Moving money in or out of your accounts

If you have a Fixed Rate savings account, you can't cancel or close your account, and you won't be able to access your money until the end of the term. You should not deposit money in a Fixed Rate account if you think you will need access to your money during the savings term.

There is no maximum savings limit on our savings accounts. 

All of our savings accounts are covered by the FSCS. This means your money is protected up to £85,000 collectively across our Chetwood Bank and SmartSave brands, whether you've saved with us directly or via our partners. FSCS protection is based on the combined balances of all your accounts across our brands. For more information, you can visit www.fscs.org.uk.

So we can keep your money safe and protect against fraud, you must transfer your money from the nominated current account you shared with us when you opened your savings account. It's not possible to change your nominated current account within the first 14 days of opening your savings account - this is to protect against fraud and money laundering. 

If you transfer money from a different current account, we'll return it to you. Depending on your bank, this can take a couple of days to reach your account.

You can only add to your savings balance during the first 14 days of opening your Fixed Rate savings account. We call this your deposit window. Once your deposit window has closed, it's not possible to add more money to your account. 

There are no limits on the number of accounts you can hold with us, so if you'd like to save more, you're welcome to open a new savings account. As an existing customer, you can do this by logging into online banking.

No, the interest rate is fixed, so it won’t change during the term of your account. 

With a fixed rate of interest, you can enjoy peace of mind, knowing exactly what rate you're getting at all times.

Once we open a savings account for you, your fixed term begins. You have 14 days to transfer at least £1,000 from your nominated current account  - once you've done this, you won't be able to withdraw the money for the fixed term except in exceptional circumstances such as insolvency or critical illness.

If you don't deposit the minimum required during the 14 day deposit window, we'll close your account.

You can only make a deposit into a Chetwood Bank savings account from your nominated current account, or from an existing Chetwood Bank Easy Access savings account.

Your nominated current account must be:

• In your name
• A current account, not a savings account
• Able to send and accept faster payments
• From a UK bank or building society. 

We cannot accept deposits from ISAs or other bank's savings accounts.

Once you transfer funds into your Fixed Rate savings account, interest is calculated daily and is paid gross (without deducting tax). We calculate interest daily based on the account balance at that time. This means that if you transfer funds multiple times during your 14 day deposit window, the amount of interest earned will be less than if you transferred your full deposit on the day you opened your account.

If your account has a term of 12 months or less, interest is added to your savings balance at the end of the term.

If your account has a term of 15 or 18 months, interest is added to your savings balance on the anniversary of opening the account and at the end of the term.

If your account has a term of 24 months or more, interest is added to your savings balance once a year on the anniversary of the opening of the account.

Where your account has a term of more than 12 months, interest will compound. This means you'll earn interest on interest, which is a good thing! 

Interest will not compound where your account has a term of 12 months or less because interest is paid once only, so there is no opportunity to earn interest on interest.

If possible, we recommend that you transfer all of your deposit on the day you open your account so that you can earn the most interest during your fixed term.

More information can be found in your Key Product Information and Savings Terms documents.

You can only add savings to your Fixed Rate savings account within the first 14 days of opening your account. We call this your deposit window. 

You'll find details about your deposit window, including the date it closes, in online banking - just click 'View details' in your account summary on the homepage.

A UK resident is a person who:

- Has their main home in the UK- Is registered with a medical practitioner in the UK- Has been resident in the UK for 6 months out of the last 12

Please note, the Crown Dependencies and Channel Islands are not considered to be part of the UK.

Yes, you can apply for a Fixed Rate savings account with dual citizenship. 

Please provide accurate details regarding your citizenship when you open an account. We must share information with HMRC regarding your savings accounts to comply with tax regulations. More information on data sharing can be found in our Privacy policy and your Savings Terms document.

You have 14 days after opening your account to add money to your Fixed Rate savings account. This 14 day period is called your deposit window. You need to pay at least £1,000 into your account within the deposit window; there is no maximum deposit limit. Once the deposit window is closed, it is not possible to make further deposits to your Fixed Rate savings account. If you wish to save more with us, you may open a new Fixed Rate savings account by logging in to online banking. 

