Question:

Saving bank accounts..?

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If you open a savings account, it says if there are excessive withdrawals the money will be switched to another account that does not earn interest. How many withdrawals are considered a lot? Or how much money is considered a lot?

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2 ANSWERS


  1. You must have a money market acct.  By law you can only have 6 withdrawals from the Money mkt acct each month.


  2. It depends on the bank and what type of savings account it is! I know with the bank i work in excessive means about 3 then you will loose interest . The amounts could be between 1p and 1million pounds, i think it just goes on the transactions and not the amount,  but i would contact the bank or drop them an email just to double check as they will be different!

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