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HiSAVE Fixed Rate Account maturities
If you haven’t chosen the ‘auto renewal’ option at the time of opening your HiSAVE Fixed Rate Account, we may email and call you before your account matures to advise you of your reinvestment options.
You can also call us up to two days prior to maturity to let us know what you’d like us to do with your savings balance.
You can choose to reinvest the savings you have in your HiSAVE Fixed Rate Account into a new HiSAVE Fixed Rate Account of any term. Alternatively you can ask us to pay your savings into your HiSAVE Savings Account.
If we don’t hear from you, we’ll automatically pay your savings into your HiSAVE Savings Account. This will have been set up for you automatically when you opened your HiSAVE Fixed Rate Account.
Once the savings are in your HiSAVE Savings Account you’re free to move your money whenever and wherever you wish.
If you have chosen the ‘auto renewal’ option at the time of opening your HiSAVE Fixed Rate Account, we will email you before maturity to inform you that your account will be automatically renewed on maturity for another term at the interest rate prevailing at that time.
If you have opted for auto renewal of your HiSAVE Fixed Rate Account, or if you instruct us between 45 and 2 days prior to maturity that you’d like to renew your HiSAVE Fixed Rate Account, you are eligible to receive additional interest of 0.10% above the standard rate at the time of renewal.
Yes. If you’ve chosen to renew your entire maturity amount, you are eligible to earn the additional interest rate on the entire amount renewed on any of the terms offered.
If you have raised a renewal request and interest rates go down at any time before the maturity date, you get the benefit of the higher rate available on the day of renewal of your HiSAVE Fixed Rate Account.
In addition, you will benefit from the Loyalty Bonus of 0.10% above that higher interest rate. Please see the table below for examples of how you stand to benefit from our Interest Rate Guarantee if you choose to renew for a 1 year term.
You still stand to benefit if interest rates increase at any time between your renewal and your maturity date. You will benefit from the higher interest rate prevailing on the day of your maturity.
In addition, you will benefit from the Loyalty Bonus of 0.10% above that higher interest rate. Please see the table below for examples of how you stand to benefit from our Interest Rate Guarantee if you choose to renew for a term.
| Scenarios | Sample rate for a 1 year HiSAVE Fixed Rate Account* | ||||||||
| Change | Rate on day of Renewal | Days to maturity | Applicable Renewal Rate | ||||||
| 45 | 30 | 15 | 10 | 7 | Maturity Date | ||||
| Interest rate decreases | ↓ | 2.25% | 2.25% | 2.10% | 2.10% | 2.10% | 2.10% | 2.10% | 2.35% (2.25%+ 0.10% Bonus) |
| Interest rate increases | ↑ | 2.25% | 2.25% | 2.40% | 2.40% | 2.40% | 2.40% | 2.40% | 2.50% (2.40%+ 0.10% Bonus) |
| Interest rate remains the same | ↔ | 2.25% | 2.25% | 2.25% | 2.25% | 2.25% | 2.25% | 2.25% | 2.35% (2.25% + 0.10%Bonus) |
| Interest rate decreases twice | ↓↓ | 2.25% | 2.25% | 2.10% | 2.05% | 2.05% | 2.05% | 2.05% | 2.35% (2.25%+ 0.10% Bonus) |
| Interest rate increases & decreases | ↑↓ | 2.20% | 2.25% | 2.10% | 2.05% | 2.05% | 2.00% | 2.00% | 2.35% (2.25%+ 0.10% Bonus) |
(*) Gross rate
