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Cancelling a Sharesave/SAYE scheme

Sharesave or Save As You Earn (SAYE) is a cash saving scheme that lets you save towards buying shares in your company.

Frequently asked questions

Will I earn any interest if I do not complete my savings contract? When is the withdrawal interest rate used? How much interest will I receive?

If you withdraw your savings before completing your contract the following applies:

if repayment is made before the first anniversary of the starting date, no interest shall be payable;
if repayment is made before 12 monthly contributions have been paid, no interest shall be payable;
if repayment is made on or after the first anniversary of the starting date and at least 12 monthly contributions have been paid, interest shall be payable at the rate shown in the savings prospectus current at the time of the scheme's launch. The rates do change from time to time and, if interest rates are generally low, the early withdrawal interest rate can be set at zero.

Please note that if you miss a monthly contribution, the maturity date will be postponed by a month. The starting date field shown on this site shows the original scheme starting date (it does not take account of any missed contributions/revised starting dates).

Can I cancel one or more existing contracts to use more of my savings limit for this invitation?

What happens if I want to have my Sharesave savings repaid before the end of my savings period? How long will it be before I receive my savings?

You can withdraw your savings plus any applicable interest at any time and this money can be sent to you. If you choose to do this your savings account will be closed and you will not be able to buy your shares under option. You will need to notify your payroll to stop making any further deductions from your pay. Payment will be sent to you shortly after your account has been closed.