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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


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

Why can’t you verify my bank account?


As a 100% digital bank, we use online electronic tools to verify your details.

When submitting your nominated current account details during your SmartSave application, 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
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.

If we’re still unable to verify your details, it may be that your bank account is one that hasn’t adapted to the industry standard, that came into effect in 1998, where established banks share useful information directly with credit reference agencies (CRAs) and online financial services like ourselves. Some of the accounts that fit this criteria are listed below.
  • Bank accounts opened before 1998
  • Some of the private banks, such as Coutts
  • Some of the new challenger banks
Our digital approach to saving allows our customers to manage their savings account completely online wherever they are but it also means we keep costs low so that we can continue to offer great rates. This does mean, however, that some customers won’t be able to open a SmartSave account, depending on who they bank with, as we mention above.

Unfortunately, if we can’t match your account then you won’t be able to open a savings account right now. We welcome more support from established banks to increase the number of accounts they share with us. Until then, we’re working hard to welcome even more customers to SmartSave.

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 £10,000 and £85,000 from your nominated current account.

If you don't fund your savings account with the minimum balance required, £10,000, 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


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 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.


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 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 £10,000 into your SmartSave account within the 14 day deposit window, we'll close your account and send your deposit back to your current account.


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 account at the end of your fixed term. 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.

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 account at the end of your fixed term.

We apply interest to the funds that are in your account on a daily basis. 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 the interest your savings have earned on the 'Overview' page at the end of your fixed term.
 


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.


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.


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.


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.


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