When your fixed rate bond matures, your funds will become available, giving you one of the following options:
- Option 1: Renew your existing savings account
If the partner bank offers the option to renew your savings account, your matured funds will be automatically placed back into your chosen savings account upon maturity. You can choose to renew with your accrued interest/profit, or renew only with your original deposit. In this case, any interest or profit that you’ve earned will be transferred to your Transaction Account.
Not all of our partner banks and building societies will offer renewal options. Any decision made to renew or not to renew your deposit is your own based on the options presented to you. If you don’t wish to renew your fixed rate bond, you will need to manually turn off the renewal option.
What should I do if I don't want to renew my savings account?
- Option 2: Apply for a new savings account
Once your savings account matures and your funds are returned to your Transaction Account, you could apply for a new savings account through our marketplace.
Please note that if you wish to open a new savings account with more than your available balance, you can enter the amount you wish to fund it with when you apply, and then transfer the additional amount to your Transaction Account using Faster Payments.
Please note, it can take up to two business days after maturity for funds to transfer to your Transaction Account.
- Option 3: Withdraw your money
If you’ve chosen not to renew your savings account, upon maturity your original deposit, plus interest or profit that you’ve accrued, will be returned to your Transaction Account. From there, you can withdraw your funds to your Nominated Account.
Please note, if you have a pending savings account application (i.e, you haven’t yet transferred all of the funds to meet the ordered amount), and your matured funds meet or exceed the ordered amount, these funds will be automatically allocated to the pending savings account and it will be automatically opened.
Therefore, if you do not wish to use your matured funds to open your pending savings account, then you should cancel the savings account application.