General info
Our agreement
Banking with Finny Finance is straightforward, so we give you information when it’s relevant to you. At this point, our contract with you consists of our:
Web T&Cs;
Registration T&Cs;
General T&Cs;
these Fixed Saver T&Cs; and
a product specific Summary Box, based on the account you open
Please ensure you read them, so you understand the terms of our agreement with you. If there’s any conflicting information, these Fixed Saver T&Cs take priority.
These T&Cs detail the agreement between you and Finny Finance (‘we’/ ‘us’) when you have a Fixed Saver account with us.
Each condition of these T&Cs operates separately. If any court or competent authority decides that any of them are unlawful or unenforceable, the other conditions will remain in full force and effect.
Eligibility
You must be at least 18 years old to open a Fixed Saver account.
Alternative format
Please let us know if you need these T&Cs supplied in another format, or if we can help you to use our service in any other way. Get in touch with us via the Help & Support live chat or email us at help@finnyfin.com.
Your data
Protecting your data
The only additional information we’ll collect when you open a Fixed Saver is your bank details. We will keep details of every account used to make payments in and out of your account. We will hold this data in a secure environment. We will only use it to validate your identity or make future payments out of your account, in line with any instructions you give us.
Take a look at our Privacy Policy for more information about how we protect your data.
Your account
Opening a Fixed Saver
Once you open https://finnyfin.com/, click on “Apply Now,” fill out the form accurately, and select the Fixed Saver option to create your account. Be sure to verify your identity to complete the process. If you do not see the Fixed Saver option or are not eligible, please contact our customer support team for assistance.
Your product term starts from the day you open your account. You’ll receive a fixed rate of interest from the day you fund your account.
Fixed Savers don’t have a ‘cooling off’ period (a reflection time when you have the option to change your mind and close the account). Please make sure this product is right for you before you open an account and pay money into it.
Account holders
Currently, you can only open a Fixed Saver as a sole account (just you). There’s no limit to the number of accounts you can hold. But you need to make sure the total amount deposited in your combined accounts doesn’t exceed the Maximum Balance Limit.
If you need someone else to operate your Fixed Saver, we may be able to register a Power of Attorney (POA) for it. If we do this, your Attorney will be able to access information about your account. In some circumstances, we may restrict what you’re able to do.
For security reasons, POA administration of an account is managed via our Customer Support team. So, please email us at help@finnyfin.com. to discuss setting up a POA.
At your request, we may be able to add a named third party to your account(s) to support you by providing account information to the named third party. Please note the named third party will not be able to take any actions in relation to any of your account(s).
Interest
You will earn interest on the money in your Fixed Saver as soon as we receive payment into your account. We calculate interest on your balance daily. We will pay interest at the rate stated in your Fixed Saver Summary Box (based on the number of actual days in the relevant period and a year of 365 days).
We pay all interest gross, in line with the Personal Savings Allowance (PSA).
At the point you open your account, you can choose when you want us to pay interest on your balance:
Monthly interest
We will pay your interest on the day of the month you open the account. For example, if you open it on the 16th, we will pay your interest on the 16th every month. Once your account is open, you can choose to receive your interest on an alternative day of the month.
If your interest is usually paid on the 29th, 30th or 31st and that date doesn’t appear in a month, we will pay it on the last day of that month.
Annual interest (when your term is 1 year or more)
Where the product term is a multiple of 12 months, we’ll pay interest annually on the date of the account opening.
Where the term is not a multiple of 12 months, we’ll pay interest on the date of account opening when this occurs, and then when the account matures. For example, this would apply to an 18 month Fixed Saver.
If you open your account on 29th February, we will pay your interest on 28th February in non-leap years.
Annual interest (when your term is less than 1 year)
We will pay your interest at the end of the product term, on the day of the month you open the account.
If your interest is due to be paid on the 29th, 30th or 31st, and that date doesn’t appear in the final month of your term, we will pay it on the last day of that month.
Choosing interest paid in or out
You can also choose how we pay interest on your balance.
You may choose to have interest added to your account (‘paid in’).
Or, you can have it paid into a nominated account (‘paid out’). This means we will pay it into another account in your name.
If you have interest paid out, then close your nominated account and don’t tell us, your interest payment will automatically be returned to us. If this happens, we’ll pay it into your Fixed Saver account and change your preference to ‘pay in’. You’ll be able to change it back to ‘paid out’ at a later date by updating your nominated account details and changing your preference back to ‘pay out’.
Charges
There are no charges applied to your Fixed Saver account, except for a penalty fee if the fixed term is broken before maturity.
Statements
You can access your account and check your balance at any time.
