1 Year Fixed Rate Saver

What's the interest rate?

• These rates are effective from 10th January 2020 and are fixed until the end of your product term.

• All interest is paid gross and added to your savings balance at the end of the 366th day from the date your account was opened.
• ‘AER’ or ‘Annual Equivalent Rate’ is the official rate for savings accounts, and is designed to make it easy to compare rates between different accounts. The AER shows you what return you'd get over 12 months if you put money in an account and left it there.
• ‘Gross’ is the flat rate of interest you’ll actually earn in a year.

Can SmartSave change the interest rate?

• No. The interest rate on your Fixed Rate Saver savings account will stay the same until the end of the 1 year fixed term.

What would the estimated balance be after 12 months based on a £10,000 deposit, £20,000 deposit and a £50,000 deposit?

These examples are provided for illustrative purposes only and don't take into account your individual circumstances or deposit amounts. These projections are based on the full deposit amount being deposited on the day your account is opened.

• This is the amount of money you’ll have in your savings account after 12 months, if your balance is £10,000, £20,000 or £50,000 from the first day onwards, if no further deposits are made or withdrawn and your interest is added to your balance.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 be at least 18 years old, a UK resident subject to UK tax only, to open a savings account.
• You may hold only one Fixed Rate Saver savings account at a time.
• We’re only offering sole savings accounts. This means you cannot hold the savings account jointly with someone else.
• You must deposit funds within 14 days of opening the savings account. You’ll be unable to make any further deposits after this period.
• The minimum amount that must be deposited in your savings account is £10,000. The maximum total amount that may be deposited in your savings account is £85,000.
• You can open and manage the account online at www.smartsavebank.co.uk.
• You can get in touch with us at www.smartsavebank.co.uk.

Can I withdraw money?

• You can’t withdraw money from a 1 Year Fixed Rate Saver savings account prior to the end of term.
• In exceptional circumstances we may consider early withdrawals but we’re not obliged to do so. Examples of what we consider exceptional circumstances include bankruptcy, insolvency and diagnosis of a critical illness
• Your maturity date will be at the end of your fixed term.
• Before your savings account matures, we’ll get in touch to explain what you can do next with your money. You’ll be able to see your options and choose one or more by logging in to your online account. Your ability to choose your end of term option will close 4 days before your savings account matures. Therefore, you must make your selection before this time.
• If you don’t select an option, your funds will be returned to your nominated current account one day after your maturity date.

Additional Information

• The Personal Savings Allowance means basic rate taxpayers may earn up £1,000 in interest tax-free and £500 for higher rate taxpayers. Interest will be paid gross (without taking off 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 ‘SmartSave Terms and Conditions’ 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 but once your account is opened, the rate will not change during the fixed term of the account.