Easy Access savings
Our Easy Access savings account gives you a great rate of interest and next working day access to your money. It’s quick and simple to open and provides the security of FSCS protection.
Interest Rate (AER*)
4.61%
Variable
Interest paid
Monthly
Gross monthly interest**
4.52%
Minimum opening balance
£0
Before you apply, please ensure you have read the Key Product Information and understand the Savings Terms for this account.
* 'AER’ stands for ’Annual Equivalent Rate’ and illustrates what the interest rate would be if interest was paid and compounded once each year.
**'Gross’ is the rate of interest without tax deducted.
Is an Easy Access savings account right for you?
Next working day access to your money
You want a competitive variable interest rate
You’d like the flexibility to add and withdraw money
No minimum or maximum deposit amount
FSCS protection, so your money’s protected up to £85,000 collectively across the Chetwood Bank and SmartSave brands.
What you should know
14 day cooling off period
Interest is paid monthly
Unlimited deposits
One withdrawal per day
Managing your savings account online
Secure online banking to manage your money
Secure messaging about your account
We use nominated bank accounts for security
Download an interest report
Configurable notifications and alerts
Key Product Information
What’s the interest rate?
AER% (variable)
Gross% (variable)
4.61%
4.52%
- The interest rate is variable, which means the rate can go up or down.
- All interest is calculated daily and is paid gross.
- Interest is added to your savings balance monthly in arrears on the first day of each month and compounds monthly which means you’ll be earning interest on interest.
- 'AER’ stands for 'Annual Equivalent Rate’ and illustrates what the interest rate would be if interest was paid and compounded once each year.
- 'Gross’ is the rate of interest without tax deducted.
- A 'year’ is 365 days or 366 days in a leap year.
Can Chetwood Bank change the interest rate?
- Yes. The interest rate is variable. We have the right to change the interest rate on your Easy Access account for the reasons set out in the section of our Savings Terms titled 'Changing interest rates’.
- If we increase the interest rate, we’ll apply the increase to your savings account immediately and notify you afterwards.
- If we decrease the interest rate, 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).
What would the estimated balance be after 12 months based on a £1,000 deposit, £10,000 deposit and a £20,000 deposit?
These examples are provided for illustrative purposes only and don’t take into account your individual circumstances or deposit amounts. They assume that you pay the full deposit amount being deposited on the day your account is opened, and that the variable rate does not change over the following 12 months.
Initial deposit amount
Estimated balance after 12 months
Interest earned
£1,000
£1,046
£46
£10,000
£10,461
£461
£20,000
£20,922
£922
This is the amount of money you’ll have in your savings account after 12 months, if your balance is £1,000, £10,000 or £20,000 from the first day onwards, if no further deposits are made or withdrawn and your interest is added to your balance.
How do I open and manage my account?
- You must meet all of the eligibility criteria set out during the account opening process and provide us with all information we request in the Application Form.
- There’s no minimum or maximum amount you need to hold in your account.
- We’re only offering sole savings accounts. This means you cannot hold the savings account jointly with someone else.
- You can open and manage your savings account online at www.chetwoodbank.co.uk.
- You can get in touch with us at www.chetwoodbank.co.uk/help.
Can I withdraw my money?
- You can take money out of your account at any time by logging into your online account. If you make a request, we’ll pay your money by electronic payment by the end of the next working day.
- We’ll only pay withdrawals into your Nominated Current Account.
Additional information
- You’ll only pay tax on savings above your Personal Allowance. Interest will be paid gross (without deducting tax).
- Visit www.gov.uk/government/publications/personal-savings-allowance-factsheet for more information.
- If you need this document in another format, please get in touch.
- The Savings Terms give you more detail about how the product works, so you can decide if it’s right for you.
- Please note that the rates we offer can change at any time in accordance with the Savings Terms.
Additional Terms and Conditions for your Easy Access account
These are the extra terms that apply to your chosen account alongside our Savings Terms.
If the Savings Terms and the Key Product Information ever disagree, the Key Product Information will apply.
Paying money into your account
There is no minimum balance.
There is no maximum balance.
You can add to your savings at any time by paying money into your account (making a deposit). There is no maximum number of deposits you make into your Easy Access account.
You can only make electronic payments into your savings account from your Nominated Current Account.
Taking money out of your account
You can take money out of your account at any time by logging into your online account. If you make a request, we’ll pay your withdrawal by electronic payment by the end of the next working day.
You can only make one withdrawal request per day.
Cancelling your account
If you change your mind, you can cancel your account within 14 days of opening it. If you want to cancel, log in to your online account and send us a secure message before the end of the 14-day cancellation period. If you cancel your account, we’ll pay all money in the account to your Nominated Current Account within 30 calendar days from the date you tell us you wish to cancel. We’ll also pay any interest you earned on the account up until it was closed.
Closing your account
You can close your account at any time. You do not need to give us notice. To close your account get in touch or log in to your online account and send us a secure message. You do not need to give us notice first. If you make a request to close your account, we’ll pay all money in your account, by electronic payment, to your Nominated Current Account, by the end of the next working day.
How we calculate and pay interest
Interest is the money we pay you for saving with us. We calculate interest daily on the balance in your account at the end of each day based on a 365-day year (or 366 days in a leap year).
You’ll start to earn interest on the day we receive your money, provided we receive it by 5pm on a working day. If the money is paid in on a non-working day, or outside of normal working hours, we’ll receive it on the next working day.
On the first day of each month, we’ll add any interest you earned in the previous month to your account balance. Interest will compound which means you’ll be earning interest on interest.
Changing the interest rate
Why choose Chetwood Bank for your savings?
Our no nonsense approach to banking means that you’ll get easy to understand, straightforward savings accounts to help you achieve your goals, whether that’s simply saving for a rainy day, a deposit for a new home, or that holiday you’ve been eyeing up.
Easy to get in touch
Need help? Log in to use the secure messaging service, or contact the support team by email or phone.
Everything online
Set your account up in a matter of minutes, then manage your savings securely online.
FSCS protection
We’re a UK bank and our savings accounts are FSCS protected up to £85,000 collectively across our Chetwood Bank and SmartSave brands.
Fast answers to some common questions
What is online banking?
All Chetwood Bank savings accounts are managed online, via a web browser. We call this online banking, but you might also refer to it as internet banking. You can use online banking to securely manage your savings, including:
- View transactions (deposits, withdrawals and interest payments)
- Make a withdrawal
- Check your account balance
- Change some of your personal information or password to access online banking
- Contact us securely, and
- Open additional savings accounts.
How do I manage my Chetwood Bank savings account?
The only way to manage your Chetwood Bank savings account is online, using online banking. Your secure online account enables you to:
- View transactions (deposits, withdrawals and interest payments)
- Make a withdrawal
- Check your account balance
- Change some of your personal information or password to access online banking
- Contact us securely, and
- Open additional savings accounts.
There are certain tasks that you can't complete directly within your online account, such as:
- Changing your nominated bank account
- Closing your savings account
- Change important personal information such as your name.
To complete these tasks, please get in touch - we'll be happy to help.
I've changed my mind, can I cancel my Easy Access account?
You can cancel your Easy Access savings account as long as you ask us to do this within 14 days of submitting your application.
To cancel your account, please log in and send us a secure message before the end of the 14 day cancellation period. If you’re having difficulty logging in please get in touch or call us on 01978 803976.
If you cancel your account, we'll pay all money in the account to your nominated current account within 30 calendar days from the date you tell us you wish to cancel.
What is a nominated current 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.
Can I open multiple accounts?
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.