Can the interest rate change?

Updated 7 months ago

This depends on the type of savings account you have with us. Here’s a breakdown of the details:

Smart Saver

  • If you have a Smart Saver account, the interest rate is variable, which means it can change over time
  • If your interest rate increases, we’ll apply the new rate immediately and let you know about the change via email.
  • If your interest rate decreases, we’ll let you know by email 14 days before it’s implemented. For Boosted pots, we'll send you an email 14 days plus the Boost notice period before applying the new rate. You can find more information in the Terms & Conditions for your account.

Fixed Term Savings

  • If you have a Fixed Term Savings account, the interest rate is set for the entire Fixed Term – so you know exactly how much interest you’ll earn.
  • At the end of your term, we’ll move your savings into a holding account. While in the holding account, your savings will earn interest at a significantly lower rate, until you’re ready to withdraw.
  • The interest rate for savings inside the holding account is variable so can change over time.

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