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How to withdraw from your savings account

Written by Ipswich Building Society

14 Sep 2020


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


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.


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.


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.

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