Can I cancel my deposit prematurely?

Can I cancel my deposit prematurely?

If you have your savings on a deposit, you have in principle secured your money for the agreed time, namely for a minimum of a number of months and a maximum of 20 years. In exchange, you will receive a higher fixed interest rate than if you decide to save without securing your money. However, one bank is stricter in the possibilities for terminating a deposit in the meantime.

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Cancel deposit

Cancel deposit

A savings deposit is a savings account in which you deposit your money for a fixed time at a fixed interest rate. Because your savings are fixed for a longer period of time, for example for 10 years, a lot can happen between the moment of closing and the ending of the savings account. It is therefore possible that you need your savings earlier than agreed. Not every bank wants to return (part of) your money in the meantime. Only in the event of death will the savings be released free of charge at each bank.

A number of banks return your savings free of charge in more situations. Examples of this are divorce, disability, buying a house, unemployment or a marriage. Debts can also be a reason to be able to withdraw the savings free of charge. Every bank differs in this.

Do you not meet the exceptional situations that your bank poses? Then you may not have your money at some banks. You may withdraw an amount from other banks, but you must pay a fine.

Withdrawing cash – Fine

Withdrawing cash - Fine

The fine that you have to pay if you withdraw money in the meantime differs per bank. Cashieme is the only bank that does not charge a fine if you reclaim your savings in the meantime without giving a reason. The other banks charge a percentage of the withdrawn money per imperfect month or per year. A maximum percentage is often attached to this fine. The penalty percentage for interim withdrawal varies per bank, but is on average between 1.5 percent and 4.5 percent.

Tip! On BacS you can easily compare the highest savings interest and choose the deposit with the best interest, but also pay attention to the conditions. Under the ‘i’ you can read whether you can withdraw money in the meantime or not.

BacS is completely independent? This gives you a fair overview of the largest selection of savings deposits. This way you can easily find the most suitable savings deposit with the highest interest rate.

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