Coming to the end of your Fixed Rate Term

We'll email you when your maturity window opens with full details of your maturity options. You'll also be able to see these options when you log in to online banking.

You can choose any of the following options.

1. Continue to save your money with us

Choose to save all your money, including earned interest in a new Fixed Rate savings account or a new or existing Easy Access savings account with Chetwood Bank.

2. Save some of your money in a new account with us and move the remaining funds

Choose to save some, but not all your money in a new account. You can do this by:

1. reinvesting some of your money in a new Fixed Rate savings account and transferring your remaining money, including earned interest to an existing Chetwood Bank Easy Access savings account or your nominated current account;
   Or
2. reinvesting some of your money in a new Chetwood Bank Easy Access savings account and transferring your remaining money, including earned interest to an existing Chetwood Bank Easy Access savings account or your nominated current account.

3. Have all your money returned to you

Choose not to continue saving in a Chetwood Bank savings account and have all your money, including earned interest, returned to your nominated current account.

If we don't hear from you before your maturity date, your balance, plus earned interest will be transferred automatically to a Holding Account on the maturity date until you decide to withdraw them.

We recommend you carefully consider all your end of term options before making a final decision.

If you'd like to change your end of term option, simply login to online banking, delete your previous maturity instructions and choose a different option. You have until two days before the maturity date to make your final decision.

If you’ve used the Current Account Switch Service to open your new account and close your old account, your money will automatically be transferred to your new account. This is part of the Current Account Switch Guarantee.

If you didn’t use the Current Account Switch Service, you can update these details by calling our customer services team or sending a secure message from within online banking.

Yes. If you change banks before your fixed term matures, you can update these details by calling our customer services team or sending a secure message from within online banking. 

Your new bank details must be:

• in your name.
• a current account, not a savings account.
• able to accept faster payments.
• from a UK bank or building society.

So that we can verify your new bank details before the end of your fixed term, we recommend you check the bank details we have saved for you and make any changes as soon as possible.

If we're unable to verify your new bank details online, we'll continue to hold the details of your existing nominated current account.

It's important that we can verify your new nominated current account details. If we can't, we won't be able to change where we return your savings balance to.

If you choose to have some, or all your savings balance returned at the end of your fixed term then your money will be returned to your nominated current account on your maturity date.

Yes. Choose how much you’d like to reinvest, and then choose to withdraw any remaining money. We’ll then return your desired amount to your nominated current account.

Once you've reinvested you can add more money. If you’ve chosen to reinvest in a new Fixed Rate savings account, you'll have our standard 14-day deposit window to transfer additional funds from your nominated current account to your new account. When we open your new account, it will have a new account number, so you’ll need to make sure you use this as your new payment reference number when you transfer money across.

If you've chosen to reinvest in a new Chetwood Bank account, your new account will open on the maturity date and begin earning interest straight away.

We'll email you to let you know when your new account is open.

If you can't see any end of term options for your Fixed Rate savings account when you log in to online banking, this will be because:

• your maturity window hasn’t opened yet. We’ll email you once it does with full details of your maturity options; or
• your maturity window has closed. If you haven’t given us any maturity instructions, your maturing balance, plus earned interest will be transferred automatically to a Holding Account on your maturity date.