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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?


Our customers can only have one SmartSave savings account at a time. Each of our fixed term, fixed rate savings accounts provides our customers with a simple and secure way to save online at a great rate. Take a closer look at our Fixed Rate Saver accounts.


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


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

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


Once you open a savings account, your fixed term begins and you have 14 days to transfer between £10,000 and £85,000 from your nominated current account. Once your funds are deposited, you won't be able to withdraw the money for the fixed term.

If you don't fund your savings account with the minimum balance allowed, £10,000, during the 14 day deposit window, we'll close your account.

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 circumstances like these, we may need evidence from you before allowing you to withdraw your savings early.


Who can open a savings account?


In order to be eligible for a SmartSave Fixed Rate Saver 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.


How do I open an account?


You can open a SmartSave Fixed Rate Saver account from our homepage .

Our online application should take just 10 minutes to complete.


Funding your savings 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.

If you do make multiple transfers during your 14 day deposit window, please be aware that the amount of interest earned will be less than if you transferred your total funds on the day you opened your account. This is because we apply interest to the funds that are in your account on a daily basis.


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 £10,000 and £85,000 into your SmartSave account.

As long as you've transferred the minimum balance of £10,000, your account will stay open for the fixed term you selected when you opened your savings account. Once your funds are deposited, you won't be able to withdraw the money during the fixed term.

If you don't transfer the minimum balance of £10,000 into your SmartSave account within the 14 day deposit window, we'll close your account and send your deposit back to your nominated current account.


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


Your bank may limit the amount of money you can transfer at a time but don’t worry, you have 14 days from the date you opened your SmartSave account to transfer up to £85,000 from your nominated current account. Each bank has its own rules, which you can check on their website. You might find it useful to set up multiple transfers to happen within the 14 day deposit window.

If you do make multiple transfers during your 14 day deposit window, please be aware that the amount of interest earned will be less than if you transferred your total funds on the day you opened your account. This is because we apply interest to the funds that are in your account on a daily basis.


How do I pay into my savings account?


Once you open your savings account, you'll have 14 days to transfer between £10,000 and £85,000 from your nominated 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 nominated 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.

Once you transfer funds into your SmartSave account, interest is calculated daily and added to your online savings account annually. 

If you do make multiple transfers during your 14 day deposit window, please be aware that the amount of interest earned will be less than if you transferred your total funds on the day you opened your account. This is because we calculate interest daily based on the balance of the account at that time.

If you don't transfer the minimum balance of £10,000 into your SmartSave account within the 14 day deposit window, we'll close your account.


Your savings


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.


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.


How do I view my savings balance?


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


How is interest paid?


Once you transfer funds into your SmartSave account, interest is calculated daily and added to your online savings account annually. Your total savings balance (including interest) will be sent back to your nominated current account on your maturity date. 

If your fixed term is longer than one year, the interest you’ve earned at the end of each year will be added to your savings balance and compounds annually. This means you’ll earn interest on interest, which is a good thing. If this results in your total savings balance going over the maximum balance of £85,000, any excess funds will be returned to your nominated current account as soon as possible. The remaining £85,000 will continue to earn interest for the rest of your fixed term.

We calculate interest daily based on the balance of the account at that time. This means that if you transfer multiple funds during your 14 day deposit window, the amount of interest earned will be less than if you transferred your total funds on the day you opened your account.

So that you can earn the most interest during your fixed term, we recommend that you transfer all of your deposit on the day you open your account, if possible.

You’ll be able to see your full transaction history on the Overview page whenever you’re logged in.


End of your fixed term


What happens at the end of my fixed term?


We'll get in touch with you before the end of your fixed term to see what you'd like to do next with your money.

You'll be able to choose from the following three options:

  1. Reinvest all of your savings balance, plus interest
  2. Reinvest some of your savings balance (the remaining funds, plus interest, will be sent back to your nominated current account)
  3. Withdraw your total savings balance, plus interest

You must make your end of term choice a few days before the end of your fixed term. You can see the exact date when you log in. If you don't make a choice in time, we'll send your savings, plus interest, back to your nominated current account on your maturity date.


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 nominated current account details anytime before your fixed term ends.

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

Your new bank details will 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

So that we can verify your new bank details before the end of your fixed term, we recommend that you check the bank details we have saved for you and make any changes sooner rather than later.

If we're unable to verify your new bank details online, we'll continue to hold the details of your existing nominated current account.


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


We'll get in touch with you before the end of your fixed term to see what you'd like to do next with your money.

You'll be able to choose from the following three options:

  1. Reinvest all of your savings balance, plus interest
  2. Reinvest some of your savings balance (the remaining funds, plus interest, will be sent back to your nominated current account)
  3. Withdraw your total savings balance, plus interest

You must make your end of term choice a few days before the end of your fixed term. You can see the exact date when you log in. If you don't make a choice in time, we'll send your savings, plus interest, back to your nominated current account on your maturity date.


Can I reinvest my savings but withdraw my interest?


Shortly before the end of your fixed term, you'll be able to choose what you'd like to do next with your money.

You'll be able to choose from the following three options:

  1. Reinvest all of your savings balance, plus interest
  2. Reinvest some of your savings balance (the remaining funds, plus interest, will be sent back to your nominated current account)
  3. Withdraw your total savings balance, plus interest

If you choose option 2, you'll be able to withdraw some of your savings balance, plus your total interest, whilst the rest of your money will be reinvested into a new SmartSave account.

You must make your end of term choice a few days before the end of your fixed term. You can see the exact date when you log in. If you don't make a choice in time, we'll send your savings, plus interest, back to your nominated current account on your maturity date.


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