How do I open a new savings account?
To open a new savings account, go to the Cash savings hub. Click on ‘Find out more’ next to savings account you’ve chosen. Then read the savings account details and important information documents (including the terms and conditions). If you’re happy to proceed, confirm that you’ve read and understood these documents and click ‘Continue’. Then on the ‘Review savings account applications’ page, double-check the details of your application before clicking ‘Apply now’.
If you haven’t already got a Cash savings hub you’ll be taken through the application process when you click on ‘Apply now’ from the review page. Then once your Cash savings hub is set up, you’ll be able to review your savings account applications online on the ‘Pending savings accounts’ page.
When this is complete you will be able to fund your transit account. Once you’ve paid the full deposit amount into your transit account, the savings account application and your money will be used to set up your chosen savings account. This should take a couple of days – we’ll send you an email to confirm when your savings account is open.
You can view all your open savings accounts by logging in and selecting your Cash savings hub on the My account page. Here you’ll also be able to view any applications you’ve made but which cannot proceed because sufficient money is not yet available in the transit account on the ‘Pending savings accounts’ page.
After you have chosen a savings account and funded your transit account, it will usually take three working days for you to receive confirmation that your savings account is open.
- How does the Cash savings hub work?
- How do I find out my transit account sort code and account number?
- When can I close a notice account in my Cash savings hub?
- What is the make good policy?
- What is the minimum amount I need to deposit to open a Cash savings hub?
- How long do I have to fund a savings account?