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About Us


Who is SmartSave owned by?


SmartSave is created by Chetwood Financial Limited. Chetwood is a British bank focused on providing better, safer and fairer products for their customers.

Visit www.chetwood.co to find out more.


Where can I find your full terms and conditions?


If you're an existing customer, your terms and conditions are saved in your account. Just log in and go to 'Messages'. We'll also have emailed them to you when you opened your account.

If you're not a customer, you can download a PDF of our terms and conditions.


Can I have more than one savings account?


We don't offer more than one savings account to our customers at the moment. With our 1 Year Fixed Rate Saver, you can save up to £85,000. Take a look at our fixed term, fixed rate savings account.


How are you regulated?


SmartSave is a trading name of Chetwood Financial Limited. Chetwood Financial Limited is a British bank authorised by the Prudential Regulation Authority and regulated by​ the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), authorised under registration number 740551. You can check our authorisation on the Financial Services Register at www.fca.org.uk.

The FCA & PRA regulate many different kinds of financial services companies, and make sure that banks treat their customers fairly.

All deposits with SmartSave, up to £85,000, are protected by the Financial Services Compensation Scheme ('FSCS'), the UK's deposit guarantee scheme.

You can find out more at:
www.fca.org.uk
www.bankofengland.co.uk/pra
www.fscs.org.uk


Application


Why can’t you verify my bank account?


We use an electronic tool to check that your bank account is registered to your name and address. This helps us to protect against fraud and money laundering.

It’s important you check that:
  • Your bank details are correct
  • The bank account is registered in your name and current address
  • Your bank accepts faster payments
There are three main reasons why we might not be able to verify your account:
  1.  Some bank accounts opened before 1998 can’t be confirmed, as this is when the industry standard came into effect.
  2.  Some of the private banks, such as Coutts, aren’t part of the industry standard and so can’t be checked.
  3. Some of the new challenger banks also can’t be checked.
You have a total of three attempts to submit your bank details. If we haven't been able to match your details during your first attempt, you can try entering a different bank account as long as it fits the criteria above.

Unfortunately, if we can’t match your account then you won’t be able to open a savings account right now. We’re working hard to find a better solution for this issue so that we can help even more customers open a SmartSave account.

What do I need to apply?


It takes less than ten minutes to open a SmartSave account. We just need a few details about you, including the following:

  • Your address details for the last three years
  • Your National Insurance number
  • The sort code and account number of the current account you'll transfer your deposit from

Who can open a savings account?


In order to be eligible for our savings account, you must be:

  • At least 18 years old
  • A UK resident only
  • A UK taxpayer only

If you don't meet the criteria above, you won't be able to open a SmartSave account at the moment.


Can I change my mind once I've opened a SmartSave savings account?


Once you open a savings account, your 1 year fixed term begins and you have 14 days to transfer between £1,000 and £85,000 from your current account. If you don't fund your savings account with the minimum balance required, £1,000, during the 14 day deposit window, we'll close your account.

Once your funds are deposited, you won't be able to withdraw the money for the fixed term. In exceptional circumstances we may consider an early withdrawal, but we're not obliged to do so.

Examples of what we consider exceptional circumstances include:

  • Bankruptcy
  • Insolvency
  • Diagnosis of a critical illness

In circumstance like these, we'd request proof before withdrawing your savings early.


Funding your savings account


What happens if I don't transfer all of my intended funds within the 14 days?


You have 14 days, after opening your account, to deposit between £1,000 and £85,000 into your SmartSave account.

As long as you've transferred the minimum balance of £1,000 your account will stay open for the 12 month term. Once your funds are deposited, you won't be able to withdraw the money for the fixed term.

If you don't transfer the minimum balance of £1,000 into your SmartSave account within the 14 day deposit window, we'll close your account and send your deposit back to your current account.


Can I top up my savings during the fixed term?


You have 14 days after opening your account to top up your savings deposit, up to a maximum balance of £85,000.


What if I can't transfer all of my deposit in one go?


Your bank might limit the amount of money you can transfer in a single day or transaction. Each bank has its own rules, so depending on how much you're transferring, you should check your bank’s website.

Some banks allow you to transfer more over the phone or in branch. Alternatively, you could set-up transfers to automatically take place over a number of consecutive days, to reach your savings goal.


How do I pay into my savings account?


Once you open your savings account, you'll have 14 days to transfer between £1,000 and £85,000 from your current account to your SmartSave account.

Follow the steps below to add money to your SmartSave account.

  1. Log in to your SmartSave account and make a note of our payment details i.e. Payee name, sort code, account number and reference.
  2. Go to the current account you've chosen to transfer money from - you can do this online, on the phone or in branch depending on your bank.
  3. Use the details from step 1, above, to make the transfer. It's important to use your unique reference number e.g. SMRTD0000 or we won't be able to accept your deposit.

You'll earn interest as soon as we receive your deposit.

If you don't transfer the minimum balance of £1,000 into your SmartSave account within the 14 day deposit window, we'll close your account.


Your savings


How do I view my savings balance?


You can log in to your account to view your savings balance and transaction history.


Can I withdraw my money, in the case of emergency?


We only offer early withdrawals in exceptional circumstances, such as bankruptcy or if you've been diagnosed with a critical illness, but we're not obliged to do so.

In circumstances like these, we’ll need proof before you can withdraw your savings early.

You can get in touch with our UK support team if you need any help.


Could the interest change?


No, the interest rate is fixed and will not change between the date you open your savings account and the end of your fixed term.

With a fixed rate of interest, you can enjoy peace of mind, knowing exactly what rate you're getting at all times.


How is interest paid?


Once you've deposited money into your SmartSave account, you'll start earning interest straight away. Interest is calculated daily and added to your account at the end of your fixed term.

You'll be able to see the interest your savings have earned in the 'Overview' page at the end of your fixed term.


End of your fixed term


How do I change the current account I want my savings to be transferred to at the end of my fixed term?


You can change your current account details after the 14 day deposit window has closed.

Log in and click 'Account'. You'll then be able to edit your current account details.

Your new bank details will still need to be:

  • In your name
  • A current account, not a savings account
  • Able to accept faster payments
  • From a UK bank or building society

If your new current account doesn't pass our security checks, we'll continue to hold the details of your existing current account. For this reason we suggest that if you need to change your bank details, you do so a few weeks before the end of your fixed term.


How do I close my account at the end of my fixed term?


We'll contact you by email one month before your savings account reaches the end of its term, also known as the maturity date. You'll be able to choose whether you want to withdraw your savings or open a new savings account with us.

If we don't hear from you, we'll automatically send your savings, plus interest, back to your current account.


What happens at the end of my fixed term?


We'll contact you by email one month before your savings account reaches the end of its term, also known as your maturity date. You'll be able to choose whether you want to withdraw your savings or open a new savings account with us.

If we don't hear from you, we'll automatically send your savings, plus interest, back to your current account. These will be sent by Faster Payment on the next working day, after your maturity date.


Can I reinvest my savings but withdraw my interest?


No, we don't currently split your balance at the end of your fixed term. You'll be able to choose whether you want to withdraw your savings or open a new savings account with us.

If we don't hear from you, we'll automatically send your savings, plus interest, back to your current account.


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