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Useful Information
Instant Access Cash ISA
Earn 1.25% to 2.50% gross/AER (variable)
Earn 2.50% Gross / AER (variable) on balances of £24,000 and over. Simply looking for a new cash ISA for this tax year? Get 1.25% - 2.50% Gross / AER (variable).
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
New cash ISA for this tax year
Earn 1.25% - 2.50% Gross / AER (variable) - with instant access
£1 minimum deposit - it's easy to get started. You can deposit up to £3,600 in each tax year
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, 72kb). Then simply take the completed ISA transfer form into your local branch. (Please note transfers within the RBS Group (including NatWest) are not eligible for the bonus.)
If you do not currently have an ISA with us we'll open an account for you in branch. If you don't already bank with us we'll also need to open an instant access account, so please bring appropriate ID.
How a Cash ISA works
In every tax year, the UK government lets you save up to £3,600 in a Cash ISA. (The tax year runs from 6 April until 5 April the following year.)
You just need to remember that you can only pay into one Cash ISA every 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 (PDF, 60kb) before you can pay money in again. Please take your completed application forms to your local branch.
Interest rates are subject to variation
Interest rates are subject to variation
Using your Instant Access Cash ISA
- Do I need another account with The Royal Bank of Scotland?
- 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 in the remaining £2,900?
Transfer your existing cash ISAs
- 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 bank to you?
- I only want to transfer part of my cash ISA balance to The Royal Bank Of Scotland - can I do this?
Bonus offer and interest rate
Using your Instant Access Cash ISA
Do I need another account with The Royal Bank of Scotland?
Yes. You need to have a current account or instant access savings with us. We need this to receive any deposits which may accidentally exceed the annual ISA allowance of £3,600.
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 in the remaining £2,900?
No, due to Cash ISA Regulations you cannot have more than one Cash ISA in a tax year.
However, you can pay the remaining £2,900 of your allowance into your existing Cash ISA with the other provider and then transfer it over to us.
Transfer your existing cash ISAs
How do I transfer a Cash ISA with another provider to The Royal Bank of Scotland?
Simply complete a Cash ISA Application Form or apply on-line. You will also need to fill out a Cash ISA Transfer Form
How long does it take to transfer a Cash ISA?
No more than 30 days. We follow the rules set down by HM Revenue and Customs.
I have a TESSA ISA - can I transfer this to you?
Yes, since 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 and so aren't included within this offer.
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 (PDF, 60kb) as well as the Cash ISA transfer form (PDF, 72kb).
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.
Bonus offer and interest rate
How do I qualify for the bonus?
If you transferred an existing Cash ISA from another provider to The Royal Bank of Scotland (excluding NatWest) between 18 September 2008 and 18 December 2008, then you qualify for the following bonus interest:
- 2% gross bonus interest for Cash ISAs transferred between 18 September 2008 and 9 November 2008.
- 1.76% gross bonus interest for Cash ISAs transferred between 10 November 2008 and 18 December 2008.
When does the bonus period start?
We apply the bonus from the date we receive your Cash ISA transfer form. This must be received by 18 December 2008 to qualify for the bonus offer. However, the bonus period starts when we receive the funds from your old Cash ISA provider. So you could get our market-leading rate for longer than 12 months.
When is the interest paid?
We calculate interest on the daily cleared balance in your account. We pay your interest every year, at the end of March.
When is the bonus paid?
We'll pay the bonus in two instalments - at the end of March 2009 and March 2010.
| Amount | Gross Rate % p.a. | AER% (variable) | Net Rate % p.a. |
|---|---|---|---|
| Instant Access Cash ISA (Annual Interest) | |||
| £24,000 + | 2.50 | 2.50 | n/a |
| £15,000 - £23,999 | 2.20 | 2.20 | n/a |
| £9,000 - £14,999 | 1.65 | 1.65 | n/a |
| £3,000 - £8,999 | 1.45 | 1.45 | n/a |
| £1 - £2,999 | 1.25 | 1.25 | n/a |
| Instant Access Cash ISA (Annual Interest with 1.75% bonus)* | |||
| £24,000 + | 4.25 | 4.25 | n/a |
| £15,000 - £23,999 | 3.95 | 3.95 | n/a |
| £9,000 - £14,999 | 3.40 | 3.40 | n/a |
| £3,000 - £8,999 | 3.20 | 3.20 | n/a |
| £1 - £2,999 | 3.00 | 3.00 | n/a |
*For customers who apply to transfer from 10 November 2008 until 18 December 2008. | |||
| Instant Access Cash ISA (Annual Interest with 2% bonus)** | |||
| £24,000 + | 4.50 | 4.50 | n/a |
| £15,000 - £23,999 | 4.20 | 4.20 | n/a |
| £9,000 - £14,999 | 3.65 | 3.65 | n/a |
| £3,000 - £8,999 | 3.45 | 3.45 | n/a |
| £1 - £2,999 | 3.25 | 3.25 | n/a |
**For customers who applied to transfer from 18 September 2008 until 09 November 2008. How it's calculated - we apply the bonus from the date we receive your Cash ISA transfer form. However, the 12 month period starts when we receive the funds from your old Cash ISA provider. So you could get our market-leading rate for longer than 12 months. Paying your interest and bonus - we pay the interest annually to the account, or another account at the same branch. We'll pay the bonus in two instalments - at the end of March 2009 and March 2010. Eligible transfers - the bonus is for customers transferring in ISA funds from another provider. This excludes transfers within the RBS Group (including NatWest). This limited period offer is now closed. Last updated on 02 January 2009 | |||
Gross rate - is the interest rate paid before the deduction of tax.
Annual Equivalent Rate (AER) - illustrates what the interest rate would be if paid and compounded each year.
Net Rate - is the interest rate paid after deduction of tax.
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 £3,600 per tax year. 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.
The Financial Services Compensation Scheme, set up under the Financial Services and Markets Act 2000, covers your account. For money held in a bank or building society in the UK the scheme will cover up to £50,000 of your claim. Most people who make deposits, including individuals and small firms, are covered. Deposits in all currencies are treated the same. For more information on the conditions of the scheme, please contact the FSCS at www.fscs.org.uk
- Apply online for this account
- Please also read our website terms and conditions which cover your use of this website
