Withdrawing from fixed rate saving accounts

JTeighty

Hi,

I am looking for a new savings account and am eyeing fixed accounts. What is the penalty for withdrawing from a fixed account? I don't mind if I lose a small amount of my interest. Does each account have its own penalties? I can't find any details.

Many thanks,

J

Totton

There is obviously a loss of interest and the a/c may have a withdrawal penalty, contact your supplier to check. I recently closed a Barclays monthly saver with no problem.

ColdIron

JTeighty wrote: »

Does each account have its own penalties?

Some allow early withdrawal with whatever penalties come with the account, some don't allow early withdrawal at all. Every account will state this clearly

PeacefulWaters

JTeighty wrote: »

What is the penalty for withdrawing from a fixed account?

It depends on the T&Cs of the specific account you take out.

I don't mind if I lose a small amount of my interest. Does each account have its own penalties?

Yes.

I can't find any details.

Research.

Halifax:
No withdrawals allowed. Early closure permitted. Closing your account before the end of the term will result in loss of interest and you may get back less than the original amount you deposited:
6 month term – 60 days’ gross interest
1 year term – 90 days’ gross interest
2 year term – 180 days’ gross interest
3 year term – 270 days’ gross interest
4 year term – 320 days’ gross interest
5 year term – 365 days’ gross interest

Leeds Building Society:
Withdrawals: withdraw up to 25% of your capital investment without notice or loss of interest, prior to maturity and subject to minimum balance of £100 being maintained.

Santander:
Access - No additional deposits, withdrawals or account closures are permitted

Ifts

There are some fixed rate savings listed here: http://moneyfacts.co.uk/savings/fixed-rate-bonds/

Click on 'details' of the one you are interested in and under 'Access' it will let you know if you have early access to the funds before maturity.

For example the 3 Year Fixed Rate Savings with The AA lets you have early access subject to a withdrawal penalty -

Access permitted subject to loss of interest depending on remaining term; 1 year or less - 90 day loss, up to 2 years - 180 day loss, up to 3 years - 270 day loss.