Savings Help and FAQs

Looking for some help? You're on the right page

Read on to see our general FAQs, and to find out more about funding your account, using our online services, documentation, and how to contact us.

Frequently Asked Questions

General: What types of account does Castle Trust Bank offer?

We offer:

Fixed term, fixed rate savings accounts (single and joint accounts)
Fixed term fixed rate ISA savings accounts (single accounts only)
Notice accounts (single and joint accounts)

General: 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.

General: 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.

General: 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.

General: 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.

General: Can somebody help me manage my account?

You can authorise somebody to have access to you account to help you. Anyone who holds this authority will have access to your information and can ask questions on your behalf, but they will not be able to complete transactions for you.

General: Can I open an account under a Power of Attorney?

Accounts can be opened by a Power of Attorney on behalf of another person. The application should be made in the donor’s name, and the attorney should then contact us to provide the relevant legal documentation (if a first account is being opened), or to have the previously submitted documentation applied to the new account (if accounts have been opened with us previously).

General: How do I add funds to my account?

Fixed Rate e-Saver accounts
Fixed Rate e-Saver accounts can only be funded by transfer from your nominated account, or from an existing eligible Castle Trust Bank account via the Self Service Portal. If transferring from your nominated account you should use Sort Code 60-84-08, your Castle Trust Bank account number (which you will find on your welcome letter and on the Self Service Portal), and your full name as the payee.

If you are trying to fund your account within 24 hours of it being opened, you may receive a message stating that the account cannot be found.Depending on your bank, you can either proceed immediately or you may need to try again the following day. Please note, interest only starts to be applied from the point the account exceeds the minimum balance of £1,000.

Notice e-Saver accounts
Notice e-Saver accounts can only be funded by transfer from your nominated account, or from an existing eligible Castle Trust Bank account via the Self Service Portal. If transferring from your nominated account you should use Sort Code 60-84-08, your Castle Trust Bank account number (which you will find on your welcome letter and on the Self Service Portal), and your full name as the payee.

If you are trying to fund your account within 24 hours of it being opened, you may receive a message stating that the account cannot be found.Depending on your bank, you can either proceed immediately or you may need to try again the following day. Please note, interest only starts to be applied from the point the account exceeds the minimum balance of £1,000.

Fixed Rate Saver and Fixed Rate Cash ISA accounts
Using your nominated account, you can make a bank transfer into your savings account using the Sort Code 60-84-08 and your Castle Trust Bank account number (which you will find on your welcome letter and on the Self Service Portal), and your full name as the payee. You can also transfer money from an existing eligible Castle Trust Bank account through the Self Service Portal.

You can also fund your account by cheque. Make your cheque payable to ‘Castle Trust Bank’, write your name and account number on the back and post it to Castle Trust Bank, PO Box 78430, London, N17 1HE. We will credit funds to your account the next working day after we receive your cheque.

Transfer an ISA in from another provider

You can fund your Fixed Rate Cash ISA by ISA Transfer. To transfer funds from an ISA with another provider, you will need to complete the ISA Transfer In section of your application. We will then receive this the next working day and will contact your existing ISA provider to arrange the transfer to your Castle Trust Bank account. Please note that if your current ISA provider does not accept electronic signatures and requires an original signature, we will send a form to you via email and you will be required to return back to us in the post.

General: 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.

General: How do I apply for an ISA transfer?

ISA transfers are available for both our Fixed Rate e-Cash ISA accounts, and our Fixed Rate Cash ISA accounts.

To transfer funds from an ISA with another provider, you will need to complete the ISA Transfer In section of your application. We will then receive this the next working day and will contact your existing ISA provider to arrange the transfer to your Castle Trust Bank account. Please note that if your current ISA provider does not accept electronic signatures and requires an original signature, we will send a form to you via email and you will be required to return back to us in the post.

For more information on how the process works, take a look at our ISA Transfer Guide

General: What happens if my payment date falls on a weekend?

If your payment date falls on a weekend, or a Bank Holiday, the money will be in your nominated account by the end of the next working day.

General: What should I do if I receive a contact from you that looks suspicious?

Fraudsters are always trying new ways to get hold of people's money. Whilst some attempts are fairly easy to spot, others can be very convincing. If you have received any contact claiming to be from Castle Trust Bank that you suspect may not be genuine, please contact us to discuss before you take any action. The safest way to ensure you are contacting our team is to use a phone number or email address that you have previously used, or was included in correspondence you previously have received from us. Self Service Portal users can also send us a secure message.

