15 Month Fixed Rate savings
15
month
Our 15 Month Fixed Rate savings account allows you to lock away your money and enjoy a guaranteed great rate of interest. It’s quick and simple to open and provides the security of FSCS protection.
Interest Rate (AER*)
4.55%
Fixed
Interest paid
12 months & 15 months
Gross interest**
4.55%
Minimum opening balance
£1,000
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 a Fixed Rate savings account right for you?
You want a predictable return on your savings
You don’t need access to your savings for the term
You can deposit at least £1,000 into your account
You can fully fund your account within 14 days of opening
FSCS protection, so your money’s protected up to £85,000 collectively across the Chetwood Bank and SmartSave brands.
What you should know
Earn interest from day one
No cooling off period
No early withdrawals
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
AER% (fixed)
Gross% (fixed)
4.55%
4.55%
- The interest rate is fixed for the term.
- All interest is calculated daily and is paid gross (without deducting tax).
- 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.
- Interest compounds where your account has a term of more than 12 months. Interest will not compound where your account has a term 12 months or less because interest is only paid once and so there will be no opportunity to earn 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.
- A ‘month’ is a calendar month.
No, the interest rate is fixed, so it won’t change during the term of your account.
These examples are provided for illustrative purposes only and don’t take into account your individual circumstances or deposit amounts. They assume that the full deposit amount is placed in the account on the day the account is opened.
Deposit amount
Balance at the end of the term
Interest earned
£1,000
£1,057
£57
£10,000
£10,574
£574
£30,000
£31,722
£1,722
This is the amount of money you’ll have in your savings account after 15 months, if your balance is £1,000, £10,000 or £30,000 from the first day onwards, if no further deposits are made or withdrawn and your interest is added to your balance.
- 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.
- The minimum balance is £1,000. This must be deposited within the first 14 days of opening.
- There is no maximum balance.
- 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.
- No, you can’t take money out or cancel a Fixed Rate savings account until the end of the term.
- We’ll contact you before the end of the term to tell you about the options available to you. If we don’t hear from you within the specified time, we’ll place your savings balance in a Chetwood Bank Easy Access savings account or the nearest equivalent available at the time.
- You should not deposit money in a fixed rate account if you think you will need access to your money during the term.
- 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.
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
The minimum account balance is £1,000.
There is no maximum balance.
You can only add to your savings within the first 14 days of opening your account. We call this your deposit window.
If the minimum deposit amount (£1,000) has not been reached by 11pm on day 14 of the deposit window, your Fixed Rate savings account will be closed and any money deposited returned to your Nominated Current Account within one working day (unless there is an issue beyond our control in which case it may take longer).
You can only make electronic payments into your savings account from your Nominated Current Account.
Taking money out of your account
You can’t take money out or close your account until the term has ended. In exceptional circumstances we may consider waiving this, but we’re not obliged to do so. Examples of what we consider exceptional circumstances include bankruptcy, insolvency, and diagnosis of a critical illness.
Cancelling or closing your 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.
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. In a leap year you’ll earn an extra day of interest on 29 February.
You’ll start to earn interest on the day we receive your money.
If your account has a term of 12 months or less, we’ll add interest to your savings balance at the end of the term.
If your account has a term of 15 or 18 months, we’ll add interest to your savings balance on the anniversary of opening your account and at the end of the term.
If your account has a term of 24 months or more, we’ll add interest to your savings balance once a year on the anniversary of opening of your account.
Interest will compound (which means you’ll earn interest on interest) where your account has a term of more than 12 months. Interest will not compound where your account has a term of 12 months or less because interest is only paid once and so there will be no opportunity to earn interest on interest.
Changing the interest rate
The interest rate is fixed which means it won’t change during the term.
End of the term
Before the end of your term, we’ll let you know the options available to you and you’ll be able to make a choice about what to do with your money. If we don’t hear from you within the specified time, we’ll place your savings balance in a Chetwood Bank Easy Access savings account or the nearest equivalent available at the time.
Ready to open a 15 Month Fixed Rate savings account?

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 help
Explore our fast answers, or if you need account specific help, use the secure messaging service to contact our support team.
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
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.