What happens when your account matures
You can only have one Regular Saver of the same issue at any one time with us.
Once your existing account matures you can open a new Regular Saver account.
What to do when your Regular Saver is maturing
On this page we’ll explain what happens when your Regular Saver matures, and what steps you may want to take.
What happens leading up to your Regular Saver maturing
During the 30 calendar days before your account is due to mature at the end of the 12 month term, we’ll send you a letter and email confirming the maturity date.
We’ll also send an email reminder 14 days before maturity.
Your maturity options for the money you've saved
You may be interested in growing some or all of the money you’ve saved.
You may choose to close your Smart Saver account and earn a higher interest rate by opening a new Co-operative Bank savings account.
You may want to leave the money you’ve saved in your new Smart Saver account.
You may want to withdraw some or all of the money you’ve saved.
Not sure what to do?
If you’re not sure what to do with the money you’ve saved, read our lump sum savings guide.
Opening a new Regular Saver when your account has matured
If your Regular Saver has matured, keep the regular savings habit going with a new account.
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Open a new Regular Saver with as little as £1, and as much as £250.
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Deposit a maximum of £250 per month for a 12 month term.
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Continue to benefit from a higher interest rate of 7.00% (gross / AER variable) with a new account.
Your existing Regular Saver account must have reached maturity
Before applying for a new Regular Saver, please wait until your existing account has become a Smart Saver – you’ll be able to see this in online banking and our mobile app. If you apply before this your application will be rejected.
How your Regular Saver interest is calculated
The Regular Saver interest is calculated daily. Your daily interest is then added together and paid into your account when it matures.
What does interest calculated daily mean?
With daily calculated interest, the interest rate is applied to the amount you have in your account at the end of each day, not the final lump sum that you have deposited into your Regular Saver.
If you open a Regular Saver account and deposit £250 per month over 12 months, at the end of the 12 months you’ll have £3,000 in your account before interest. However, you won’t earn interest on the £3,000 for the full 12 months. Instead, you’ll:
- earn interest on £250 in the first month
- earn interest on £500 in the second month
- earn interest on £750 in the third month (and so on).
You’ll only have £3,000 in the account during the last month of your term.
What would the estimated balance be after 12 months based on 12 regular monthly deposits of £250?
Monthly deposit amount
£250
Balance at end of 12 months
£3,114.21
Interest earned
£114.21
We have worked this out assuming:
- You make 12 regular monthly deposits on the first day of each calendar month
- The 12 months start on 1 January
- We haven’t changed the interest rate in the 12 month period
- You haven’t made any additional deposits or withdrawals.
Smart Saver key features
Earn 1.62% interest changing to 1.53% (gross / AER variable) on 23/07/2025
Benefit from instant access (transfer money in and out, as often as you want)
Earn a variable rate of interest, paid every year on 5 April
Access your money online, through our mobile app, by telephone, or in branch – you can also pay in cheques by post or at your local Post Office®.
Download the Smart Saver terms, conditions and summary box (PDF).
How do I withdraw money from my Smart Saver account?
You can withdraw some or all of your money whenever you like. You can do so:
- Through online banking or our mobile app – by transferring to an account with us or another provider
- In branch - find a branch near you
- Through telephone banking
- By requesting a bankers cheque — please note there is a charge for this.
How do I close my Smart Saver account?
To close your account you can:
- Send a secure message from your online banking
- Visit us in branch.
- Call us on +44(0) 3457 212 212. Lines are open 8am to 6pm Monday to Friday, 9am to 5pm Saturday and Sunday, call charges apply.
Compare our savings accounts
Find the best account for you. Compare our accounts by interest rates and access types.
Calculate what interest you could earn
We’ll crunch the numbers for you and tell you how much interest you could earn on your lump sum.
Savings terms explained
AER stands for Annual Equivalent Rate and shows what the interest rate would be if interest were paid and added to your account each year.
Business day is usually Monday to Friday excluding bank holidays.
Calculated daily means the interest earned is based on the amount of money in your account at the end of each business day
Calendar month means from midnight on the first day of a month to 11.59:59pm on the last day of the month.
Fixed interest means the rate stays the same until the account matures.
Gross is the rate of interest payable before any tax is taken off.
Tax-free means you will not pay any tax on your interest.
Tax year runs from 6 April to 5 April.
Variable interest means that it could go up or down.
Please note: any reference to tax is based on our understanding of current tax regulations which may change in the future and depend on the customer's individual financial circumstances.
The Co-operative Bank reserves the right to decline or accept any application and/or deposit.
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