Opening a savings account

A nominated current account is the personal UK current account from which you'll transfer your deposits into your savings account. It's also the account that we’ll pay your savings back into when you make a withdrawal. Your nominated current account must be able to make electronic payments.

If you attempt to pay into your savings account from any account other than your nominated current account, it will be returned to you as we're only able to accept transfers from the nominated current account. This is one of our security measures to help keep you and your money safe.

We ask you to link a nominated current account to keep your money safe and secure, and to comply with anti-fraud and anti-money laundering regulations.

Yes, you can open multiple savings accounts with us. The best way to do this is to sign into your existing savings account and click 'Apply' in the top navigation.

Please remember that the maximum protection from the Financial Services Compensation Scheme (FSCS) is £85,000. This applies to the total of any savings you have with Chetwood Bank and SmartSave, either directly or via our partners. Find out how the FSCS protects your money.

We'll confirm your address, identity and nominated current account details before opening a savings account for you. We'll complete these checks using a number of online tools, including credit reference agency databases. This will be done in line with our Privacy Policy. Please be assured that this is not a credit check, and it will not impact your credit score.

As a regulated bank, it's really important that we verify your identity before we can open your account. If we're unable to verify your identity, we won't be able to open an account for you.