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.
Important changes to Index-linked Savings Certificates
No access during the term
Previously, we gave you access to your investment before the end of its term but charged a penalty equal to 90 days’ interest on any money you took out early plus you would lose a year’s index-linking on the whole Certificate. Now, once you’ve decided to renew a Certificate from 23 July 2023 onwards, you won’t have access to your money until the Certificate reaches the end of its new term.
You will however have the right to cancel within 30 days of renewing your Certificate.
Change to Consumer Prices Index
If you decide to renew an existing Certificate that was linked to the Retail Prices Index (RPI), we will calculate the index-linking using the Consumer Prices Index (CPI) instead. The CPI is generally lower than the RPI, so this means you will probably receive a lower return.
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 your Certificate for another term of the same length, you’ll receive the interest rate we quote in your letter, even if our rates go down before your maturity date. If you renew for a different term, you’ll receive the rate on offer on the date your Certificate matures. Bear in mind that this could be higher or lower than the rate in the summary box we send you.
See the relevant summary box for the renewal rates on offer:
You can see the relevant 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
Certificates starting their term on or before 22 July 2023
You can cash in your Certificate at the end of your chosen term with no penalty.
You can also cash in before that, but we will deduct a penalty from your payment equivalent to 90 days’ interest on the amount cashed in. You will also 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 the amount you renewed.
When you cash in part of a Certificate, at least £100 must remain in the Certificate to keep it open.
Certificates starting their term on or after 23 July 2023
These Certificates cannot be cashed in before the end of your chosen term.
How to cash in Certificates that started their term on or before 22 July 2023
If you’re registered to manage your savings online, you can log in at any time to cash in.
Not registered? You can also cash in Index-linked Savings Certificates online without having to create an account.