Holding Accounts

Our savings accounts are protected up to £85,000 collectively across our Chetwood Bank and SmartSave brands by the Financial Services Compensation Scheme, the UK’s deposit protection scheme.

For more information, visit www.fscs.org.uk.

There are no limits on the amount of money you can hold in a Holding Account. This is so that your full maturity balance, plus earned interest, from your maturing Fixed Rate savings account can be transferred to a Holding Account.

Our savings accounts are protected up to £85,000 collectively across our Chetwood Bank and SmartSave brands by the Financial Services Compensation Scheme, the UK’s deposit protection scheme.

For more information, visit www.fscs.org.uk.

No, the only deposit allowed is the maturity balance, plus earned interest from your maturing Fixed Rate savings account.

The only deposit allowed is the maturing balance from your Fixed Rate savings account, plus earned interest. As a result, there’s no minimum balance requirements for a Holding Account.

Interest starts accruing on the day money is credited to your account, so you won't miss out on any interest.

Interest is calculated daily on the actual balance in your account at the end of each calendar day. Interest will start accruing on the day funds are credited to your account, and we'll add accrued interest to your account monthly, in arrears, on the first calendar day of each month. Interest will compound, which means you'll earn interest on interest.

Your account will remain open until you decide to make a withdrawal. Any withdrawals from your Holding Account must be for the full balance, partial withdrawals are not permitted.

We'll transfer your balance, plus earned interest on the date your Fixed Rate savings account matures. We'll only do this if we haven't received any maturity instructions from you.

Yes, the interest rate on your Holding Account is a variable rate. This means that rate can go up or down.

If the interest rate increases, it'll be applied to your account immediately, and we'll send you an email update as soon as possible.

If the interest rate decreases, we'll give you at least 14 days’ notice before the lower rate is applied to your account, unless you’ve not had your account for 14 days, in which case we’ll tell you before the lower rate is applied to your account and you’ll get less than 14 days’ notice.

Our Holding account is exactly that - it's an account that keeps your money safe until you decide you want to withdraw it.

The key features of the Holding account are:

• Interest is variable and will accrue daily and be added to your balance monthly.
• There’s no maximum limit on the amount which can be held in the Holding Account, but the only deposit permitted is the balance paid from your maturing Fixed Rate savings account. No further deposits are permitted.
• FSCS protection, so your money’s protected up to £85,000 collectively across the Chetwood Bank and SmartSave brands.
• Partial withdrawals are not permitted. You can choose to:
  • transfer the entire balance to an existing Chetwood Bank Easy Access savings account at any time;
  • transfer the entire balance to an existing Chetwood Bank Fixed Rate savings account provided the account is within its 14-day funding window; or
  • withdraw the entire balance to your nominated current account.
• You can cancel the Holding Account within 14 days of it being opened. If you do this, we’ll return the entire balance to your nominated current account.