Limited access accounts FAQs
What is a limited access account?
As its name suggests, a limited access account is a type of savings account where access to your funds are limited.
How often can you withdraw money?
This depends on the account you open, however there tend to be three main ways withdrawals are restricted:
- No withdrawals until a specified date.
- Limited withdrawals per tax year.
- Savings can only be used for specific reasons and by meeting certain conditions.
Not sticking to these will likely result in a penalty so make sure you read the restrictions on the product you're opening before making your decision.
Can interest rate change on a limited access account?
If the limited access account you choose isn't a fixed rate savings account, then the interest rate may be subject to change over time.
Is there a minimum balance for limited access accounts?
The minimum balance on limited access accounts vary. Please refer to the individual product terms and conditions for further information.