What if I change my mind about a savings account?
When you choose to open a savings account through your Cash savings hub, if you have sufficient money in your transit account, we will automatically move this into your chosen savings account and open the account for you. This process can take a couple of days and once the account is funded we can no longer cancel your application for that savings account.
If you choose to open a savings account through the Cash savings hub but do not have sufficient cash in your transit account to fund it, then you can change your mind about the application. You should email us at firstname.lastname@example.org and tell us you want to cancel your application. Please use the subject line ‘Cash savings hub – cancellation of order’.
In addition, notice savings accounts will offer a cooling off period of, normally, 14 days after the account has been opened. Please check the individual Savings account factsheet for details and only commit savings once you are happy with the terms of the savings account.
Once your savings account is open your ability to close your account will depend on the type of account. Notice accounts allow you the flexibility to terminate your account and withdraw your cash after the specified notice period. If you hold a notice account and wish to cancel the account please click on ‘Close your notice account’ from your Cash savings hub. Fixed term savings accounts do not allow you access to your money during the fixed term of the account so please only choose this type of account if you do not need access to your cash. In exceptional circumstances, some banks may allow a fixed term account to be terminated early – please read the Savings account factsheet for further information.
- 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?