When your fixed rate bond matures, your funds will become available, giving you one of the following options:
Option 1: Renew your existing savings account
If your current partner bank offers renewal options, you’ll have two ways to renew:
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Auto-renewal: If you take no action, your savings account terms will automatically renew with the same partner bank (unless otherwise specified by the bank).
- Manual renewal: You can manually select from other renewal options offered by the partner bank. You’ll be able to choose the term and whether to reinvest your original deposit only or include any interest/profit earned. Any interest/profit not reinvested will be transferred to your Transaction Account.
Not all partner banks and building societies offer renewals. If you don’t want your account to auto-renew, you must turn off the renewal option manually before the maturity date.
What should I do if I don't want to renew my savings account?
Option 2: Apply for a new savings account
Once your savings account matures and your funds are returned to your Raisin UK Transaction Account, you could apply for a new savings account through our marketplace.
Please note that if you wish to open a new savings account with more than your available balance, you can enter the amount you wish to fund it with when you apply, and then transfer the additional amount to your Transaction Account using Faster Payments.
Please note, it takes two business day after maturity for funds to transfer to your Transaction Account.
Option 3: Withdraw your money
If you don’t renew your savings account, your deposit and accrued interest will be returned to your Transaction Account at maturity. From there, you can withdraw your funds to your Nominated Account.
Please note, if you have a pending savings account (i.e, you haven’t yet transferred all of the funds to meet the ordered amount) and your matured funds meet or exceed the required amount, they will be automatically allocated, and the account will open.
Therefore, if you do not wish to use your matured funds to open your pending savings account, then you should cancel the savings account application.