Index-linked Savings Certificates
Index-linked Savings Certificates are no longer on sale. Find out how to manage your current Certificates if they’re coming up for maturity, or if you need to cash in early.
Important changes to Index-linked Savings Certificates
From 1 May 2019 if you decide to renew an existing Certificate, we will calculate the index-linking using the Consumer Prices Index (CPI) instead of the Retail Prices Index (RPI). The CPI is generally lower than the RPI, so this means you will probably receive a lower return.
Because of this change, we are now giving you the right to cancel your investment. So if your Certificate automatically renews for the same term, you’ll be able to cancel it within 30 days of the date your Certificate renews. We’ll then refund the full value of your new Certificate with any interest due.
If you choose to renew your Certificate for a different term, you won’t have the right to cancel. Instead, you can cash it in at any time but the usual penalty will apply (see the summary box for more info).
Find out how much your Certificates are worth
You can easily find out how much your Certificates are worth by logging in to your online account.
You can also get a quick estimated valuation for any Certificates, without having to log in.
Managing your maturing Certificates
We’ll write to you around a month before your Certificate matures explaining the options available to you.
You’ll need to decide if you want to:
- automatically renew your Certificate for another term of the same length
- renew it for a term of a different length (only 3-year and 5-year terms available)
- cash it in
If you choose to renew a Certificate that reaches the end of its term, it will renew under the new customer agreement (terms and conditions). This means that we will calculate the index-linking of your renewed Certificate using the Consumer Prices Index (CPI).
Remember that the interest rate for renewing your investment could be higher or lower than the rate for your current term.
See the summary box for the renewal rates on offer:
You can see the new customer agreement here:
Not heard from us?
Call us if you have any questions or you haven’t heard from us 30 days before the end of your investment term. And don’t forget to tell us if you change your address or contact details.
Cashing in early
Index-linked Savings Certificates are designed to be held for the whole of your chosen investment term. You can cash in at the end of a term with no penalty or loss of interest.
If you cash in early we will deduct a penalty from your payment, equivalent to 90 days’ interest on the amount cashed in. And you’ll lose the index-linking on your whole Certificate for that investment year.
Bear in mind that if you cash in all of your Certificate within 90 days of renewing, you will get back less than your renewal value.
When you cash in part of a Certificate, at least £100 must remain in the Certificate to keep it open.
How to cash in
If you’re registered to manage your savings online, you can log in at any time to cash in your Certficates.
Not registered? You can also cash in Index-linked Savings Certificates online without having to create an account.