Advantage ISA Saver

Our cash ISA for Vantage customers which pays more interest if you make fewer withdrawals.

Who this account is for

You can open this account if you:

  • are aged 18 or over
  • are a UK resident for tax purposes
  • have a national insurance number.

This account could be ideal for you if you don't need to make regular withdrawals. 

If you've already saved into a cash ISA this tax year with Bank of Scotland, you'll need to complete an ISA transfer. ISA regulations allow multiple cash ISAs to be funded in a tax year. However, the Bank of Scotland conditions only allow you to fund one cash ISA with us in a tax year.

The benefits

  • Earn 3.70% AER/3.64% tax free variable interest if you make 3 or less withdrawals in the 12 months after opening. How this worksIf you make three or less withdrawals, you'll get paid the higher rate of interest. Your interest will be paid monthly, on the same date you opened the account.
  • Earn 1.05% AER/1.04% tax free variable interest if you make 4 or more withdrawals in the 12 month term. How this worksIf you make four or more withdrawals, you’ll get a lower interest rate from the month you make the 4th withdrawal until the end of the account year. Interest is paid monthly, on the same date you opened the account.
  • This is a flexible ISA, so if you make a withdrawal, you can pay that money back in to this account before the end of the tax year and not affect the amount you can save in your cash ISA tax free.

How it works

  • Open with £1 or more, then save as you like up to the ISA limit. You can transfer money out of the account online but only to another Bank of Scotland account in your name. You can withdraw your money in branch.
  • Pay up to £20,000 into a combination of permitted ISAs this tax year. Read more about ISA limits. 
  • After 12 months the account will change to an ISA Saver.

Summary box for the Advantage ISA Saver

  • Earn 3.70% AER/3.64% tax free variable monthly on balances from £1 if 3 or less withdrawals are made in the 12 months after opening.
    Earn 1.05% AER/1.04% tax free variable interest on balances from £1 if 4 or more withdrawals are made in the 12 months after opening. This lower interest rate will apply from the month you make the 4th withdrawal until the end of the account year.

    Interest is paid monthly, on the same date you open your account.

     

  • Yes. As this account pays a variable rate of interest it can change over time. We’ll always let you know of any planned changes to the rate. Our terms and conditions (PDF, 182KB) explain when and how we do this. For example, we might change it if it costs us more to run this account for you.

     

  • For example, if you deposit £1,000 when you open the account and make no withdrawals, the balance after 12 months will be £1037.01.

    If you deposit £1,000 when you open the account and withdraw £10 on the first day of the month, for the first 4 months of the term the balance after 12 months will be £976.44.

    This assumes:

    • The interest rate stays the same for 12 months
    • You put money in the day you open the account and don’t add more money after that.

     

  • This account can be opened and managed:

    • in branch
    • by phone
    • online
    • on our app.

    You must be 18 or over, resident in the UK for tax purposes, have a National Insurance number and hold a Bank of Scotland account with Vantage. This includes:

    • Bank of Scotland Classic account with Vantage
    • Bank of Scotland Silver account with Vantage
    • Bank of Scotland Gold account with Vantage
    • Bank of Scotland Platinum account with Vantage
    • Bank of Scotland Premier account with Vantage

    If you have already saved in a cash ISA this tax year with Bank of Scotland, you’ll need to complete an ISA transfer.

    You need to open this account with £1 or more.  ISAs have an annual limit this tax year of £20,000 for new money, and you can’t pay more than this limit into any combination of permitted ISAs within the same tax year. 

    The account can only be opened in your sole name because cash ISAs cannot be joint accounts.

    ISA regulations allow multiple cash ISAs to be funded in a tax year. However, the Bank of Scotland  conditions only allow you to fund one cash ISA with us in a tax year.

  • Yes. You will get a higher rate of interest if you make 3 or less withdrawals in the twelve months from opening.  

    If you make 4 or more withdrawals, you’ll get a lower rate from the month you make the 4th withdrawal until the end of the account year.

    If making an online transfer, it can only be made to an existing Bank of Scotland current account.  

    This is a flexible ISA which means you can withdraw money and put it back in without counting towards your annual ISA limit.

    Any money you move into an account that isn't an ISA will lose its tax-free status. Tax treatment depends on your individual circumstances and may change in the future.

    If you change your mind, you can cancel the account free of charge within 14 days of opening.

    After 12 months the account will automatically change to an ISA Saver. Before this happens, we'll contact you to explain your options and next steps. 

     

  • Tax free variable is the rate of interest payable to you where your interest is exempt from income tax.

    AER stands for Annual Equivalent Rate.  Whenever you see an advert for a savings account which shows an interest rate, you will see the AER. This means you can use the AER to compare accounts. It shows what the interest rate would be if your interest was paid and compounded once each year.

    For more definitions, view our glossary.

     

Open an Advantage ISA Saver today

You can open this account if you:

You should read the summary box and the terms and conditions (PDF, 182KB) before you apply. 

Open an Advantage ISA Saver

Already have a cash ISA with us?

If you have got a Bank of Scotland easy access cash ISA, you can renew it into an Advantage ISA Saver without the need to open a new account.

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