Fixed Saving Pots - Cash out before anniversary date

Help
1

Hello all,

Is it possible to cash out before the anniversary date of a fixed saving pot?
I still didn’t open one and couldn’t find information about any of the proposed one.

Thanks

2

Generally speaking (across whole market), some fixed rate savings accounts don’t allow early withdrawal whilst some do with an interest penalty (e.g. you don’t receive any interest if you withdraw early) or early exit fee. You need to check T&Cs in advance of opening.

I don’t know the situation with the specific accounts Monzo offers and for some reason they don’t make the T&Cs easily accessible in advance of account opening.

3

Looking at the T&Cs of the fixed term i have with OakNorth, you can only close or withdraw early due to exceptional circumstances which seem to be:

  • diagnosed with terminal illness
  • made bankrupt
  • something else “exceptional” but not specifically mentioned