Banky team Reviewed editorial answerAuto-renewal means that when a deposit or certificate reaches the end of its term, it is locked again for a new term on its own, unless you have given the bank other instructions. It is common, but not every product has it.
The Central Bank requires the key-facts statement to say whether there is auto-renewal, how many business days before renewal you can cancel it, and what the renewal rules are. Its customer-protection instructions treat renewal without your prior consent, or without notice and time to cancel, as an unfair term (except for products that renew by nature).
Note: the renewal rate is not known in advance; it is set by the product's terms at the time of renewal, so do not assume it will be the old rate.
If you travel or cannot follow up, ask the bank at the start: how do I give renewal or payout instructions from abroad, and what is the deadline? Check these items in the key-facts statement before you lock the money.