Transfer fees closing a savings account?

saver2000

Hi,

I am planning to transfer some deposit money to my solicitor, one of the accounts has over 20k (santander savings account), when I close this down am I likely to be charged a fee?

I have a variety of accounts so I am starting to shift the money around, I ideally would not like to get charged multiple fees.

eskbanker

I'm not aware of any savings account that charges a fee for closure, although I think some of the smaller building societies may demand a fee for an electronic transfer if you choose not to take the default cheque option.  As ever, check the Ts & Cs of any specific accounts that you're concerned about....

General_Grant

saver2000 said:

Hi,

I am planning to transfer some deposit money to my solicitor, one of the accounts has over 20k (santander savings account), when I close this down am I likely to be charged a fee?

I have a variety of accounts so I am starting to shift the money around, I ideally would not like to get charged multiple fees.

As eskbanker says, check the terms of your account.  Look to see whether there is an early closure/withdrawal deduction/loss of interest.  There are also some accounts where you simply cannot close the account or make any kind of withdrawal until the end of the agreed period of deposit but you will know what you have signed up for.

wizzards

saver2000 said:

Hi,

I am planning to transfer some deposit money to my solicitor, one of the accounts has over 20k (santander savings account), when I close this down am I likely to be charged a fee?

I have a variety of accounts so I am starting to shift the money around, I ideally would not like to get charged multiple fees.

Check the account terms.  Some have daily withdrawal limits.   If you have online banking with Santander its easy enough to move money between them online and also to external accounts.  You can also do this by phone.   However if you transfer to external accounts then its your responsibility to check sort code and account numbers very carefully before making a transfer etc. I normally empty an account leaving say the minimum deposit say £1 before closing it.  Don't forget to ask when you close it if there is any interest due as they should credit this at closure but its wise to check this in case you had interest due and closing the account would forfeit this for example.