When your Fixed Rate Bond approaches maturity, your deposit and any interest or profit that you have earned will be transferred to your Transaction Account, giving you the choice of one of the following options. Please note that it can take up to two business days after maturity for funds to transfer 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 during any applicable renewal period.
- Option 1: Renew your existing savings account
If the partner bank offers the option to renew your savings account, you can do so from as soon as 28 days before the maturity date and until 5 days before the maturity date.
If you don’t choose a renewal option within your renewal window, your original deposit and any interest or profit that you’ve earned will be transferred to your Transaction Account. If this occurs, please consider option 2 or option 3 below.
- 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, enter the amount you want to fund it with when you apply and transfer the additional amount to your Transaction Account using Faster Payments.
- Option 3: Withdraw your money
Once your savings account matures and your original deposit and any interest or profit that you’ve accrued has returned to your Transaction Account, you can withdraw your money to your bank or building society 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 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.