- Tax-free interest helps your money grow faster
- Manage your money quickly and easily online
- Deposits can be made at any time during the tax year, subject to your annual ISA allowance
- Open with £100 and save up to £20,000 each tax year. It’s easy to transfer additional funds in if you have Cash ISAs and Stocks and Shares ISAs with another ISA provider
The main benefit of an E-ISA is the tax advantages it offers you, because any interest you earn is tax free. Setting up an E-ISA account opens the door to tax-free savings and you’ll have easy, secure access to your account online whenever you need it.
Whether you want to put money aside for a special occasion or save for the longer term as part of your plans for retirement, opening an E-ISA with us couldn’t be simpler.
You can apply online, open your account with £100 and save up to £20,000 each year tax-free. You can make as many deposits into your E-ISA as you want (subject to your annual ISA allowance) and withdraw money whenever you need to.
Managing your account is quick and easy by using our secure online accounts service SBS online. Once you've registered, it’s easy to open other savings accounts online too.
You can find out more about SBS Online here
If you're ready to get started, you can apply now
Questions we get asked
Tax Year Account Opened/Funds Deposited Tax-free/AER variable
2022/23 2.50%
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 annually on 31 March each year, 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.
The interest rate is variable and can change – if it increases, we’ll update our website and, if the rate goes down, we’ll write to you 14 days before it changes.
You can find out more about changes to our interest rates by reading our Savings Terms & Conditions.
After 12 months the estimated balance would be £1,025.00.
This estimate is just for illustrative purposes and doesn’t take into account any deposits or withdrawals you might make,
You can open an E-ISA if you're aged 16 or over and resident in the UK for tax purposes. The minimum opening balance is £100.
You can apply to open an account with our quick and secure online accounts service SBS Online. And once you've registered, you can open other savings accounts online too. You can find out more about SBS Online here.
Or, if you're ready to get started, you can apply now
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 2022/23, 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.
Interest is calculated daily from the day after you deposit your cash or cheque until the date you withdraw your funds.
Annual interest is paid to your account once a year on 31 March. Or, if you prefer, the interest can be transferred to another account held with Scottish Building Society or paid to your bank account.
Whatever your personal tax status, you won’t have to pay income tax on the interest earned on a cash 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 a cash ISA on any tax return you fill in. Any interest earned is free of Capital Gains Tax.
Interest earned from your E-ISA will not count towards your Personal Savings Allowance.
You can withdraw money from your E-ISA at any time using SBS Online. You can make an unlimited number of withdrawals to a nominated bank account without notice, penalties or charges.
Our E-ISA isn't a flexible ISA, that means the maximum amount you can deposit in any one tax year is £20,000, regardless of any withdrawals you make in that tax year.
You can make withdrawals in our Relationship Centres 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)
If you want to make ISA transfers, you can transfer money in from other Cash ISAs and Stocks and Shares ISAs.
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.
Any eligible deposits into your E-ISA are protected up to the limit of 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 £85,000 per eligible person, per bank, building society or credit union.
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up to £170,000 for joint accounts.
Find out more by visiting fscs.org.uk
Request a Transfer
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.
We're here to help
You can visit us in our Relationship Centres, or call us on 0333 207 4007. Lines open 9am-5pm Mon to Fri (10am-5pm Wed). Calls may be recorded and/or monitored.
Scottish Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Register No 206034)