Savings Help and FAQs

Looking for help with our Self Service Portal?

Take a look at our guides for step by step help:

Logging in for the first time Logging in Placing your maturity instructions

Frequently Asked Questions

What is a Fixed Rate Saver?

A Fixed Rate Saver is a savings account that runs for a set period of time and pays interest monthly, annually or at maturity. The interest rate is fixed so you know exactly how much you will earn by the end of the term.

How much can I save in a Fixed Rate Saver?

You can invest from £1,000 up to £500,000. The maximum investment per transaction online is £100,000.

What is a Fixed Rate Cash ISA?

A Fixed Rate Cash ISA is a savings account that runs for a set period of time and pays interest monthly, annually or at maturity. The interest rate is fixed so you know exactly how much you will earn by the end of the term, using this year’s allowance and transferring in previous years’ allowances.

Can Castle Trust Bank change the interest rate on my fixed rate account?

Castle Trust Bank will not change the interest rate on fixed rate accounts for the duration of the term. In the 14 days after opening, your account will benefit from 'Our Best Rate Promise'.

What is 'Our Best Rate Promise'?

Your Fixed Rate Saver and Fixed Rate Cash ISA will benefit from ‘Our Best Rate Promise’, which means if we increase the interest rate for the product you have applied for at any point in the 14 days following the opening of your account, you will automatically receive the higher rate. If we reduce rates don’t worry, you will still receive the same rate that you applied for. If our rates do increase, you don't need to contact us, we will do everything and then send you confirmation of the new terms applicable to your Fixed Rate Saver/Fixed Rate Cash ISA.

What happens when my fixed rate savings account matures?

For customers with a Fixed Rate Saver or Fixed Rate Cash ISA , we will write to you before your maturity date to explain the options available to you so you can tell us what you want us to do with your money. If you choose to withdraw your money, you will receive it on the same day it matures. For example, if you opened a 1 Year Fixed Rate Saver on 15 September 2020 and chose to withdraw at maturity, you would receive your initial deposit plus any interest owed on 15 September 2021. You can find the date your account is due to mature on the account opening paperwork, you can also log in to the Self Service Portal to check the date and give maturity instructions when your account is close to maturing.

Can I withdraw money from my Fixed Rate Saver?

You can’t take money out of a Fixed Rate Saver until the account matures at the end of the term.

Can I withdraw money from my Fixed Rate Cash ISA?

This account has a fixed term, so you can only withdraw your money without incurring any charges at the end of the fixed term (also known as 'maturity'). You are permitted to make withdrawals (including transferring to another ISA provider) but this is subject to a loss of interest (known as the early exit charge), for fixed term accounts: 1 year = 90 days' interest, 2 year = 180 days' interest, 3 year = 270 days' interest, 5 years = 360 days' interest.

Are my savings protected by the FSCS?

Your eligible deposits with Castle Trust Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered. For further information about the compensation provided by the FSCS, refer to the FSCS website at fscs.org.uk.

What is a nominated bank account?

When you set up your savings account, you will be asked to provide details of your nominated bank account. This is the account you will use to deposit and withdraw funds and is where interest and maturity payments can be directed to, for most customers this would be their current account. You must use your nominated account to pay money into your Castle Trust Bank savings account, otherwise the money will be returned to you. For your security, there is a limit of one nominated bank account per customer, however you are free to change it following the first 14 days of opening your savings account.

Do I need to pay tax on a Castle Trust Bank savings account?

Interest is paid at the Gross Rate without deducting any tax. You may need to pay tax on any interest that exceeds your Personal Savings Allowance. For more information, please visit HMRC’s website hmrc.gov.uk.

Interest paid on Cash ISAs is tax-free.

Are there any fees?

There are no costs or fees to open and manage any Castle Trust Bank savings account.

Can I change my mind after opening a savings account?

You have the right to cancel your account during the 14 days from your account opening date, we call this the “Cooling Off Period”. You don’t need to give us a reason and we won’t charge you a cancellation fee.

How do I add funds to my account?

You can fund your account in a few different ways: by bank transfer from your nominated account, by debit card payment in the Self Service Portal or by sending a cheque in the post.

When are cheques credited?

If you make payment to your account by cheque, we will credit it to your account the next working day after we receive it.

Our Mobile App

You can manage your accounts on the go with our new mobile app, available on Android and iOS.

You will need to register on the Self Service Portal first and then you can use these same log in details to start managing your accounts on our mobile app.

For help logging in to the app for the first time, have a read of our step by step guide:

A guide to logging into the app for the first time

What can I use the app for?

With online banking and mobile, you can take control of managing your account including accessing information about your account, sending secure messages to our Customer Service Team and more.

What is the passcode used for in the mobile app and how do I set it up?

The passcode is a 5-digit code specific to each device you use the mobile app with, it allows you to easily log in to that device and start managing your accounts. When you log in on a new device for the first time, you will be asked to set up a passcode and you also have the option to turn on Touch ID or Face ID sign in if your device has that functionality.

What should I do if I forget my mobile app passcode?

If you have forgotten your passcode, it's simple to set up a new one. Tap 'Forgot passcode?' and you will be asked to unregister the device, you can then use your Self Service Portal details to log in and set up a new passcode for that device like you would have done when you first started using the app.

Can I use the mobile app if I have a joint account?

Yes, if you are a joint account holder, each person named on the account can register for online banking and mobile banking. Each joint account holder will have separate security details to access and use the service.

Where can I get help with using the mobile app?

For help logging in to the app for the first time, have a read of our step by step guide:

A guide to logging into the app for the first time

Our Customer Service Team are happy to help you, call us on 0808 164 5000 Monday to Friday, 9am to 5pm or send an email to savings@castletrust.co.uk

Need to talk to someone?

Our Customer Service Team are happy to help you, call us on 0808 164 5000 Monday to Friday, 9am to 5pm.

If you're an existing customer with an online account, you can send us a Secure Message and a member of the team will get back to you.