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Ways to pay in and withdraw from your savings account

Written by Ipswich Building Society

27 Nov 2020


Savings, Savings accounts

3 min read

We’ve outlined the simple ways to withdraw and deposit funds in your account.

How to pay into a savings account

At the Society there are various ways that members can pay into their savings account, making it as simple as possible. Ways in which you can pay into your account include:

Debit card – Make deposits to your savings account using your debit card at our Hadleigh, Halesworth and Mutual House branches, with a limit of £1,000 per day

Electronic transfer – Make a one-off payment and set up a standing order from your bank account.

Cheque – Deposit a cheque that has been made payable to you, the account holder.

Cash – Deposit cash into your account, noting we may ask you to confirm the source of the funds.

How to withdraw from your savings account

Looking to withdraw funds from your account? Simple ways to withdraw include:

Electronic transfer – Members can electronically transfer money out of their savings account, up to the sum of £25,000 per account. This is a free next working day transfer to a previously nominated current account in your name, but payment cannot be made to a third party.

CHAPS – For withdrawals over £25,000 or payments to be made to a third party, these are made via CHAPS. There is a £25 CHAPS charge payable for payments under £100,000. Payments of £100,000 and above are free of charge.
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.

Cash – You can withdraw cash from one of 9 branches or agency. Proof of identity and your passbook will be needed. A cash withdrawal limited to £1,000 per member, per day from branches apply.

Cheque – You can withdraw funds via cheque, this can be done in person or by writing into a branch. The maximum deposit you can withdraw is £100,000 a day per member.

For further information regarding savings accounts withdrawals click here.

You can find all the information regarding withdrawals in our customer information booklet. All members are advised to check the Ts & Cs 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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