Savers making small withdrawals banished outside - Banking - News - Moneyfacts

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Savers making small withdrawals banished outside

Savers making small withdrawals banished outside

Category: Banking

Updated: 26/05/2010
First Published: 26/05/2010

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
Bank customers are being pushed away from using branches towards using cash machines and the internet in order to make withdrawals from their savings accounts.

Alliance & Leicester has become the latest high street name to increase the amount of cash that its customers will have to take out over the counter.

With effect from July, savers holding a basic bank account with the Santander-owned bank will have to withdraw at least £300 from their savings accounts if they wish to deal face to face with a cashier in branch.

Customers holding other types of saving account with the bank will be forced to take out a minimum of £30 over the counter.

The move comes after it was revealed Nationwide Building Society is to apply a minimum in-branch withdrawal figure of £100 to customers with its basic current account.

Taking cash out of a basic current account over the counter at HSBC is already a non-starter.

Michelle Slade, spokesperson at Moneyfacts.co.uk, expressed concern over the trend, particularly for those customers with small amounts of savings to their name.

"It will mean a big upheaval for many elderly savers who also tend to enjoy the reassurance of dealing with their financial matters face-to-face," she added.

"Those people who are less well off are going to literally be left out in the cold at the cash machine."

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Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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