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Why are the SpendOne SaveOne accounts closing and what does this mean for me?
SocietyOne have made a strategic decision to focus on our core business - fast and easy credit products and our credit score tool.
This decision means the closure of our SpendOne and SaveOne transaction and savings products.
What does this mean for customers?
From 11 July 2023, we will no longer be taking new customers. If you are an existing customer, please follow the steps below by 4 September 2023 to prepare your account(s) for closure.
- Withdraw all funds or transfer any remaining balance from your SpendOne and SaveOne accounts to another account, (your SaveOne account will be closed when the SpendOne account is closed)
- Get in touch with us via In-app messaging and let us know you'd like your SpendOne and SaveOne accounts to be closed and we'll take care of it.
- Be sure to stop regular payments in or out of your SpendOne and SaveOne accounts. This includes recurring payments linked to your card, direct debits where you have authorised a third party to debit your account at set times, or regular transfers that you have set up.
- Download your statements via the app by 4 September 2023
- Dispose of your physical card by cutting it up. Your card will remain operational until your accounts close.
The key dates that you should also be aware of include the following:
- Interest on your SaveOne account will continue to accrue until 31 July 2023 and will be credited into your SaveOne account on 1 August 2023.
- The interest rate applicable on your SaveOne account will be reduced to 0% p.a. from 31 July 2023.
- As part of our SpendOne SaveOne account closure process, Westpac is making changes to the Account Terms and Conditions, to reflect that accounts and features will no longer be available. Please click here to understand these changes and how they may affect you.
- Westpac, the issuer of the accounts, will start closing your accounts from 4 September 2023. If you would like to open a new account with Westpac to transfer your funds to, please click here.