Once your savings account matures, if you have not chosen to renew your savings product, your original deposit and any interest or profit that you’ve accrued will be returned to your Transaction Account. From there, you can either withdraw your money to your bank or building society account, or order your next savings product from our marketplace.
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.
Please note that it can take up to two business days after maturity for funds to transfer to your Transaction Account.