General: What if I die while my account is open?

For Fixed Rate Accounts, if your account is in your sole name, your Executors will need to tell us what to do with it. Once we have received appropriate legal documentation in order for us to verify the Executor, they can either instruct us to close the account, or retain it on your behalf until the maturity date. If you have saved in joint names with someone else, we’d simply continue the account in their name until the end of the term. At maturity we will pay the full amount due to the surviving account holder.

For Notice e-Accounts, if your account is in your sole name, your Executors will need to tell us what to do with it. Once we have received appropriate legal documentation in order for us to verify the Executor, they can either instruct us to close the account, or retain it on your behalf. If you have saved in joint names with someone else, we’d simply continue the account in their name until the end of the term.

In relation to ISA accounts, we do not allow the transfer of the ISA to a surviving spouse or civil partner. We will, however, provide the relevant valuations upon the request of an alternative ISA provider, selected by the spouse or civil partner, to facilitate the transfer of the Additional Permitted Subscriptions in accordance with HMRC rules

Fixed Rate Accounts: What is a fixed rate account?

A fixed rate account 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.

Fixed Rate Accounts: 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.

Fixed Rate Accounts: Can I withdraw money from my Fixed Rate Saver/e-Saver?

Withdrawals are not permitted from our Fixed Rate Saver/e-Saver products, so it's important that you consider this before you open an account.

Fixed Rate Accounts: Can I withdraw money from my Fixed Rate Cash ISA/e-Cash ISA?

Fixed Rate Cash ISAs and Fixed Rate e-Cash ISAs have 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 Fee), for fixed term accounts: 1 year = 90 days' interest, 2 year = 180 days' interest, 3 year = 270 days' interest, 5 years = 360 days' interest.

Fixed Rate Accounts: What happens when my fixed rate savings account matures?

We will contact 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 2021 and chose to withdraw at maturity, you would receive your initial deposit plus any interest owed on 15 September 2022. 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.

Notice Accounts: What is a Notice e-Account?

A Notice e-Account allows you to withdraw some of your money (subject to leaving the minimum balance), or to withdraw all of your money and close the account, providing that you give us the appropriate amount of notice for the withdrawal or closure. The interest rate is variable which means that it can change – you can find more information about this in the question below.

Notice Accounts: Can Castle Trust Bank change the interest rate on my Notice e-Saver?

The interest rates on Notice e-Accounts are variable and can change at any time. We will notify you of any changes to the interest rate on your Notice e-Accounts as follows:

• if we increase the interest rate, we will notify you at the time of the change and the new interest rate will be applied to your account from that point forward.

• if we decrease the interest rate, we will provide advance notice of the reduction before it is applied. The notice we will give you will be equal to the Notice Period on your account plus an additional 14 calendar days

Notice Accounts: Can I withdraw money from my Notice e-Saver?

You can withdraw some of your money (subject to leaving the minimum balance), or withdraw all of your money and close the account, providing that you give us the appropriate amount of notice for the withdrawal or closure. The notice period applicable to your account can be found on your account Summary Box.

Housa customers – finding the latest House Price Index

The performance of Housas is linked to an appropriate House Price Index (HPI). All Housa customers were contacted in October 2020 to advise that ownership and administration of the National Non-Seasonally Adjusted Index, and the Quarterly Greater London Halifax Housing Price Index (the Halifax HPIs used by Housas) had moved to a company called Markit, and that Markit were re-basing the HPI calculation from November 2020. The new index provided by Markit would continue be calculated in the same way.

The outcome of this change was that there is now an additional step when calculating Housa valuations. The value comprises of any increase in value up to November 2020 (using the old Halifax HPI), PLUS any increase in value since November 2020 (using the new Markit HPI). A more detailed explanation of how your return is calculated is shown here:

Value = principal x multiple x [((1+old index growth) x (1+new index growth))-1]

Where:

Principal is how much you originally invested in your Housa
Multiple is the multiple, if any, applicable to your Housa
Old index growth is the growth in the relevant index as applicable to your original investment up to October 2020 under the old methodology
New index growth is the growth in the relevant index from October 2020 to the date of encashment under the new methodology

Markit do not publish the new index in a publicly available location, and we are no longer able to publish historic or current index levels. Markit will, however, provide Castle Trust Bank’s customers with details of the index if you contact them via economics@ihsmarkit.com stating that you wish to verify HPI figures for your Castle Trust Housa, quoting Castle Trust HPI in the subject line. Alternatively, you can contact us directly to obtain details of the index appropriate to your Housa.

