When your fixed rate bond term comes to an end you can choose to withdraw your lump sum – and the interest if you opted to have that paid into your savings account – and close the account, or you can choose to move your savings into another account.

You’ll need to make sure you let your provider know what you want to do with the money because if they don’t hear from you then they might move the amount to a new bond, which is likely to have a lower interest rate – if any rate at all.