Cash ISA

Grow your savings tax free

An ISA is a great, tax free way to save if you want to save for something special, or just put money away as part of your financial plans. You’ll have instant access to your cash and you can save in the way that suits you best.


You can open and manage your account face to face in a branch or by post

Why choose a Cash ISA?

  • Tax-free returns to help your savings grow

  • Instant access to your money

  • Add to the account whenever you like during the tax year

  • You can transfer money in from other Cash and Stocks and Shares ISAs

  • Open with £100 and save up to £20,000 each tax year

An ISA is a great, tax free way to save if you want to save for something special, or just put money away as part of your financial plans. You’ll have instant access to your cash and you can save in the way that suits you best.


You can open and manage your account face to face in a branch or by post

Why choose a Cash ISA?

  • Tax-free returns to help your savings grow

  • Instant access to your money

  • Add to the account whenever you like during the tax year

  • You can transfer money in from other Cash and Stocks and Shares ISAs

  • Open with £100 and save up to £20,000 each tax year

An ISA is a great, tax free way to save if you want to save for something special, or just put money away as part of your financial plans. You’ll have instant access to your cash and you can save in the way that suits you best.


You can open and manage your account face to face in a branch or by post

Why choose a Cash ISA?

  • Tax-free returns to help your savings grow

  • Instant access to your money

  • Add to the account whenever you like during the tax year

  • You can transfer money in from other Cash and Stocks and Shares ISAs

  • Open with £100 and save up to £20,000 each tax year

How do I apply?

Call us on 0333 207 4007

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

You can also visit in branch if you’d prefer.

What might a Cash ISA look like for me?

Cash ISA representative example
Interest Rate
0.70% AER Interest Rate Description
Open from
£100
Withdrawals
Permitted
Additional Information

Tax-free returns to help your money grow quicker

Instant access to your money

You can transfer money in from other Cash ISAs and Stocks and Shares ISAs

Initial Deposit
Balance after 12 months
Interest earned
£1,000.00
£1,007.00
£7.00
£10,000.00
£10,070.00
£70.00
£25,000.00
£25,175.00
£175.00
£50,000.00
£50,350.00
£350.00
What's the interest rate?

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

2021/22                                                                                           0.70%

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, 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?

The interest rate is variable and can change as outlined in section 8 of our Online Savings Terms & Conditions.

If the rate increases, we’ll write to you by letter or email and also update our website. If the rate goes down, we’ll write to you 14 days before the change.

 

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 £1,007.

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

Can anyone open a Cash ISA?

You can open a Cash ISA if you're aged 16 or over and resident in the UK for tax purposes. The minimum opening balance is £100.

How do I open the account?

We apologise


Due to the current high demand for this product, we are not accepting any new applications at this time. Please check the website regularly for updates

 

 

How will I receive my interest?

Interest is calculated from the day after you deposit your cash or cheque until the date of withdrawal. 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 an Cash ISA?

Whatever your personal tax status, you won’t have to pay income tax on the interest earned on your 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 don’t need to mention your Cash ISA on any tax return you fill in.

Can I withdraw money?

Yes. You can make unlimited withdrawals online to a nominated bank account without notice, penalties or charges. Any withdrawals you make won’t alter the tax-free status of your account.


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

 

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.

 

How do I apply?

You can open a Cash ISA in  or and post it to us with your initial deposit cheque and proof of ID.

It’s best to use a recorded mail service if you send original documents to us.