Background image: Instant Access Saver

Instant Access Saver

You can open an Instant Access Saver account face-to-face in one of our Relationship Centres or by downloading an application form and sending it to us with proof of identity.

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Excellent and Seamless Service
The entire process was handled extremely efficiently from beginning to end and I would not hesitate to recommend.
Fast and Efficient Customer Experience
Extremely positive customer experience. All aspects of applying for and obtaining my mortgage were dealt with very efficiently and courteously by SBS.
Great Customer Service
Always excellent service from knowledgeable pleasant staff.
Efficient friendly staff
Efficient friendly staff good at explaining options available in no nonsense fashion
Opened 2 new accounts
Very pleased with first visit yesterday and opened 2 new accounts
The personal touch
The personal touch and being able to speak to an advisor is great. Staff always respectful and helpful.

Key Information
  • The account can be opened face to face in our Relationship Centres or by post
  • Open an account with as little as £1, up to £1,000,000
  • Instant access to your money
  • Passbook based savings account
Interest Rate
Gross/AER Variable
What might an Instant Access Saver look like for me?
Initial Deposit
Balance after 12 months
Interest earned
Interest Rates

Questions we get asked

What's the interest rate?

3.85% Gross/AER variable.

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

Gross interest is paid annually into your account without tax deducted on 31 March each year. You might be required to pay tax on savings interest – this should be arranged directly with HMRC through your tax return.

Will the interest rate change?

The interest rate is variable and can change – if it increases, we’ll update our website and, if the rate goes down, we’ll write to you 14 days before it changes.

You can find out more about changes to our interest rates by reading our Savings Terms & Conditions.

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 £1,038.50

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

Can anyone open an Instant Access Saver?

Accounts can be opened by anyone aged 18 or over. Applicants must be resident in the UK.

How do I open the account?

You can open an Instant Access Saver in one of our Relationship Centres, or if it’s easier for you, you can download an application form and send it to us with a cheque for your initial deposit and proof of ID. Please read our Proof of ID checklist for details of ID we can accept.

You’ll get a passbook when you open the account and you can make deposits in our Relationship Centres (cash or cheque), by post (cheques only) or by bank transfer. For more information see managing your savings account.

Can I withdraw money?

Yes, you can make unlimited withdrawals in our Relationship Centres without notice, penalty or charges. You’ll need to bring proof of ID with you (for example, a valid Passport) and your signature (for example, a valid driving licence).

You can also request withdrawals to your nominated account by post.

How will I receive my interest?

Gross interest is paid directly into your account without tax deducted each year on 31 March. You might need to pay tax on savings interest – this should be arranged directly with HMRC through your tax return.

If you’re a basic rate taxpayer and have savings income or interest of more than £1,000 (£500 for higher rate taxpayers), you’ll have to pay some tax on this. You can find out more by calling HMRC on 0300 200 3300 or visit

Please read the Savings Terms & Conditions section for general conditions.


Financial Services Compensation Scheme

The deposits in your Instant Access Saver 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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