Looking for Ipswich Building Society? We’ve changed our name! Find out more. | We’ve won Best Building Society 2022 in the British Bank Awards! – Find out more.

How to withdraw from your savings account

Written by Ipswich Building Society

14 Sep 2020

Tags

Savings, Savings accounts

3 min read

Withdrawing funds or moving money from your savings to your current account should be a hassle-free process. If you are making a withdrawal, subject to the terms and conditions of your account, you could choose to do this by:

  • Cash
  • Cheque
  • CHAPs
  • Electronic payment

Cash

To make cash withdrawals, you will need to bring your passbook into branch to instruct us on the amount you would like to withdraw. If your account does not have a passbook, you will be asked to display proof of identity. The limit for withdrawing cash is set at £1000 per member per day.

Cheque

If you wish to make a cheque withdrawal, it is the same process as cash, or you can write to us enclosing your withdrawal instructions and passbook. The limit in which you can withdraw is £100,000 per member per day, the minimum amount is £25.

CHAPs

This method can be used on withdrawals over £25,000, or if payment is to a third party. Charges will be applied of £25 or free on transfers over £100,000. You will receive this information prior to any transactions being completed. Please ensure that you have Government issued photo identification with you and for CHAPS to a third party, you will be asked to provide evidence of the purpose of your withdrawal.

Electronic Payment

The Society offers electronic withdrawals for members from Monday to Friday, meaning you can move your money into your nominated current account easier and safer.

The process is simple, and you should see the transfer by the end of the next working day. If you wish to move money you can go into your local branch or send your request through the post. Any written requests to withdraw should be accompanied with confirmation of your bank account details and enclose your passbook.

The electronic payment withdrawal limit is set at £25,000 per member per day. If you wish to withdraw more than this, an alternate method such as a cheque or CHAPs may be more suitable. Please note through electronic payments you can only transfer your funds to a previously nominated current account in your name and not to any third parties.


You can find all the information regarding withdrawals in our customer information booklet.

All members are advised to check the T&C’s of their account as some may not offer instant access, or restrictions and penalties may apply.

This article was published under our previous name of Ipswich Building Society. We changed our name in 2021 – find out more.

Found this useful? Why not share

Keep informed and get involved.

Keep Informed

Sign up to our newsletter.

Our blog contains the latest goings-on and updates across the Society and you can follow us on Facebook, Twitter, LinkedIn or Instagram. Exclusively for our members we offer a monthly email round-up of must have stories and latest news, so sign up today.










    KEEP UP TO DATE

    Latest news and information

    Our blog contains the latest goings-on and updates across the Society and for members we offer a monthly roundup of must-have stories and latest news in our Freehold Post email newsletter.

    For announcements, alerts or tips follow us on Facebook, Twitter, LinkedIn or Instagram – we’re (almost) everywhere!

    Your browser is out-of-date.

    Welcome to our new website. This site is not fully supported in Internet Explorer.
    Please download one of the browsers below to continue using this website.

    • Google Chrome
    • Microsoft Edge