Depending on the savings account you have chosen, you may be able to renew and reinvest your matured funds. In some cases, you can choose for this to be done automatically.
If you don’t wish to renew your savings account, you may need to manually turn off this feature, depending on the bank. Check your product information sheet for more information on this. You can also see the link below for instructions on how to turn off the renewal feature.
If you have chosen not to renew your maturing savings account (or if this option is not available to you), your funds and any interest/profit that you’ve accrued will be transferred to your Transaction Account upon maturity
After your funds have been deposited into your Transaction Account (this process takes up to two business days from maturity), you can either reinvest in a new savings account or make a withdrawal into your nominated bank account.
Please do not hesitate to contact us via secure message from your account for any further information you may require.
What should I do if I don’t want to renew my savings account?