It’s time to decide what to do with your savings
Your savings deal is ending on 30 November 2023.
Choose what to do with your savings from the options in this letter.
Your ‘2 Year Fixed Rate Bond (31)’ will automatically transfer into ‘2 Year Fixed Rate Bond (62)’ from 1 December 2023. The rate will change to 5.10% (Gross*/AER#) which will be fixed until 30 November 2025.
By writing to you today, we are giving you time to think about what to do next with your savings. A colleague from the Society may call to talk through your options between 17 and 30 November.
Compare your current savings account with the new one.
All the features of your new savings account are in the Summary box, however we have selected the main features and put them in a table to help you decide if the new account is right for you.
Fixed Rate Bond (31)
Fixed Rate Bond (62)
|Minimum balance £1+
|Are top ups allowed?
|Withdrawal or closure only allowed between 1 and 30 December 2023.
|Are withdrawals from or closure of the account allowed?
|No, only at maturity.
|Withdrawal or closure only allowed between 1 – 30 December 2023.
|Are top ups allowed?
|Top up to the maximum balance of £500,000 allowed between 1 and 30 December 2023. and whilst the account is on sale.
* Gross rate is the rate of interest payable before the deduction of income tax. All interest is paid gross. This is based on the current law and HM Revenue & Customs practice, both of which may change.
# AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added once each year.
Choose what to do with your savings between 1 and 30 December 2023
You need to decide what to do with your savings between 1 and 30 December 2023. All your options are listed below.
|Continue saving in your new account.
|This happens automatically and your account number stays the same.
|Transfer your savings to another savings account.
|Ask us to transfer your savings to another account with us.
|Make a withdrawal.
|You can make withdrawal before the 30th day after maturity and the rest of your savings will be transferred to the new account.
|Top up your account up to the maximum balance of £500,000.
|Top up your account by the 30th day after maturity or until the account is removed from sale, whichever takes place latest.
|Close your account.
Once you have decided what you would like to do with your savings, you need to tell us. You can get in by contacting a branch in person, by telephone or email. Make sure you have told us what you want to happen to your savings by 30 December 2023 or they will automatically transfer to the new account and the new terms and conditions will apply. This means you won’t be able to withdraw from your account before 30 November 2025.
Can’t decide what to do?
If you can’t decide what to do, we can help. Ask us for a free savings review. A savings review empowers you to make informed decisions on your savings, ensuring your money is working for you. You can either book on our website or get in touch with your branch.
If you’re registered, you can view savings accounts you have with us online at darlington.co.uk/darlingtonline.
Finally, if you think any of your contact details are out of date, simply let your local branch know.