- Open an account with as little as £1, up to £1,000,000
- Manage your account face to face or by post
- Instant access to your money
- Passbook based savings account
Questions we get asked
2.30% Gross/AER variable.
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year.
Gross interest is paid annually into your account without tax deducted on 31 March each year. You might be required to pay tax on savings interest – this should be arranged directly with HMRC through your tax return.
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 £1,023.00.
This estimate is just for illustrative purposes and doesn’t take into account any deposits or withdrawals you might make,
Accounts can be opened by children aged 7 and over or by an adult on behalf of children under 18. Applicants must be resident in the UK.
You can open an Instant Access Saver in one of our Relationship Centres, or if it’s easier for you, you can download an application form and post it to us with a cheque for your initial deposit and proof of ID. It’s best to use a recorded mail service if you send original documents to us.
You’ll get a passbook when you open the account and 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.
Yes, you can make unlimited withdrawals in our Relationship Centres without notice, penalty or charges. You’ll need to bring proof of ID with you (for example, a valid Passport) and your signature (for example, a valid driving licence).
You can also request withdrawals to your nominated account by post.
Gross interest is paid directly into your account without tax deducted each year on 31 March. You might need to pay tax on savings interest – this should be arranged directly with HMRC through your tax return.
If you’re a basic rate taxpayer and have savings income or interest of more than £1,000 (£500 for higher rate taxpayers), you’ll have to pay some tax on this. You can find out more by calling HMRC on 0300 200 3300 or visit hmrc.gov.uk
Please read the Savings Terms & Conditions section for general conditions.
Any eligible deposits into your Instant Access Saver 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
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)