What happens when my Fixed Rate Account matures?

POSTED: 30th August 2019
IN: Business Savings FAQs

We’ll contact you 21 calendar days before your account matures to let you know that your account is maturing and to explain your options. We'll also send a further reminder by email 14 days before the maturity date.

You can give us your maturity instructions in Internet Banking until two days before the maturity date. Setting your maturity couldn't be easier, simply follow the steps below to make a selection:

* From your accounts 'Home' page in Internet Banking, select your maturing account

* Click on 'Maturity Options' in the Account Tools bar on the right hand side panel

* Provide your maturity instructions by selecting your choice from the account options listed

If you have a Fixed Rate Account or a Fixed Rate Account with Access and we don't hear from you by the maturity date, we'll move your money into another Fixed Rate Account or Fixed Rate Account with Access of the same or closest similar term. You have 14 days from the maturity date in which you can change your mind.

Interest will automatically be paid into your new account and will be paid monthly, irrespective of any previous instructions you have given us. If you wish to change where the interest is paid to, you can do so by logging into Internet Banking, clicking on the relevant account in the Accounts page and clicking on the Interest Payment Instructions link in the Account Tools section.

If you have a Customised Fixed Rate Account and you do not advise us of your maturity instructions we will automatically return your money to your nominated bank account. This can take up to two business days

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