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Instant ISA

Want to save but also have instant access to your money? Our Instant ISA allows you to do just that, while earning tax-free interest. You can open our Instant ISA with as little as £1 and make as many withdrawals as you like.

This account is available to existing customers, or new customers who live, work or study in Bath. Find out more and apply below.

Interest rate
(AER) i
Variable/Fixed i Min/Max amount i Withdrawals i
Variable £1 - max annual allowance Yes and without penalty

Suitable for savers who:

  • want to earn tax free interest
  • want unlimited access to their savings
  • want to manage the account online, by phone or in our branches and agencies
  • have not invested in a cash ISA in the current tax year
  • Live, work or study in Bath, or are an existing savings or mortgage customer who has held a Bath Building Society account for at least the last 12 months
  • are 16 years or over

Not for savers who:

  • want a flexible ISA
  • for people who want a stocks and shares, innovative finance or Lifetime ISA
  • have invested or plan to invest in a cash ISA from another provider this year
  • are looking for a fixed interest rate

Summary Box

Key Product Information

What is the interest rate?

  • £1+ 0.50% AER.
  • Interest is calculated on a daily basis and will be credited to the account annually on 31st December. Alternatively, interest can be transferred into another Bath Building Society account, or paid by faster payment into a nominated account if preferred.

Can Bath Building Society change the interest rate?

  • The interest rate is variable, which means we may change it to respond to changes in the Bank of England base rate or changes in law, to meet relevant regulatory requirements, or to respond to changes to codes of practice or changes in our costs.
  • We will give you 30 days’ notice in writing before any reduction to the rate is applied.
  • Full details of the reasons why we may change your interest rate can be found in the Terms and Conditions brochure.

What would the estimated balance be after 12 months based on a £1,000 deposit?

  • Based on the current rate of interest, if you deposited £1,000 in this account, after 12 months you would have £1,005.
  • This figure is only an estimate, based on there being no additional deposits, withdrawals or rate changes in that time with all interest being added to your account. This figure is for illustrative purposes only.

How do I open and manage my account?

To open an account, simply apply online below or pop in to any Branch or Agency.

  • You must be 16 years old and resident in the UK or a Crown Employee serving overseas, or married to a civil partner of such a person.
  • Applicants must either be able to evidence that they live, work or study in Bath, or are an existing Bath Building Society savings or mortgage account holder for at least the last 12 months.
  • Savings must be in a sole name only.
  • Transfer in of ISA funds is not permitted.
  • Account holder identification will be required. This is usually obtained through our electronic identity verification service. However, if this proves inconclusive, here’s some popular ways to verify your ID.
  • Minimum opening and operating balance £1.
  • Customers are only allowed to pay in up to the maximum annual allowance each year. The overall ISA subscription limit for 2021-2022 is £20,000. Subscriptions can be split in any proportion between Cash and Stocks and Shares ISAs, but a saver can only pay into a maximum of one Cash ISA and one Stocks and Shares ISA each year.
  • A passbook is issued with this account
  • You can also manage all the accounts you hold with Bath Building Society by registering with Bath Online.

Can I withdraw money?

  • Funds are available on request and without penalty.
  • Withdrawals can be made direct to a designated UK bank account, which has been set up in the same name as the Bath Building Society account, by next day faster payment.
  • This account is not a “flexible” ISA, and therefore withdrawals have no effect on the subscription limit. Once this limit has been reached for the tax year you cannot make any further investments in that year regardless of any withdrawals made.
  • You can transfer out previous years’ subscriptions in full or part to another ISA provider. You will need to fill out an application form with them. They will then communicate with us to arrange the transfer.
  • Maximum cash withdrawal on demand £500 per day.
  • Withdrawals by cheque can also be requested in any of our Branches or Agencies.
  • Signed requests should be posted to the Society’s Head Office, alternatively, we will accept instructions from a pre-nominated email address.

Additional information

  • This account is a limited issue and can be withdrawn without notice.
  • This account is a savings account and must not be used for multiple monthly transactions like a current account. It isn’t a Payment Account for the purposes of the Payment Services Regulations 2017.
  • Applicants must be existing customers, or be able to prove they live, work or study in Bath.
  • Please note, that on death of an investor, beneficial ownership can be transferred to the spouse/civil partner under the additional permitted subscriptions scheme.
  • Under the additional permitted subscriptions scheme, when one of our existing customers who holds an ISA dies, their spouse or civil partner can apply to use the deceased’s APS allowance. Full details can be obtained from our Customer Service team.

Important information before you apply

Before you apply please read our terms and conditions document and FSCS information sheet alongside the key product information above to understand how this account works.

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