Maturity
When your account reaches maturity (i.e. when the fixed product term ends), you’ll need to decide what to do with your money.
We’ll contact you before your maturity date with your available options. At this point you can message and tell us what you want to do with your money. We’ll complete your instructions on the maturity date and tell you what we’ve done.
If you don’t provide maturity instructions, or they’re incomplete, at the end of your product term, we’ll automatically transfer your funds out of your Fixed Saver in one of four ways, depending on whether you have an open Easy Saver:
If you only have an open Easy Saver, we’ll move your money into that account.
If you don’t have an Easy Saver, we’ll move your money into a Holding Account with a variable interest rate. If this happens:
You’ll keep your Fixed Saver sort code and account number and we’ll provide you with new T&Cs for this account.
You won’t be able to make any more payments into this account.
You can only make a single withdrawal from it, to enable you to take all of your money out of the Holding Account in one go.
Payments
Deposit window
Once you’ve opened your account, you can only make payments into it for a specified period. We call this the ‘deposit window’. The deposit window starts as soon as you open your account and closes at a fixed point in the future.
After you’ve made the minimum initial payment set out in your Fixed Saver Summary Box, you can make as many payments as you like into your Fixed Saver during the deposit window. You can do so up to the Maximum Balance Limit.
If you open an account and don’t pay anything into it during the deposit window, we will register the account as ‘unfunded’. We’ll then close it in due course. Please note: as we don’t class this as an open account, we won’t send you a statement when we close it.
Balance limits
When you open an account, your first payment into it must be more than the minimum initial payment set out in your Fixed Saver Summary Box.
The total funds held across your Easy Savings accounts must not exceed our Maximum Balance Limit, which is currently £200,000. You may hold up to £100,000 in Fixed Saver accounts and up to £100,000 in easy access accounts (including Easy Saver and Holding Accounts). We do not permit any breaches of this limit under any circumstances, as it helps us comply with regulatory requirements and ensures the safety and proper management of your funds.
Payments in and out
During the deposit window, you can make payments/transfer into your account from another Finny Finance account you hold.
In some circumstances, you will only be able to make payments into your account from a specified bank account in your name. An example of this could be if we use your bank account details to verify your identity.
Once you’ve paid money into your account, you can’t withdraw it until the end of your product term. The only exception is in cases of financial hardship, which we will assess on a case-by-case basis. If approved, we may allow you to withdraw some or all of the money from your account before the end of the term. However, early withdrawal may be subject to a penalty fee or loss of interest earned. If you need to inform us about financial hardship, please contact us via the Help & Support live chat or email us at help@finnyfin.com
Our Fixed Saver is a non-transactional account, so you cannot use it to deposit income or pay bills. We monitor payments in and out, to keep your account safe. If we see unusual activity, we may contact you and there may be a delay in processing payments while we complete fraud prevention checks.
The legal stuff
Changes to these T&Cs
We’ll give you 30 days’ notice to consider any changes to these T&Cs, unless they’re to your advantage, when we’ll make them straight away.
In some circumstances, we may be required by regulation to give you more or less notice. In these cases, we’ll tell you how much time you have to review the changes.
You can object to the changes before they take effect, and, depending on the circumstances, you may be able to close an impacted account. Otherwise, you’ll be deemed to have accepted the changes from the date they take effect.
We’ll only make changes to these T&Cs to:
reflect developments in our proposition (including our products / services);
respond proportionately to changes in the law or decisions of the Financial Ombudsman Service;
meet regulatory requirements;
reflect new industry guidance or codes of practice which raise standards of consumer protection;
proportionately reflect other legitimate cost increases or reductions associated with providing the particular product or service you use;ensure we are being fair to all our customers; and/or
respond to changes in general banking practice for the benefit of all consumers.
We’ll only do this if we reasonably expect to be affected by one of the above reasons.
Compensation
Finny Finance is covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to savers if a bank is unable to meet its financial obligations. Most savers — including individuals and small businesses — are covered by the scheme.
An eligible saver is entitled to claim up to £85,000. For joint accounts, each account holder can claim up to £85,000 (a total of £170,000 where there are two account holders). The £85,000 covers all the funds held in the eligible customer’s accounts with the bank, including their share of any joint accounts, and not to each separate account.
For more information about the FSCS (including amounts covered and eligibility to claim) visit FSCS website.
Applicable law
These T&Cs are governed by the laws of England and Wales and if there’s any disagreement about them, or between us about your account, we each agree that this’ll be dealt with by the Courts of England and Wales.
Fixed Saver T&Cs_v5.2. Effective from 07/04/2025.