1 Year Fixed Rate Saver

What's the interest rate?

• These rates are effective from 5th September 2019 and are fixed until the end of your product term.

• All interest is paid gross and will be added to your account.
• Interest is paid annually, on the anniversary of the account opening.
• ‘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 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 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months, if your balance is £10,000, £20,000 or £50,000 from the first day onwards, if no further deposits are made or withdrawn and your interest is added to your balance.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 an account.
• You may hold only one Fixed Rate Saver account at a time at present.
• We’re only offering sole accounts at this time.
• You must deposit funds within 14 days of account opening. You’ll be unable to make any further deposits after this period.
• The minimum amount that must be deposited in your account is £10,000. The maximum total amount that may be deposited in your 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 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.
• 30 days before your account matures, we’ll get in touch with you 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 into your account up to 2 days before it matures.
• If you don’t select an option, your funds will be returned to your nominated account on the next working 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.