Each savings account or ISA operates differently, this table gives you an overview of when you can pay in, withdraw or close your account:
|Type of account||Pay in||Withdraw or close|
|Instant access||Any time||Any time|
|Notice||Any time||After notice is given, or incur penalty|
|Fixed term||Not allowed||Incur penalty on whole amount*|
|Stocks and sahres||Any time||Any time|
* Excluding maturity
If you withdraw from an ISA you can only pay in up to your maximum ISA allowance until the end of the currency tax year.
You can pay money into your savings account by using:
Some accounts let you earn interest immediately on any money deposited as a cheque, but usually you will need to wait until the cheque has cleared before you earn any interest on it.
You can add money to an instant access or notice account whenever you want, but a fixed term account only lets you pay in money at the time of opening.
Once your fixed term account has matured it will become instant access, meaning you can add more money again.
For example, if you invested in a three year fixed term bond on the 1st January 2019, your maturity date will be three years later on the 1st January 2022.
You can either transfer the funds from another account with the same provider, or transfer funds from another account elsewhere.
If you pay a cheque into another account first you have to wait for it to clear before you can transfer the money across.
You can send money to your savings account through a bank transfer by quoting your account details. This can be from the same provider or another.
You may be charged for adding more money to your stocks and shares account, so make sure you ask your provider before doing so.
You can pay money in by:
If you are not sure what your investment account details are, check your stocks and shares paperwork.
If you still cannot find your account details, contact your provider for help.
Go to your provider's cashier and ask to make a withdrawal.
You will need your account passbook or certificate if one was issued when you opened the account.
* For example; a passport or driving licence.
If you are not sure what you need to take with you when you withdraw, call ahead and find out so you do not make a wasted trip.
If you operate your savings account online, you can transfer money to another account with the same provider or to a nominated account elsewhere.
You can then withdraw the funds in a branch (or an ATM if you transferred your money into a card account).
You need to contact your stocks and shares provider and ask to make a withdrawal.
You can do this at any time, however you will need to give yourself enough time for the money to be transferred into your nominated account (up to 24 hours) before you can physically withdraw the money
You will have chosen a nominated account when you first made an investment into your stocks and shares account.
There should not be any charges to withdraw money from your stocks and shares account, but make sure you ask just in case.
You have to follow the same rules that apply to making a withdrawal from your savings account.
Remember, if you put your money into a fixed term deal then you will be penalised for closing the account early.
The same applies to notice accounts. Do not close your account before you have held it for at least the notice period or you could end up with less than you put in.
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