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Application


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 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.


How do I open an account?


You can open a savings account from our homepage.

Our online application should take just 10 minutes to complete.


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

Can I transfer my existing savings to your account?


You can deposit up to £85,000 into your savings account as long as it is transferred from your current account.

Your current account must be:

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

We don't offer ISAs or accept deposits from ISAs.


How do you verify my identity?


We verify your identity online when you're opening a savings account with us. We do this through a number of electronic tools, one of which is by confirming your details through a credit bureau. As an online bank, it's really important that we're able to verify your identity before you open your account. If we can't verify your identity, you won't be able to open a SmartSave savings account.


How can I see a summary of my savings?


You can manage your SmartSave savings account completely online. When you're logged in, you'll be able to see your savings balance and full transaction history on the 'Overview' page.


Why do you need my address history?


To keep your money safe and protected against fraud, we need two years address history from you to verify your identity when you're opening a SmartSave account.


Why are you doing a credit check on me?


To keep your money safe and protect against fraud, we verify your identity with Credit Reference Agencies, just to confirm you are who you say you are, when opening a SmartSave account.

We won't be performing a credit search and this won't affect your credit score.


What if I hold dual citizenship?


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

  • 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.


What is the minimum age to open a SmartSave savings account?


You must be at least 18 years old.


How do I know if I'm a UK resident?


A UK resident is a person who:

  • Has their main home in the UK
  • Is registered with a medical practitioner in the UK
  • Has been resident in the UK for 6 months out of the last 12

If you're a resident of any country other than the UK, you aren't eligible to open a SmartSave account at the moment.

Please note, the Crown Dependencies and Channel Islands are not considered to be part of the UK.


Why have I been unable to set up a savings account?


We're sorry that you've not been able to open a SmartSave account right now.

This is usually because we weren't able to verify your information electronically. As an online bank, it's really important that we're able to verify your identity before you open your account.

We’re sorry we can’t help you reach your savings goal today. Keep us in mind as things may change and hopefully we'll be able to offer you an account in the future.


What type of fixed terms do you offer?


We currently offer just one account - a 1 Year Fixed Rate Saver.

Take a closer look at our savings account.


Is there a maximum deposit limit?


The maximum amount you can deposit is £85,000. This means all of your deposit is protected by the Financial Services Compensation Scheme ('FSCS'), the UK's deposit guarantee scheme.


Why do you need my National Insurance number?


We ask for your National Insurance number when you’re opening an account with us, to make sure you’re a UK citizen.

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

If you’ve lost your National Insurance number, you can find it at: https://www.gov.uk/lost-national-insurance-number

I need help with the application


We're here to help you save the smart way.

Our UK support team are available to answer your questions by live chat or email. If you'd prefer to speak to someone on the phone, you can fill in our online form and we'll give you a call you back.

Or you can search our FAQs for more information.


Can I apply under a power of attorney?


We don't currently accept applications under a power of attorney. We're sorry for any inconvenience this may cause.


Is there a minimum deposit limit?


The minimum amount you can deposit into our current savings account is £10,000.

Once you've opened your savings account, you have 14 days to deposit money from your current account into your SmartSave account.

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.


Can I change the bank details I transfer my money from?


So we can keep your money safe and protect against fraud, you must transfer your money from the current account you shared with us when you set up your SmartSave account.

If you transfer money from a different current account, we'll send the money back to you. This can take a couple of days to reach your account, depending on your bank.


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