SmartSave Account

ashpan Forumite Posts: 331
Eighth Anniversary 100 Posts Combo Breaker
Immediately after opening of one year fixed rate account with smart save I found a a better rate elsewhere. When I ask them if I could deploy the 14 day cooling off period, said no this did not apply to their bank
Are they correct?. Does the 14 day cooling off period not apply to all banks/ savings accounts apart from fixed rate bonds, which this is not


  • Malchester
    Malchester Forumite Posts: 780
    Sixth Anniversary 500 Posts Photogenic Name Dropper
    Most do have a cooling off period but not all. If you haven't funded the account yet just ignore it and open a new one elsewhere and Smartsave will automatically close the account after a period of time as set out in their terms and conditions 
  • EthicsGradient
    EthicsGradient Forumite Posts: 705
    500 Posts Fourth Anniversary Name Dropper
    There's no general requirement for a cooling-off period for fixed term accounts, and only some offer it - you have to check first if it's important to you:
    According to Andrew Hagger of Moneycomms, there are no automatic rights to cancel with fixed rate savings products.
    “If there were, it would be chaos at the moment as people would continuously cancel as they find a higher rate a few days later,” he says.
    Meanwhile James Blower, founder of The Savings Guru says there are very few savings providers that have cooling off periods, “primarily because there is no regulatory requirement to offer them on savings products”.
    Blower says: “They are bought by savers without advice and the regulator, the Financial Conduct Authority consider them not to be a complex product where a cooling off period is needed.
    The fixed rate bonds with a cooling off period (great if a better deal comes along) - Your Money

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