Fixed Term

• What is a Fixed term saver account?

  A fixed-term savers account is a type of savings account where you deposit money for a specific period, ranging from a few months to several years.

   

  Key Features

  • Set Period: Your funds are locked in for the agreed term, ensuring stability for your savings.
  • Guaranteed Interest Rate: Enjoy a fixed interest rate for the duration of the term, which is often higher than regular savings accounts.

   

  This type of account is ideal if you want a secure way to grow your savings and don’t need immediate access to your funds.

• Why choose a Fixed Term Saver account?

  Why Choose a Fixed-Term Savers?

  Fixed-term Saver accounts are ideal if you:

  • Like certainty: A fixed interest rate means you know exactly what you’ll earn.
  • Can save without access: Perfect if you don’t need to withdraw your money for a set time.
• How long do I have to fund my account once its opened and can I top up my savings during the fixed term?

  You have 14 days to fund your fixed term saver account after opening it.  The maximum you can put in your savings is £200,000.  After 14 Days: We won’t be able to accept more deposits. Any funds over £200,000 or received after the 14-day funding window will be returned to your Nominated Account.

   

  Once you’ve made the initial deposit during your 14-day funding window into a fixed-term deposit account, you cannot add more funds during the term.

• How quickly will my account show funded?

  When you deposit funds via bank transfer or Open Banking, your savings account is usually credited almost instantly.

  • Timing: In most cases, your deposit will appear in your account within 5 minutes of the transfer.
  • Check Your Balance: Simply refresh the app to see your updated account balance.

   

  If your deposit doesn’t appear after 30 minutes, don’t worry—just contact our Customer Service Team, and we’ll be happy to assist.

   

• Can the interest rate change on a fixed rate saver?

  No, the interest rate on a fixed-term Saver account does not change once you’ve locked in your deposit.

  • The rate is guaranteed for the entire duration of the term.
  • This means that even if market interest rates fluctuate, your rate remains fixed, giving you a stable and predictable return on your savings.

   

  This feature makes fixed term saver an excellent choice for those seeking certainty and reliability in their financial planning.

   

• Can I withdraw money from my account?

  You cannot make withdrawals during the fixed term saver. We will write to you before your fixed term ends to give you instructions on what to do next.

• How do I know my fixed rate is due to finish?

  The number of days remaining in your fixed term is always visible in the app.

   

  Towards the end your fixed term we will also send you the following notifications:

  • First Notification: We’ll contact you at least 21 days before your account matures.
  • Reminder: A friendly reminder will arrive about 14 days before the maturity date to keep you informed.

   

• What options do I have available when my fixed term saver is due to end?

  When your fixed term saver comes to an end (matures), your funds, along with any accrued interest, will be transferred to your Nominated Account.

• How do I close my Fixed term saver Account?
  • You cannot close your fixed term saver account before the term is complete. In some circumstances where you may be experiencing hardship, we will consider early account closures. Please contact us for further information.