Fixed Rate Savings close to maturity?

Here’s what happens and what you could do next, including reinvesting into a new Fixed Rate Savings Account.

What happens at maturity?

When you opened your Fixed Rate Savings Account, your maturity date will have been confirmed.*

 

At the end of your fixed term, if you take no action, we'll open a Savings Account for you and pay your initial deposit plus interest into that account the next day. Then, once your account has matured and the interest has been paid, your money will be ready for whatever you've got planned next.

 

Thinking about reinvesting into another Fixed Rate Savings Account? Read on to find out more...

*an early exit fee will apply if you withdraw your money before your maturity date.

Looking to reinvest?

If a Fixed Rate Savings Account worked well for you, you could do it all again. And if you apply to reinvest your account up to 14 days before it matures, you’ll guarantee your reinvestment rate.

 

To apply for reinvestment, simply fill in our online form and we'll do the rest.

 

If you’re eligible, we’ll open your new Fixed Rate Savings Account with the interest rate that was available when you applied. We'll also send you a letter with all the details. It’s as easy as that.

 

Here’s a reminder of our Fixed Rate Savings Account.

Note: you can reinvest the balance of your matured Fixed Rate Savings Account, this can include interest you’ve earned. You can only reinvest up to 14 days before maturity, requests made before then will be rejected and your reinvestment won’t take place.

Reinvestment form

What are my other options?

We’re glad you asked. When your Fixed Rate Savings ends, here are 3 other ways you could make the most of your savings.

1. Explore other saving options

If your plans or goals have changed, why not take a look at our other savings accounts.

We’ve got 5 to choose from, each with different benefits, from bonus interest rates to tax-free* savings.
Compare savings accounts

2. Consider investing

A rainy day fund is a great idea. But if you’ve got a large amount just sitting there, investing might help you make more of your money.

The value of investments can go down as well as up, so you might not get back what you put in. You can access your money if you need to, but you should aim to invest for at least 5 years.
Learn more

3. Repay any debts

If you have debts that are incurring high levels of interest, it might make sense to use some savings to pay them off. It’s generally best to repay the debt with the highest interest rate first, as that’s costing you the most money.

Don’t forget to check that you won’t be charged for early repayments or overpayments.
Discover ways we can help

Still deciding?

Remember, when your account matures, we'll transfer your savings into a new sole Savings Account with the same sort code and account number. So there’s no rush to decide.

 

Got a question? You can chat to us anytime on our App. You'll get an instant reply from our chatbot, and if that doesn't do the job, our 24/7 support will step in.

*The value of any tax benefits described depends upon your individual circumstances. Tax rules may change in future.