105 Day Notice Account
105
days
Get a great rate of interest by giving 105 days notice to withdraw your money. It’s quick and simple to open and provides the security of FSCS protection.
105
days
Interest Rate (AER*)
4.11%
Variable
Interest paid
Monthly
Gross monthly interest**
4.05%
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 a Notice Account right for you?
You want to receive a great variable rate of interest
You don’t need instant access to your savings
You’re happy to give the agreed notice period before making a withdrawal
No minimum or maximum deposit amount
FSCS protection, so your money’s protected up to £120,000.
What you should know
Earn interest from day one
14 day cooling off period
Interest paid monthly
One withdrawal request 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
AER% (variable)
Gross% (variable)
4.11%
4.05%
- 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.
- Yes. The interest rate is variable. We have the right to change the interest rate on your 105 Day Notice 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 119 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).
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 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
£1,041
£41
£10,000
£10,411
£411
£20,000
£20,822
£822
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.
- 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.
- Yes, you must give 105 days notice to make a withdrawal or close your account.
- There is no minimum withdrawal amount.
- In exceptional circumstances we may consider waiving this notice period, but we’re not obliged to do so.
- You must log in to your online account to request a withdrawal.
- We’ll only pay withdrawals into your Nominated Current Account or another account you hold with us.
- 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
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 Notice Account.
You can only make electronic payments into your savings account from your Nominated Current Account or another account you hold with us.
Taking money out of your account
You must give 105 days notice to take money out of your account by logging into your online account. In exceptional circumstances we may consider waiving this, but we’re not obliged to do so.
- transferring your money to another account you hold with us; or
- electronic payment to your Nominated Current Account (we’ll make the payment by the end of the next working day following the end of the notice period)
You can cancel your request up to 2 working days before the end of the notice period.
You can only make one withdrawal request per day. There is no minimum withdrawal amount.
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. If you cancel, you’ll lose any interest earned..
Closing your account
If you want to close your account, you need to give us at least 105 days’ notice. Where the account balance is zero, no notice is required. To close your account log in to your online account where you can request to close it, or you can get in touch.
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, or to another account you hold with us by the end of the next working day following the end of your notice period.
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.
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
The interest rate on this account is variable which means we can change it. The interest may increase or decrease. Check the 'Changing interest rates’ section of your Savings Terms for more information about when and how we can change your interest rate.
If we decrease the interest rate, we’ll give you at least 119 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 give you at least 14 days’ notice).
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 £120,000.
Fast answers to some common questions
The interest rate on a Notice Account is variable, so it may go up or down over time. If we increase the rate, we’ll apply the new rate to your account straight away and let you know after the change.
If we decrease the rate, we’ll give you advance notice before the change takes effect. This notice will be at least the length of your account’s notice period plus 14 days. For example, for a 35‑day Notice Account, we will give you at least 49 days’ notice.
If you’ve had your account for less than 14 days and we have notified you of an account decrease, we’ll give you at least the account notice period before the interest rate decreases. For example, if your account has a 35-day notice period we’ll give you at least 35-days' notice.
We may need to make another interest rate change before a previously communicated interest rate change has taken effect.
If we reduce the interest rate on your Notice Account, we'll usually give you at least your account notice period plus 14 days before the change takes effect (e.g. for a 100 Day Notice account we'd give you 114 days’ notice of an interest rate decrease). During this notice period, we may let you know of a further interest rate change. Each change will take effect on its stated effective date.
We’ll also send you a reminder when the new rate takes effect.
If you’re ever unsure about your current interest rate, you can check it at any time in your online banking.
There is no maximum balance for our Notice Accounts.
If you change your mind, you can cancel your account within 14 days of opening it. To do this, 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 return any money held in the account to your Nominated Current Account within 30 calendar days from the date you tell us you wish to cancel. If you cancel during this period, you’ll lose any interest earned.
If you haven’t yet funded your account, you can also request closure through your online account.
After the initial 14-day period, you can still close your account, but you’ll need to give the required notice in line with the account terms and conditions.
Don’t worry if you change your mind, you can cancel a withdrawal request at any time up to 2 days before your notice period ends by logging in to your Online Banking:
- Select Manage Money from the menu
- Find the withdrawal you wish to cancel
- Click the Action button and select Cancel withdrawal
You can close your Account by logging in to your Online Banking and selecting ‘Close Account’. You’ll need to give the required amount of Notice before we’re able to send funds to you. Any funds will then be paid to another account you hold with us or your nominated current bank account, depending on your instructions. Your account will then be automatically closed.
Please note that even if your account balance is currently £0, you’re still required to confirm where you would like any funds to be transferred. This is because there may be interest due to be applied to the account.
There is no limit on the amount of funds you can withdraw at any one time, but you’ll only be able to make one withdrawal request per day.
In exceptional circumstances,such as insolvency or critical illness, we may consider waiving the notice period. You’ll need to contact our support team in the first instance.