Smart ISA bonus savings rate
We thought you might have a few questions about the bonus savings rate we’re offering to new Smart ISA customers, so we’ve included some frequently asked questions below.
What happens to my rate if I open a new Access ISA pot after 6th April 2024?
The interest rate you’ll receive on your Access ISA pots is based on when you opened your Smart ISA, not when you opened or closed an Access ISA pot. This means that all your Access ISA pots will earn the same rate no matter when they were opened.
Just so you know, the underlying interest rate on your Access ISA pots is variable, meaning it can go up or down. But don’t worry, we’ll always give you at least 14 days’ notice before decreasing it. We’ll also let you know whenever we increase your rates too.
Based on the rates we’re currently offering, you could earn 5.08% AER* (4.95% gross**) variable on Access ISA pots. The bonus rate will run until 6th April 2025.
What happens to my rate if I close my Access ISA pot and open a new one after 6th April 2024?
The interest rate you’ll receive on your Access ISA pots is based on when you opened your Smart ISA, not when you opened or closed an Access ISA pot. This means that all your Access ISA pots will earn the same rate no matter when they were opened.
Just so you know, the underlying interest rate on your Access ISA pots is variable, meaning it can go up or down. But don’t worry, we’ll always give you at least 14 days’ notice before decreasing it. We’ll also let you know whenever we increase your rates too.
Based on the rates we’re currently offering, you could earn 5.08% AER* (4.95% gross**) variable on Access ISA pots. The bonus rate will run until 6th April 2025.
What will happen to my rate after 6th April 2025?
The interest rate on Access ISA pots is variable, meaning it can go up or down. But until 6th April 2025, your rate will match the rate that customers who qualify for the bonus rate are earning.
Based on the rates we’re currently offering, you — and customers who qualify for the bonus rate — could earn 5.08% AER* (4.95% gross**) variable on Access ISA pots until 6th April 2025.
On 6th April 2025, the 0.5% AER/gross** fixed bonus rate will end, which means that your rate will decrease by 0.5% AER*/gross** too. We’ll email you a minimum of 14 days before this change happens.
Based on the rates we’re currently offering, this means that after 6th April 2025, you could earn 4.58% AER* (4.48% gross**) variable on Access ISA pots.
Will the interest rate I’m earning on Access ISA pots change before 6th April 2025?
Possibly. The rate you earn on Access ISA pots is variable, which means it can go up or down. But don’t worry, we’ll always give you a minimum of 14 days’ notice before decreasing your rate. We’ll also let you know whenever we increase your rates too.
Will the customers who have the 0.5% AER* fixed bonus rate earn the same total rate as me on Access ISA pots?
Yes, they’ll earn the same total rate as you until at least 6th April 2025.
*AER stands for 'annual equivalent rate'. We pay you interest on a monthly basis, but AER shows you the rate you’d get if this monthly interest was compounded and paid once a year instead. We provide an AER to make it easier for you to compare our rates with other providers.
**Gross is the rate of interest we apply to your money, before any tax is taken off.