Can I withdraw from my savings?
If you have a loan, requests for share withdrawals from your main account (blue book) have to go before Credit Committee.
This is for a number of reasons:
- Savings are security on your loan
- Your savings are insured in the event of your death
- Good savings are important if you need to increase your loan
The maximum amount of cash that can be withdrawn from your account in any one day is £5,000. If you wish to withdraw more than that it would be issued as a cheque.
What About Withdrawals from My Sub Account?
You withdraw whenever you want from your sub account (as loan as there is no loan attached to it) – that’s why it’s perfect if you want to save a bit for a special occasion or even that dreaded rainy day!
Are my Savings Secure?
Yes – members shares are fully protected under the Financial Services Compensation Scheme (FSCS). For more information visit www.fscs.org.uk.