What if I change my mind about a savings account?
When you open a savings account through your Cash savings hub and have sufficient money in your transaction account, we’ll automatically move it into your chosen savings account. This will open the account for you, which may take a couple of days. Once the account is funded, we can no longer cancel your application.
If you choose to open a savings account through the Cash savings hub but do not have sufficient cash in your transaction account to fund it, you can change your mind about the application. You can cancel your application by visiting 'Pending savings accounts' within the Cash savings hub.
Notice savings accounts will offer a cooling off period after the account has been opened – this is normally 14 days. Please check the individual savings account factsheet for details, and only commit savings once you are happy with the terms of the savings account.
Once your savings account is open, your ability to close your account will depend on the type of account:
- Notice accounts allow you to terminate your account and withdraw your cash after the specified notice period. If you hold a notice account and wish to cancel it, please click on ‘Close your notice account’ from your Cash savings hub.
- Fixed-term savings accounts don’t allow you access to your money during the fixed term of the account. Please only choose this type of account if you don’t need to access your cash. In exceptional circumstances, some banks may allow a fixed-term account to be terminated early – please read the savings account factsheet for further information.