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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 £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.


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.


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.


How much can I save?


You can save anything between £1,000 and £85,000. Take a look at our savings account 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.


Do you collect money from my current account?


No, SmartSave will never collect money from your 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 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.

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.

How do I put money 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.

How long do I have to deposit my money?


You have 14 days from opening your account to deposit between £1,000 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 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.


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 tried to transfer money from an account that isn't your nominated account
  • You've transferred less than the minimum balance of £1,000 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 1 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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