Savings account maturity

After your account has matured, you can put your money in any of our savings accounts. For some products, you’ll need to open the new account first. This includes if you’re moving from a fixed rate bond to an ISA, or vice versa. If you tell us you’re moving to an online account using the online maturity form, you don’t need to open a new account. But, if you tell us you’re moving to an online account over the phone or in branch, you’ll need to open the new account yourself first.

We’ll send you a letter or email to confirm what you’ve asked us to do with your money. We’ll process this on your maturity date.

If you’ve asked us to take out your money, it’ll be processed on your maturity date and any money going to an account with another provider will be available by 5pm the next working day. Cheques take about five working days to arrive.

Most of the time, you won’t need to open a new account yourself, you’ll just need to tell us what savings account you’d like using the online maturity form. However, if you want to change the type of account you have, such as changing from a cash ISA to a fixed rate bond, you’ll need to open a new account first to move the money into.

Also, if you want to move your money to an online savings account but you haven’t opened one before, you need to open one first then ask for your money to be added to it using the online maturity form.

It depends on the terms and conditions of your account.

Generally, if your account is instant access, there are no restrictions on when you can add money. If it’s a regular savings account, you can’t pay in more than the maximum payment amount each month. If it’s a fixed rate account, you can’t add money to your account until the maturity date.

With cash ISAs, there's an ISA allowance of £20,000 for each tax year. So, you can save up to that amount each tax year and pay no tax on the interest you earn.

If you move your money from one of our cash ISAs to a bond, it'll lose its tax free status. If you decide to put the money back into an ISA one day, it'd be classed as new ISA funds and you'll be limited by ISA rules (such as your annual ISA allowance).

To move your money from a cash ISA to a bond at maturity, you first need to apply for the bond and then tell us you’d like to move your money into it using the online maturity form.