If your fixed rate savings account is coming to an end, you may be wondering what you’re going to do next with the money you’ve worked hard to put away. From renewing your fixed term savings account to making a withdrawal, this is your chance to make the most of your savings. Especially if you’ve had your savings earning interest in a long term account for months or even years, it’s important to ensure it’s put to good use.
We’re here to help you make the right decision for you. Take a look at some of the options you have below.
Withdrawing the funds can allow you to achieve your financial goals, whether it's booking a holiday or buying a car. We like to make this process as simple as possible for our customers. All you need to do is let us know no later than the last working day before your maturity date. Once your fixed term savings account officially ends, we’ll transfer the lump sum into your chosen bank account.
It's good to be aware that some banks might move your money into a holding account if they don't receive any instructions from you before your fixed term expires. These holding accounts usually offer lower interest rates because their main purpose is to temporarily store your funds. It's a good idea to explore your choices well in advance so o you can let your bank know what you’d like to do with your savings.
Renewing your fixed term account can allow you to continue saving . It can be a convenient option but in most cases you'll need to inform your bank and agree to updated terms and conditions. If you have an account with us and would like to keep your savings account with us, we'll be happy to inform you of the the new terms and rates we can offer you when you come to the end of your current term.
Reinvesting the funds could allow you to grow your wealth further. However, you’ll first need to choose another account to invest in. By looking at the interest rate and term length, you can find a new savings account suit you and your money. Once you have made a decision, you’ll need to tell your provider which account you’ve chosen and in most cases they’ll start the process of reinvesting your funds, ensuring a smooth transition.
At Hodge, we have a range of savings accounts with the best possible interest rates. These are great options if you're thinking of reinvesting your funds, allowing you to continue to grow your savings.
Our fixed rate accounts are ideal if you’re saving for a specific goal. With the interest rate locked in for a specific period, your savings will be protected from any fluctuations in the market. Choose from our 1 year, 2 year, 3 year and 5 year fixed rate savings accounts.
Our cash ISAs are perfect if you don't want to pay any tax on the interest you earn. With the option of depositing up to £20,000 per year, a cash ISA account can be a great way to save for those long term goals. Choose from our 1 year, 2 year, 3 year and 5 year tax free cash ISAs.
Have you made a decision?
Once you’ve made a decision about what you want to do with your savings, just let us know and we’ll handle the rest. By registering for online banking and logging into your account, you can communicate your instructions and manage your savings. In just a matter of minutes, we could be putting the steps in place to withdraw, renew or reinvest your savings.
This article is correct at time of publishing and for general information purposes only. We recommend you speak to a professional financial adviser for advice. You can find a financial adviser and further personal finance information at unbiased.co.uk.