Instant access to your savings. Unlimited deposits and withdrawals. Interest paid monthly, either to a linked current account, or adding it to your Online Flexi Saver account. Easy application process, you just need a UK mobile phone and UK driving licence or passport. Manage account online. Maximum balance £250,000. Must be aged 18 or older and have a UK address. Must have a linked UK current account. Your eligible deposits with Investec Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)
Winner of Platinum Feefo Trusted Service Award in 2024
Why we like it
Unlimited payments and withdrawals. Interest paid annually. Open in a single or a joint name. Maximum deposit £250,000. FSCS Protected. Winner of Platinum Feefo Trusted Service Award in 2024. Must be UK resident and be aged 18 or older
*Headline rate includes a guaranteed fixed bonus rate of 3.00% for the first 12 months (on balances up to £1 million), plus the standard variable rate which is currently 1.15%. After 12 months, you’ll continue to receive the standard variable rate (all rates are Gross/ AER. Annual interest payments. Unlimited deposits and withdrawals (daily limits apply). 24/7 access to your savings through the mobile app. Your eligible deposits held by a UK establishment of Barclays Bank UK PLC are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. This limit is applied to the total of any deposits you have with the following: Barclays, Barclays Business Banking, Barclays Premier Banking, Barclays Wealth Management and Tesco Bank. Any total deposits you hold above the limit between these brands are unlikely to be covered
Which? Recommended Savings Provider. No notice period. Deposit from £100. Interest paid monthly or annually. Apply in minutes. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the FSCS
Save from £1. Unlimited payments and withdrawals. Interest paid annually. Open in a single or a joint name. Maximum deposit £500,000. Open and manage account online. FSCS Protected. Must be UK resident. Must be aged 16 or older
Choose monthly or annual interest payments. Unlimited deposits and withdrawals. 24/7 access to your savings. Open and manage online. After 12 months the rate will revert to the underlying rate, currently 1.25% gross/AER variable. Post Office Online Saver is provided by Bank of Ireland UK. Must be UK resident. Must be aged 18 or older. FSCS protected
£500 bonus to boost your savings if you receive a residential purchase mortgage offer from Leeds Building Society
Why we like it
The Home Deposit Saver lets you earn a competitive rate of interest whilst building up the deposit needed for your first or next home. Open and manage online. FSCS Protected. You can only pay in up to £500 in a single month. Withdrawals are limited to 1 each year. You can deposit up to £30,000 in total. Bonus eligibility criteria apply
Interest calculated monthly. Unlimited deposits and withdrawals. Open and manage online. FSCS Protected. Must retain a minimum balance of £20,000 in the account. Must be UK resident and be aged 18 or older
The interest rate tracks the Bank of England (BoE) Base Rate. Interest is calculated on the minimum daily balance and applied to the account on the first day of every subsequent month. Open and manage account online. Your eligible deposits are protected up to £85,000 by the Financial Services Compensation Scheme. The maximum deposit you may pay into any one OakNorth Account is £500,000. The maximum amount (excluding the interest) that you will be allowed to hold on deposit with OakNorth Bank across multiple accounts is also £500,000. Unlimited withdrawals, subject to 95 days notice. Available to individuals, aged 18 or over, who are UK residents
Unlimited deposits and withdrawals. Interest paid monthly: can be added to your Notice Saver or paid to your linked account. Easy application process, you just need a UK mobile phone and UK driving licence or passport. Manage account online. Maximum balance £250,000. Withdrawals subject to 90 days notice. Must have a linked UK current account
An ISA is a tax efficient way to save and stands for Individual Savings Account. An ISA lets you pay little or no tax on the interest your savings and investments making them a popular choice for saving large amounts of money.
They have become less popular since the new PSA (Personal Savings Allowance) has allowed lower rate tax payers to save up to £1000 tax-free and higher rate tax payers up to £500. As many current accounts are now offering competitive rates of interest, many people are moving away from ISAs.
Why use an ISA?
As your tax-free amount is much higher in an ISA, there are still opportunities for savers to make the most of their money.
Paying into an ISA is called ‘subscribing’. You can subscribe to one of each type of ISA each tax year, providing you do not subscribe more than your annual ISA allowance. For the 2017/2018 tax year that runs from 6th April 2017 to 5th April 2018 your annual ISA allowance is £20,000.
ISAs are a good idea whatever your savings goal. With certain types of cash ISAs, you have instant access to your money, which makes it a flexible way to plan your finances.
It’s also important to remember that ISA allowance limits apply to everyone on an individual basis, so if you’re married or in a relationship, you can both hold your own ISA, each with the full allowance.
What do RBS offer?
RBS offer two kinds of tax-free ISA. Their Fixed Rate ISA and their Instant Cash ISA. Their Fixed Rate ISA allows you to:
Have a fixed interest rate on your cash ISA so you know in advance what your savings will earn
Choose a term that suit you, either one or two years
Keep all the interest - which helps your savings grow faster
Make transfers into your ISA, so you can bring all your ISAs together in one place
You will earn a higher rate of interest on the two year plan and for any amount above £25,000.
Useful to Know
As this is a fixed rate ISA, you cannot withdraw your money during the agreed term. If you do choose to withdraw your money, then you will incur an early closure charge. They offer both one year and two year terms, so be sure to pick one that’s right for you. Also:
The minimum deposit is £1,000
The early closure charge is the lower of the amount of interest earned on your account in 90 days
You will need your National Insurance Number to apply for any ISA
RBS is one of the few banks that offer a fixed rate ISA for one year, as many offer a two year minimum and some up to five year minimums. For many people this time frame isn’t convenient and so RBS are offering an easy way for savers to take the plunge and begin their savings.
However, they do not currently offer the highest rate of interest on the market.