Your latest Housa valuation can be found by logging into our Self Service Portal; alternatively, you can contact us directly and we will provide a valuation for you.

Funding your account

The easiest way to fund your savings account is by making a bank transfer. This should be made from your nominated account, using the Sort Code 60-84-08 and your Castle Trust Bank account number (which you will find on your welcome letter and on the Self Service Portal), and your full name as the payee.

If you are trying to fund your account within 24 hours of it being opened, you may receive a message stating that the account cannot be found. Depending on your bank, you can either proceed immediately or you may need to try again the following day. Please note, interest only starts to be applied from the point the account exceeds the minimum balance of £1,000.

Transfer your existing Cash ISAs
You can transfer your existing Cash ISAs into our Fixed Rate Cash ISA and Fixed Rate e-Cash ISA accounts. Transferring is simple, read on to find out more.

Fixed Rate e-Saver and Fixed Rate e-Cash ISA accounts

Fixed Rate e-Saver and Fixed Rate e-Cash ISA accounts can be funded by transfer from your nominated account, or from an existing eligible Castle Trust Bank account via the Self Service Portal. Fixed Rate e-Cash ISAs can also be funded by transferring existing Cash ISAs held with other providers. If transferring from your nominated account you should use Sort Code 60-84-08, your Castle Trust Bank account number (which you will find on your welcome letter and on the Self Service Portal), and your full name as the payee.

Fixed Rate Saver and Fixed Rate Cash ISA accounts

Using your nominated account, you can make a bank transfer into your savings account using the Sort Code 60-84-08 and your Castle Trust Bank account number (which you will find on your welcome letter and on the Self Service Portal), and your full name as the payee. You can also transfer money from an existing eligible Castle Trust Bank account through the Self Service Portal. Fixed Rate Cash ISAs can be funded by transferring existing Cash ISAs held with other providers.

You can fund your account by cheque. Make your cheque payable to ‘Castle Trust Bank’, write your name and account number on the back and post it to Castle Trust Bank, PO Box 6965, Basingstoke, Hampshire RG24 4XE. We will credit funds to your account the next working day after we receive your cheque.

Transfer an ISA in from another provider

ISA transfers are available for both our Fixed Rate e-Cash ISA accounts, and our Fixed Rate Cash ISA accounts. To transfer funds from an ISA with another provider, you will need to complete the ISA Transfer In section of your application. We will then receive this the next working day and will contact your existing ISA provider to arrange the transfer to your Castle Trust Bank account. Please note that if your current ISA provider does not accept electronic signatures and requires an original signature, we will send a form to you via email and you will be required to return back to us in the post.

Learn more about transferring your ISA with our Guide > Transferring Your ISA Guide

Applying as a Power of Attorney

Manage your account online

Our Self Service Portal makes it easy for you to keep on top of your Castle Trust Bank accounts online.

Everything you can do with the Self Service Portal

Once your log in has been activated you'll be able to:

Open a new savings account
Check your account balances
Send secure messages to our Team
View copies of correspondence that have been sent to you
View and download transactions
Provide maturity instructions
Download and use our banking app on your mobile phone

Getting your online account set up

Our e-Savers are designed to be managed online and so, as part of the application you will be asked to set up your Self Service Portal account.

If you hold an account with us and would like to set your Self Service Portal access, please call 0808 164 5000 or email us at savings@castletrust.co.uk and we’ll issue your online credentials to you.

Getting your online account set up

Managing your account online: guides

Take a look at our step by step guides to get you started with managing your savings accounts online, including placing your maturity instructions.

Logging in for the first time Logging in Placing your maturity instructions online Placing your maturity instructions through the mobile app

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, placing your maturity instructions 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

Looking for a document relating to your savings account?

You can find savings documents such as Terms and Conditions, application forms and more on the All Documents page.

Following our conversion to Castle Trust Bank, we have removed all Fortress Bond and Housa documentation from our website. If you were an Investments customer and would like a copy of documentation relating to your previous investment, please call us on 0808 164 5000 or email savings@castletrust.co.uk. Please be careful not to include sensitive personal information in any emails.

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. You can also email us at savings@castletrust.co.uk - please take care not to send us sensitive personal information by email, also please be aware we are unable to accept maturity instructions sent via email.

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.

Saving with Castle Trust Bank you are FSCS Protected

Your money's safe

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.