Background image: 1 Year Fixed Rate E-ISA - Issue 46

1 Year Fixed Rate E-ISA - Issue 46

Our 1 Year Fixed Rate E-ISA is a great tax-free way to save with the confidence of knowing that the interest rate is guaranteed for the term of the account. 

You can open and manage your account easily online.

The account will mature on 2 July 2025.

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Key Information
  • 4.41% Tax Free/AER fixed until 2 July 2025
  • Guaranteed interest rate for the term of the account
  • Typically offers a higher interest rate than our Cash ISA
  • Open with a deposit of between £500 and £20,000
Interest Rate
Tax-Free/AER Fixed
What might a 1 Year Fixed Rate E-ISA look like for me?
Initial Deposit
Balance after 12 months
Interest earned
Interest Rates

A Fixed Rate E-ISA gives you a guaranteed fixed rate for the term of the account and usually offers a higher rate of interest than our Cash ISA. There are tax advantages too, because any interest you earn is tax free.

If you don’t need easy access to your savings and you can lock your money away for a fixed term, a Fixed Rate E-ISA could be for you.

You can apply online and open with a minimum £500.

You can deposit the full £20,000 annual ISA allowance provided you’ve not exceeded the £20,000 annual ISA allowance for the same tax year. Keep your ISA savings in one place by transferring in any of your existing ISAs to us.

Transfer in instructions from existing ISA providers must be received within 14 days of account opening.

Deposits can only be made within 14 days of account opening. No further deposits can be made after this time.

If you don’t deposit your full ISA allowance within 14 days of opening your account, no further deposits can be made to use your remaining ISA allowance for the current tax year or future tax years.

Managing your account is quick and easy by using our secure online accounts service SBS online. Once you've registered, it’s easy to open other savings accounts online too.

You can find out more about SBS Online here


Questions we get asked

What's the interest rate?

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

2024/25                                                                                          4.41%

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 when the account matures on 2 July 2025, as long as the account continues to satisfy the ISA regulations. Interest is usually added to the account, but it can be paid to a bank account or another account with Scottish Building Society if you’d like.

Will the interest rate change?

No - the interest rate is fixed for the term of the account.



What would be the estimated balance after 12 months if I opened an account with £1,000?

After 12 months the estimated balance would be £1,044.10.

This estimate is just for illustrative purposes and doesn’t take into account any deposits or withdrawals you might make.

Deposits can only be made within 14 days of opening the account. No further deposits can be made after this time.

Can anyone open a Fixed Rate E-ISA?

You can open a Fixed Rate E-ISA if you're aged 18 or over and resident in the UK for tax purposes. The minimum opening balance is £500.

How do I open the account?

You can apply to open an account with our quick and secure online accounts service SBS Online. And once you've registered, you can open other savings accounts online too. You can find out more about SBS Online here.

Or, if you're ready to get started, you can apply now


What's my annual ISA allowance?

The Government sets an ISA limit on how much you can save in all your ISAs each tax year (from 6th April – 5th April). For 2024/25, your full annual ISA allowance is set at £20,000.

There are 4 types of ISA - cash ISA, stocks and shares ISA, innovative finance ISA and Lifetime ISA. Not all providers will offer each one.


How will I receive my interest?

Interest is calculated daily from the day after you deposit your cash or cheque until the date you withdraw your funds.

Interest will be added to your account when the account matures on 2 July 2025. 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 a Fixed Rate E-ISA?

Whatever your personal tax status, you won’t have to pay income tax on the interest earned on your Fixed Rate E-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 don’t need to mention your Fixed Rate ISA on any tax return you fill in. Any interest earned is free of Capital Gains Tax.

Interest earned from your Fixed Rate E-ISA will not count towards your Personal Savings Allowance. 

What if I’ve already opened a Cash ISA with a different provider for this tax year?

The rules around ISAs changed on 6 April 2024 and you can now open more than one ISA of the same type. For Cash ISAs, you can now save a total of £20,000 in the same tax year with different providers.

You can open a Fixed Rate ISA with us as long as you’ve not exceeded the £20,000 annual ISA allowance for the same tax year.

How can I access and transfer my money?

Generally, withdrawals aren’t permitted, but if you need access to your money within the fixed term, there will be a penalty of 90 days interest on the
amount withdrawn.

You can withdraw money from your Fixed Rate ISA using SBS Online.

You can make withdrawals in our Relationship Centres too. You’ll need to bring proof of ID with you (for example, a valid Passport) and your signature (for example, a valid driving licence)

If you want to make ISA transfers, you can transfer money in from other Cash ISAs and Stocks and Shares ISAs.

What happens to my ISA if 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.


Financial Services Compensation Scheme

The deposits in your Fixed Rate E-ISA are protected by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme.

If your bank or building society fails and can’t pay back your money, FSCS can automatically pay you compensation:

  • up to £85,000 per eligible person, per bank, building society or credit union.

  • up to £170,000 for joint accounts.

Find out more by visiting

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Request a Transfer

If you want to transfer funds in from existing ISAs with another provider, please complete the relevant transfer authority form.


If you want to transfer funds from an existing Scottish Building Society savings account or ISA, please complete our withdrawal form.