When does my fixed term savings account mature and which account will you deposit the funds into?
About two weeks before your fixed term is due to end, we'll send you a pack with information about what happens next, to help you decide whether you want to reinvest into another Fixed Term Savings Account or opt-out.
At the end of the term, we'll automatically reinvest your account into another Fixed Term Savings Account unless you tell us you want to opt out. Your pack will include instructions on how to do this.
If you decide to let your Fixed Term Savings Account automatically reinvest, here's what will happen next:
- The day after your existing term ends you can add or withdraw funds up until the ‘Last day to make payments or withdrawals’ (found on your new information sheet) before your new term start date.
- Your money will be reinvested into a new term and your account details will stay the same.
- We’ll continue to pay your interest monthly into the account you previously chose.
- Once your new term has started, we'll send you a Certificate of Deposit confirming the new account details, to your secure mailbox in your Mobile App or Digital Banking, or by post.
- If you change your mind after the reinvestment has taken place, you have a 30 day cooling off period from the new term start date to cancel.
If you don't want to reinvest, it's easy to opt-out:
- Complete the ‘Opt Out’ form within your pack and send it back to us at least 5 days before the end date of your Fixed Term Savings Account.
- You can also let us know you want to opt out of reinvesting at any point in the six months before your account matures in the Mobile App, Digital Banking, visiting us in branch or calling 03457 24 24 24. Or if you are calling from abroad +44 (0) 3457 24 24 24, we also have our Relay number 18001 03457 24 24 24.
- How to opt out using our Mobile App: Head to your Fixed Term Savings Account, click on the ‘term end info’ tile and select your preference.
- How to opt out using Digital Banking: Click on view account details on the right of your account, then select your preference.
Once you have opted out, we'll convert your Fixed Term Savings Account on the day after it matures into a Primary Savings Account. We’ll pay any outstanding interest either into your new Primary Savings Account or the account you previously nominated to receive interest.
- Opt out forms received after the account has matured will still be actioned up to 30 days from maturity.
Once your account has been converted to a Primary Savings Account, you will not be able to opt back into the Fixed Term Savings Account. If you want a new Fixed Term Savings Account, you will need to apply for a new one.
