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Do I need a nominated account in order to open a new Fixed Term Savings Account?

You do not need a nominated account with us in order to open a new Fixed Term Savings Account. Should you wish to open a nominated account with us, this can be done at the same time as opening your new Fixed Term Savings Account. However, if you do not wish to use a nominated account to pay your monthly interest into, your interest will be paid into your Fixed Term Savings Account each month instead.

If at maturity you decide to let your funds automatically reinvest into a new Fixed Term Savings Account, and you have opted to pay your monthly interest into a nominated account previously, this will continue as before, and only your original deposited funds will be reinvested. If you opted to pay your interest into your Fixed Term Savings Account then your original deposit plus the accrued interest will be automatically reinvested.

If you decide to opt out of the automatic reinvestment of your funds on the maturity of your Fixed Term Savings Account, if you have a nominated account then your initial deposit plus any accrued interest will be paid into your nominated account.

However, if you do not have one, then on maturity your Fixed Term Savings Account will automatically convert into an instant access Instant Saver Account and your funds will remain here until you wish to do something with them.