  • Tax-free interest means your interest payable is exempt from UK income tax
  • You can save up to £5,940 in the 2014/2015 tax year from 6th April to 30th June 2014.
  • From 1st July 2014 the New ISA changes announced in the 2014 Budget commence and your overall limit for the remainder of the 2014/2015 tax year increases to £15,000.
  • 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(PDF, 85KB).

 

We’d like you to read these documents: RBS Personal & Private Savings Account Terms; Personal & Private Savings Account Additional Charges and Fees Information(PDF, 883KB).

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.

I'm ready to apply

 

 

Transfer in

Balance

AER
(variable)

Gross p.a.
(variable)

£0 - 24,999  

1.00%

1.00%

£25,000 +

1.50%

1.50%

 

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.

 
 
 

Transfer in

Term

 Interest
payable

Minimum
Balance

AER
(fixed)

Gross p.a.
(fixed)

  1 Year  

Annually

£1,000 +

1.35%

1.35%

  2 Years  

Annually

£1,000 +

1.50%

1.50%

 
  • Interest is paid at a rate of 1.50% AER/Gross (fixed) p.a. until the Fixed Rate ISA start date – 21st July 2014

  • Partial withdrawals are not permitted. Early closure will result in an early closure charge

  • Application deadline 06th May 2014 this is a limited offer and may be withdrawn at any time
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 1.50% 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 £5,940 tax free in your Fixed Rate ISA for the 2014/2015 tax year between 6th April – 30th June 2014.  Then from 1st July 2014 the New ISA changes announced in the 2014 Budget commence and between 1st July  – 18th July 2014 you can increase the tax free savings in your Fixed Rate ISA up to the new 2014/2015 tax year maximum allowance of £15,000.  
  • Transfer in – bring all your cash 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 (fixed) p.a until the Fixed Rate ISA start date – 21st July 2014.
  • Tax-free interest means your interest payable is exempt from UK income tax
  • 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.(PDF, 99KB)

We'd like you to read these documents: Fixed Rate ISA Terms(PDF, 883KB)

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

I'm ready to apply

 

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.

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

With our account monitoring and online fraud protection promise, it's no wonder our customers voted us the UKs most trusted mainstream bank for 2013..

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: 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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