New maximum balances for savings accounts
Good news – from 4 August, we’re increasing the maximum amount you can save in these types of accounts.
Account name
Current maximum balance
New maximum balance
Rainy Day Saver
Current maximum balance
£250,000
New maximum balance
£1,000,000
Closed
Rainy Day ISA
Current maximum balance
£20,000 (current tax year allowance) plus transfers in from previous years up to a maximum balance of £250,000
New maximum balance
£20,000 (current tax year allowance) plus unlimited transfers in from previous years (as per other ISA products)
Closed
Smart Saver
Current maximum balance
£250,000
New maximum balance
£1,000,000 (single accounts) £2,000,000 (joint accounts)
Closed
Defined Access Saver
Current maximum balance
£250,000
New maximum balance
£1,000,000 (single accounts) £2,000,000 (joint accounts)
Closed
Easy Access Saver
Current maximum balance
£20,000
New maximum balance
£1,000,000 (single accounts) £2,000,000 (joint accounts)
Closed