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Funding your savings 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 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.


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 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.


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.


How much can I save?


Our Fixed Rate Saver accounts let you save anything between £10,000 and £85,000. Take a look at our savings accounts on our homepage.

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

For more information, you can visit www.fscs.org.uk .


How do I put money 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.


How long do I have to deposit my money?


You have 14 days from opening your account to deposit between £10,000 and £85,000 into 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.


Do you collect money from my nominated current account?


No, SmartSave will never collect money from your nominated current account. Once your account is set up, you have 14 days to transfer funds from your current account to your savings account.

So we can keep your money safe and protect against fraud, you must transfer your money from the bank account you shared with us when you set up your SmartSave account. If you transfer money from a different account, we'll send the money back to you. This can take a couple of days to reach your account, depending on your bank.

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.


Why have you sent money back to me?


There are a few reasons why we may send some money back to you such as:

  • You've transferred money after your 14 day deposit window has closed
  • You’ve transferred money without quoting your unique savings reference number (e.g. SMRTD0000)
  • You've tried to transfer money from a bank account that isn't your nominated current account
  • You've transferred less than the minimum balance of £10,000 within the 14 day deposit window
  • You've transferred over the maximum balance of £85,000 within the 14 day deposit window

It can take a couple of days for the returned money to reach your account, depending on your bank.


How quickly will my money show in my SmartSave account?


Please allow one working day for your savings deposit to show in your SmartSave account.


What is a savings reference number?


When you open your SmartSave account, you're given your own savings reference number (e.g. SMRTD0000). The reference number helps us safely identify your deposit and allocate it to your savings account.

You must use this reference number as your payment reference, when making your deposit into your SmartSave account. If you don't include the reference number we'll send the money back to you within one working day. This can take a couple of days to reach your account, depending on your bank.


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