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 £1,003.
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 children aged 7 and over or by an adult on behalf of children under 18.
How do I open the account?
You can open an account in branch or download an application form online. You’ll need to provide proof of identity. The minimum opening deposit amount is £1, up to a maximum of £1,000,000.
You’ll get a passbook when you open the account and you can make deposits in branch (cash or cheque), by post (cheques only) or by bank transfer.
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 licence)
When and how is interest paid into my account?
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 hmrc.gov.uk