My deposit auto-renews and rates have changed: at what rate will it renew?

If your deposit renews automatically and rates have changed since you opened it, three things matter.

• Timing: cancelling the renewal has a deadline counted in business days before the renewal date, written in the key-facts statement. If it passes, the deposit renews.

• The rate: the renewal rate is set by the deposit's terms at the time of renewal, so it need not be your old rate, and no one can tell you whether it will be higher or lower. Ask the bank before the deadline: at what rate will it renew?

• Alternatives: if you want to compare before deciding, compare deposits at the same amount, term and payout schedule at today's rates, and remember that these are today's rates, not the renewal rate.

If you let it renew and then need to leave before the new term ends, the break rules apply.

• Check the key-facts statement: auto-renewal, the cancellation deadline and the renewal rules, and ask the bank to tell you the new rate before the renewal date.