Instant Access Savings Account

Instant Access Savings Account Features

• Available to UK residents aged 18 or above.
• Access your funds anytime with no restrictions.
• Interest will be applied to the Account quarterly, on the set quarter dates.
• Manage your account via online banking or telephone banking.
• Our UK based Customer Experience Team is here to assist you.
• Joint accounts available.

Please Note: Reliance Bank uses your personal information to confirm your identity and assess your application when you apply for an account with us. We will only collect, process and store information about you in accordance with our Privacy Notice. For more details, please read our Privacy Notice.

Summary Sheet

1. What is the interest rate?
   • Earn 2.00% interest AER* variable effective from 1st December 2024.
   • Interest will be applied to the Account quarterly, on the set quarter dates.
2. Can Reliance Bank change the interest rate?
   • We may change any of the rates and charges detailed in this Important Information Summary.
   • We’ll notify you of any changes by post, email, or any other form of communication.
   • If we increase the interest, we’ll make details of the rate change available on our website within 3 working days of the change.
   • If we decrease the interest rate, we’ll let you know personally and give you at least 14 calendar days notice before we do so. If you are not happy with the change, you can at any time up to 30 days from the date we tell you about the change, close or switch your Account without paying any penalty or other charges. If you do not do so, we will consider that you have agreed to it.
3. What would the estimated balance be after 12 months based on a £1,000 deposit?
   • On a deposit of £1,000, the estimated balance would be £1,020.32. This is based on the following:
   • Earn 2.00% interest AER* variable effective from 1st December 2024.
   • Interest will be applied to the Account quarterly, on the set quarter dates.
   • £1,000 being deposited in the account at the time it is opened and no further deposits or withdrawals being made over the 12 month period.
   • The interest rate as detailed in this Important Information Summary and doesn’t take into account any changes in the rate of interest over the 12 month period.
4. How do I open and manage your account?
   • You can apply to open an Instant Access Personal Savings Account if you are 18 or over and a UK resident.
   • You can apply by completing an application form.
   • There is no minimum balance required to maintain the Instant Access Personal Savings Account.
   • The maximum balance that can be held is £2m. Accrued interest will be transferred into your current account. Please contact us if your request is above £2m.
   • You can manage your account on-line via our internet banking or by telephoning our Customer Service 020 7398 5400.
   • You can close your Instant Access Personal Savings Account at any time.
5. Can I withdraw money?
   • You have unlimited access to your money.
   • You can withdraw funds by writing to our office or by digital banking.
   • Transfers can be made online via Faster Payments.
   • You can withdraw up to any amount from your Instant Access Personal Savings Account.
6. Additional Information
   • All interest on UK savings accounts will be paid gross** (without taking off tax)
   • If you earn more interest than the Personal Savings Allowance, you may have to pay extra tax yourself
   • The Personal Savings Allowance is £1,000 for basic rate taxpayers and £500 for higher rate taxpayers. Additional rate taxpayers don’t receive a Personal Savings Allowance
   • You will have to declare interest earned if you exceed your annual Personal Savings Allowance, as set by HMRC
   • You are covered under the Financial Compensation Services Scheme
   • For more details on current interest rates and charges call us on 020 7398 5400

Rates and information correct at 01/12/2024.

Definitions Explained
1. *AER
AER stands for Annual Equivalent Rate. It illustrates what your interest rate would be if interest was paid and compounded each year and allows you to easily compare different savings accounts. As every advertisement for a savings product, which quotes an interest rate, will contain an AER you will be able to compare more easily what return you can expect from your savings over time.
2. **Gross rate
Gross rate means that credit interest is paid without income tax being deducted.

Frequently Asked Questions

Explore our other Savings Account

Need Help?

For further assistance, please reach out to our Customer Experience Team at 020 7398 5400 or email us at customer.experience@reliancebankltd.com.