If you make multiple transfers during your 14 day deposit window, please be aware that the amount of interest earned will be less than if you transferred your total funds on the day you opened your account. This is because we apply interest to the funds that are in your account on a daily basis.

As long as you've transferred the minimum balance of £1,000, your account will stay open for the fixed term. If you've paid the minimum deposit in, but not as much as you intended to save, you won't be able to save more into your Fixed Rate account once the deposit window has closed. If you wish to save more, you'll need to open a new savings account. 

If you don't transfer the minimum balance of £1,000 within the 14 day deposit window, we'll close your account and send your deposit back to your nominated current account.

Once you open your savings account, we'll email you to provide instructions on how to make your deposit. You can also find payment instructions in online banking - just click on 'View details' in your account summary on the homepage. 

If you're a new customer, all deposits into your savings account must be made from your nominated current account. You must use the payment reference that we provide you exactly as it's displayed to ensure that we can match your money to your savings account. Any money deposited using an alternative payment reference will be returned. 

If you're an existing customer and have more than one Chetwood Bank savings account, you can also transfer money between them.

Just log in to online banking, go to ‘Manage money,’ select ‘Withdraw or transfer,’ and follow the steps.

We don't place restrictions on the number of transactions for paying money into your savings account. If you'd prefer to pay your money in as a single transaction, this is fine with us. However, some banks limit how much you can transfer, particularly to new payees, in one go. If you'd like to pay your savings into your new Fixed Rate savings account using multiple transactions, that is also no problem for us. Each deposit transaction should show on your savings account within two hours of you making it.

Your bank might recommend making a single payment via CHAPS. Please be aware that your bank may charge you to do this. In addition the deposit may take us a little longer to acknowledge, but should show on your account by the end of the next working day.

Please remember that one of the features of a Fixed Rate savings account is that money can only be paid into the account within the first 14 days of opening the account - this is called the deposit window. Once the deposit window has closed, no further money can be paid in.

No, you can’t take money out or cancel a Fixed Rate savings account until the end of the term.

You should not deposit money in a Fixed Rate account if you think you will need access to it during the savings term.

We have an exceptional circumstances policy, so if you've been diagnosed with a critical illness or are entering insolvency, we can consider closing your account before the fixed term ends. In circumstances like these, we'll need proof of your circumstances before we close your account. Any interest accrued on your savings will be forfeited when we close your account before the fixed term ends. Please note that we're not obliged to close accounts before the fixed term ends. 

Please send us a secure message, or call us on 01978 803976 if you need to discuss an early withdrawal from your Fixed Rate savings account due to exceptional circumstances.

Your bank may limit the amount of money you can transfer at any one time, but don’t worry; you have 14 days from the date we opened your Fixed Rate savings account to deposit from your nominated current account. You'll need to check with your bank as to the transaction limits they have in place. You might find setting up multiple transfers within the 14 day deposit window helpful.

If you make multiple transfers during your 14 day deposit window, please be aware that the amount of interest earned will be less than if you transferred your total funds on the day you opened your account. This is because we calculate interest on funds that are in your account on a daily basis.

There is no maximum savings limit on our savings accounts. 

All of our savings accounts are covered by the FSCS. This means your money is protected up to £85,000 collectively across our Chetwood Bank and SmartSave brands, whether you've saved with us directly or via our partners. FSCS protection is based on the combined balances of all your accounts across our brands. For more information, you can visit www.fscs.org.uk.

Once you open your savings account, we'll email you to provide instructions on how to make your deposit. You can also find payment instructions in online banking - just click on 'View details' in your account summary on the homepage. 

If you're a new customer, all deposits into your savings account must be made from your nominated current account. You must use the payment reference that we provide you exactly as it's displayed to ensure that we can match your money to your savings account. Any money deposited using an alternative payment reference will be returned. 

If you're an existing customer and have more than one Chetwood Bank savings account, you can also transfer money between them.

Just log in to online banking, go to ‘Manage money,’ select ‘Withdraw or transfer,’ and follow the steps.