An easy way to let your money grow tax-free

Whether you're saving up for something special, want to boost your retirement income or simply looking to set some money aside for a rainy day, it's always worth making the most of tax-free savings with a Loyalty Cash ISA.


As well as helping your money grow tax-free and rewarding longer-term savings, a Loyalty Cash ISA with Scottish Building Society gives you instant access to your cash and lets you save in the way that suits you best – either with a lump sum, standing order or by paying in whenever you choose to.

The longer you save, the more you earn

Unlike a lot of providers who only look after new customers, we reward our members for saving with us over the long-term. 

Our tiered interest rates means that the longer you keep your money in your Loyalty Cash ISA, the higher the rate of interest you receive compared to accounts that were opened more recently.

Rates are variable. For details of our interest rates, please refer to our Savings Interest Rates. 

5 great reasons to choose a Loyalty Cash ISA

Tax-free returns to help your money grow
Tiered interest rates
Add to the account whenever you like during the tax year
Instant access to your money
We accept transfers from both Cash and Stocks and Shares ISAs

Find out more

Request a Transfer

Completed application and transfer authority forms can be returned to any branch or agency office, along with proof of your identity and initial deposit.

Alternatively, you can post your application and necessary documentation to:

Scottish Building Society

SBS House

193 Dalry Road


EH11 2EF

Key product information for Loyalty Cash ISA

What is the interest rate?

Tax Year Account Opened/Funds Deposited           Tax-free/AER variable

2020/21                                                                                            0.60%

2019/20                                                                                            0.60%

2018/19                                                                                            0.60%

2017/18                                                                                            0.65%

2016/17                                                                                            0.70%

2015/16                                                                                            0.75%

2014/15                                                                                            0.80%

2013/14                                                                                            0.85%

2012/13                                                                                            0.90%

Before 2012/13                                                                            1.00%


AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year.

Interest is paid tax-free on 31 March each year, provided the account continues to satisfy the ISA regulations. Interest is normally added to the account, but it can be paid to a bank account or another account with Scottish Building Society if you wish.

Can Scottish Building Society change the interest rate?

The interest rate is variable and may be changed as outlined in section 9 of the Savings Terms & Conditions. When the change is an increase in the interest rate, we will let you know by writing to you or by placing notices and leaflets in all our branches and updating our website. When the change is a reduction, we will write to you 14 days before the rate change.

What would be the estimated balance after 12 months based on a £1,000 deposit?

If you open a Loyalty Cash ISA in the 2020/21 tax year and deposit £1,000, after 12 months the projected balance would be £1,006.

This projection is for illustrative purposes only and does not take into account your individual circumstances.

How do I open and manage the account?

People aged 16 or over, and resident in the UK* for tax purposes, can hold a Loyalty Cash ISA.This account is available to anyone aged 16 or over, and resident in the UK for tax purposes. You can open an account with a minimum of £1, either in branch or by downloading an application form online.

You can add to the account whenever you like either in branch, by post or standing order. The maximum amount you can save into ISAs in tax year 2020/21 is £20,000.

*As a member-based mutual, our focus and purpose is to serve our local communities. That’s why we offer savings accounts primarily to members resident in Scotland. 

Can I withdraw money?

You can make withdrawals in branch or by post without notice, penalty or charges. Any withdrawals you make will not alter the tax-free status of your account.

Additional Information

Please read the Savings Terms & Conditions leaflet for general conditions which apply to this account.



Who can invest in a Loyalty Cash ISA?

Anyone aged 16 or over, and resident in the UK* for tax purposes, can hold a Loyalty Cash ISA.

*As a member-based mutual, our focus and purpose is to serve our local communities. That’s why we offer savings accounts primarily to members resident in Scotland. 

How much do I need to open an account?

You can open an account with just £1.

What if I have already put money into an ISA?

There are 3 types of ISA: cash ISAs, stocks and shares ISAs and innovative finance ISAs. You can save into one of each kind of ISA each tax year, up to the annual subscription limit of £20,000 (Tax Year 2018/19).

Can I add to my Loyalty Cash ISA?

You can add to your account whenever you like, at any branch or local agency or by post. You can also pay in by standing order.

What happens to my ISA when I die?

Your ISA savings will be included in your estate for inheritance tax purposes. However, any accrued ISA savings can be passed to your spouse or civil partner upon death, allowing the surviving spouse or civil partner to continue receiving the tax benefits. Please contact us for more details.

How do I draw my money out?

You can make withdrawals at any branch or local agency or by post without notice, penalty or charges. Any withdrawals you make will not alter the tax-free status of your account.

How will I receive interest?

Interest is calculated from the day after the Society receives your cash or cheque until the date of withdrawal and the amount of interest is calculated on the daily balance.

Interest will be added to your account on 31 March each year. Or, if you prefer, the interest can be transferred to another Scottish Building Society account or paid to your bank.

Will I pay tax on my Loyalty Cash ISA?

Whatever your personal tax status, you will not have to pay income tax on the interest earned on your Loyalty Cash ISA under current regulations, provided that you keep to the annual subscription limits and other rules of operation laid down by HM Revenue & Customs. You do not need to mention your Cash ISA on any tax return you have to fill in.

Contact Us

For new savings or mortgage enquiries, call us today on

0333 207 4007

Lines open 9-5 Mon to Fri (10-5 Wed). Calls may be recorded and/or monitored.

Existing Member Enquiries

To talk to us about an existing savings or mortgage account, contact your local office

Find your local office

Financial Services Compensation Scheme

Your eligible deposits with Scottish Building Society are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. Any deposits you could hold above the limit are unlikely to be covered. Please see below for further information.

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