Member Only Fixed Rate ISA - Issue 100
- 3.80% Tax-Free/AER fixed until 26 August 2027
- You can invest from £500 up to £1,000,000 in each account
- Typically offers a higher interest rate than our Fixed Rate ISAs
- Accounts can be opened in our Relationship Centres or by post by existing members who have held a product with us for at least 12 consecutive months prior to the date of application
Our Member Fixed Rate ISA is available to existing Scottish Building Society members who have had a savings account and/or mortgage with us for at least 12 consecutive months prior to the date of application.
The account offers a higher rate of interest and a better return on your savings than our regular Fixed Rate ISA. The interest rate is fixed, giving you the confidence of a guaranteed return at the end of the term.
You can open an account in one of our Relationship Centres or by post with a minimum of £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.
Questions we get asked
Member Fixed Rate ISA : 3.80% Tax-Free/AER fixed until 26 August 2027
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 26 August 2027, 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.
No - the interest rate is fixed for the term of the account.
Member Fixed Rate ISA : After 1 year = £1,057.00
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.
Our Member Fixed Rate ISA is available to existing Scottish Building Society members who have had a savings account and/or mortgage with us for at least 12 consecutive months prior to the date of application.
You can open a Member Fixed Rate ISA if you're aged 18 or over and resident in the UK for tax purposes. The minimum opening balance is £500.
You can open a Member Fixed Rate ISA 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 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.
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 2025/26, 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.
Interest is calculated daily 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.
Member Fixed Rate ISA : Interest will be added to your account on 26 August 2027 when the account matures. Or, if you prefer, the interest can be transferred to another Scottish Building Society account or paid to your bank.
Whatever your personal tax status, you won’t have to pay income tax on the interest earned on your Member Fixed Rate 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 Member Fixed Rate ISA on any tax return you fill in. Any interest earned is free of Capital Gains Tax.
Interest earned from your Member Fixed Rate ISA will not count towards your Personal Savings Allowance.
Generally withdrawals aren't permitted, but if you do need access to your money within the fixed term, there will be a penalty of 90 days interest on the amount withdrawn. This will be deducted from the interest payable to your account and may mean that you get back less than you paid into the account if you make multiple withdrawals or close your account early.
You can make withdrawals in one of our Relationship Centres. 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.
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.
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.
The deposits in your Member Fixed Rate 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:
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up to £120,000 per eligible person, per bank, building society or credit union.
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up to £240,000 for joint accounts.
Find out more by visiting fscs.org.uk
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.
Important Information
We're here to help
You can visit us in our Relationship Centres, or call us on 0333 207 4007. Our lines are open 9am - 5pm Monday to Friday (10am - 5pm Wednesday). Calls may be recorded and/or monitored.