What happens when my fixed term savings account ends?
When your fixed term savings account is near maturity, we’ll contact you to let you know. You’ll then have time to consider what to do next.
Around four weeks before the maturity date, we’ll email you setting out the options you have. If the partner bank has made an offer to renew your savings account for a further term, we’ll include their offer in our email.
You’ll also see the partner bank’s offer on your Cash savings hub page. If you want to consider it, select ‘Renew’ from the menu options next to your savings account – you can then view the details and decide whether to accept. You must accept the renewal option at least five days before the maturity date. If you choose to renew, the new term will start automatically when the original savings account matures. Once you’ve decided to renew, you can’t change your mind.
If there is no option to renew your savings account, or you choose not to renew, your original deposit (together with any interest or profit earned) will be paid into your transit account. This can take up to two working days after the maturity date.
Once the money is in your transit account, you can choose to deposit it in another savings account, from those available at the time, or withdraw it to your registered bank account.
- How does the Cash savings hub work?
- How long does it take for payments to clear into/from my transit account?
- 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 do I find out my transit account sort code and account number?