Single Access Cash ISA
- Higher variable interest rate in return for limited access
- Tax-free savings with no income or capital gains tax to pay
- ISA allowance of up to £20,000 per tax year, plus transfers from previous ISAs
- Ideal if you don’t need regular access but don’t want to lock your money away
If you deposit £1,000 into a Single Access ISA and leave it untouched for 12 months, you could earn £36.50 in tax-free interest, giving you a balance of £1,036.50.
This is based on the current variable interest rate of 3.65% AER/Tax-Free and assumes no withdrawals are made during the year.
Because you’re limiting access to your savings, you benefit from a higher interest rate than standard easy access ISAs — while still having the option to withdraw once a year if you need to.
Questions we get asked
3.65% Tax-free/ AER variable. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid today and added each year. Interest is paid tax-free on 31st March each year provided the account satisfies the ISA regulations. Interest is normally added to the account but can be paid to a nominated bank account or another account with the society in your name.
You can make one withdrawal in each 12-month period.
Yes — your withdrawal allowance resets on the anniversary of opening your account, so you can make one withdrawal again in the next 12 months.
Once you make your first withdrawal, you won’t be able to make another withdrawal until your 12-month period resets.
This is not a flexible ISA meaning any amount withdrawn cannot be replaced
If you no longer need the account, you can also choose to close it at this point. If you want to move your ISA to another provider, you'll need to follow the ISA transfer process with the new provider.
This account is designed for limited access.
If you try to make a second withdrawal within the same 12-month period:
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You won’t be able to withdraw again unless the account is closed
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You can choose to close your account. If you want to move your ISA to another provider, you'll need to follow the ISA transfer process with the new provider
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Alternatively, we may close it for you and move your savings to another suitable ISA product
If you need more regular access, we can help you switch to a different account that better suits your needs.
Yes - you can close your account when making your first withdrawal. Any withdrawals will lose their tax-free status and if you want to move your ISA to another provider, you'll need to follow the ISA transfer process with the new provider
If a second withdrawal is attempted, we’ll contact you to discuss your options (unless you’re transferring your ISA to another provider).
No — you can withdraw any amount you like, as long as it’s within your one withdrawal per year.
There’s no notice required to withdraw funds.
However, this is not a flexible ISA, so any money you withdraw can’t be replaced without affecting your ISA allowance.
Interest is calculated daily from the day after you deposit your savings until the date you withdraw your funds. Interest will be added to your account on 31st March each year
The deposits in your Single Access ISA are protected under the Financial Services Compensation Scheme (FSCS).
This means if Scottish Building Society were to cease trading, your money is protected. Find out more by visiting fscs.org.uk
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.