Lifering

How to close your savings account

This section provides information on what you need to consider when closing an account and how you can request a closure.

 

Closing a Flexible Saver account


You can close your Flexible Saver at any time online, without notice and without charge. The balance on your account, and any interest earned, will be repaid to you in full.

 

Closing a Fixed Saver account 


A Fixed Saver is designed to be held for the entire term for which you applied, so account closure is only allowed within the first 14 calendar days of account opening.

If you wish to do so you need to inform us either via secure message or by calling us within this timeframe. Your account will be closed and the agreement between us will be cancelled without charge. The balance on your account, and any interest earned, will be repaid to you in full.

There are only two situations where we allow closure after this 14-day period:

- After a Fixed Saver account holder dies – either where the account was held only in his or her name, or where he or she was the last surviving holder of an account that was held jointly with someone else,

- If we make any change to this agreement that is to your disadvantage.

 


Closing a Flexible Cash ISA
 

You can close your Flexible Cash ISA at any time, without notice and without charge.

 

Closing a Flexible Cash ISA within the first 14 calendar days of account opening
 

If you close your Flexible Cash ISA and inform us either via secure message or by calling us within 14 days of opening your account, any money deposited will not count towards your ISA annual allowance for the tax year and you can open a subsequent Cash ISA with us or another financial institution, up to your annual allowance for the tax year. The balance on your account, and any interest earned, will be repaid in full either to you, or to another provider if you choose to instigate a transfer-out.

 

Closing a Flexible Cash ISA after the first 14 calendar days of account opening
 

If you wish to close your Flexible Cash ISA after 14 days of opening your account you can do so online. Ifyou’ve subscribed to your ISA during the current tax year, then you won’t be able to re-open the account or subscribe to another Cash ISA with us or another financial institution in the same tax year.

 

Closing a Fixed Cash ISA
 

A Fixed Cash ISA is designed to be held for the entire term for which you applied, so closure is only allowed without charge within the first 14 calendar days of account opening.

 

Closing a Fixed Cash ISA within the first 14 calendar days of account opening
 

If you wish to do so you need to inform us either via secure message or by calling us within this timeframe. Your account will be closed and the agreement between us will be cancelled without charge. The balance on your account and any interest earned will be repaid in full either to you, or to another provider if you choose to instigate a transfer-out. Any money deposited will not count towards your ISA annual allowance for the tax year.

You can open a subsequent Cash ISA with us or another financial institution, up to your annual allowance for the tax year.

 

Closing a Fixed Cash ISA early after the first 14 calendar days of account opening
 

If you wish to close your account after this 14-day period, you can do so online but will incur a term breakage charge. Once the account is closed, you won’t be able to re-open it or subscribe to another Cash ISA with us (or any other financial institution) in the same tax year.

The term breakage charge is deducted from the closing balance we pay you. It will be equal to a fixed number of days’ gross interest on the amount you withdraw, at the rate your account is earning, and based on the following terms:

Term         Charge Period

6 Months     45 days

1 Year           90 days

18 Months         135 days

2 Years         180 days

3 Years            270 days

If you withdraw from your Cash ISA after the 14-day cooling off period, you may therefore get less back than you originally deposited once the breakage charge has been applied.

There are only three situations where we don’t apply a term breakage charge for closing the account:

- After a Fixed Cash ISA account holder dies,

- If we make any change to this agreement that is to your disadvantage,

- If HMRC does not consider Fixed Cash ISA to be an ISA.

 


Closing your Ford Money account online
 

If you want to close an account after the 14-day cooling off period, you can do so online by logging into your account.

Once on the Account Summary page:

- Open the sub menu under Account Options for the account you want to close (if you have more than one active account).

- Select Close Account.

- On the next page, you will be asked to select the destination for any money you hold in the soon-to-be closed account.

- Once you have done this, you will need to confirm that you wish to proceed with the closure.

- On the next page you’ll see a confirmation of your instructions and we’ll send you a confirmation letter and closing statement in the post.


Please remember that although closing your account is final, you’ll still be able to access your statements online for up to 12 months after closure.

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