What if I change my mind about a savings account?
What you can do depends on the type of account you chose and whether it's been funded.
If your savings account has been funded
When you open a savings account and have enough money in your transaction account, we'll move the money into your chosen savings account for you. This opens the account and can take a couple of days. Once the money has been moved, you cannot cancel the application.
If your savings account has not been funded yet
If you open a savings account but don't have enough money in your transaction account, you can still change your mind.
In this instance, to cancel your application:
- Log in
- Go to the Pending savings account
- Click ‘Cancel account’
Cooling off period for notice accounts
Notice savings accounts usually have a 14 day cooling off period after they open, but this may vary depending on the account. You can find the exact details in the savings account factsheet.
As a tip, only add money to your transaction account when you're happy with the account terms.
Closing an open savings account
This will depend on the type of savings account you have.
Fixed term savings accounts
Fixed term accounts are locked for a set time, so you can't usually take your money out early. In rare cases, a bank may allow early access, but please check the savings account factsheet first.
Notice savings accounts
Notice accounts let you close your account after giving notice.
To close a notice account:
- Log in
- Click the three dots (…) next to your notice account
- Select ‘Give notice’
Easy access savings accounts
Easy access accounts are flexible and give greater freedoms over your money.
With an easy access account, you can:
- Add money, as long as it is within the minimum and maximum amounts set by the bank
- Take money out, as long as it is within the allowed limits
- Close your account