Fixed Rate Savings close to maturity?

Here’s what happens and what you could do next

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

At the end of the fixed term, we’ll open a Savings Account for you and will pay your initial deposit plus interest into that account the next day.

Once your account has matured and the interest has been paid, your money will be ready for whatever you’ve got planned next.

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

What can I do next?

When your Fixed Rate Savings ends, here are 4 ways to make the most of your savings.

1. Open a new Fixed Rate Savings account

If a Fixed Rate Savings Account worked for you, you could apply for a new one and start building another pot of money. With a fixed rate for 12-13 months, you’ll know exactly what you’re getting and when.

Just so you know, you can open multiple Fixed Rate Savings Accounts.

Fixed Rate Savings Account

2. 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

3. 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 about investing

4. 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

Remember, when your account matures, we'll transfer your savings into your sole Savings Account or turn your Fixed Rate Savings Account into one for you. 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.