Investment & Investing

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frank9755 in reply to @Jonny69

I've got one of those accounts and yes, you're reading it right. One withdrawal would be fine.

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Jonny69 in reply to @frank9755

Thanks. So the catch is that the daily withdrawal limit is £50k, so the max you can take out without penalty would be £200k. Say you maxed out the account at the full £250k, you wouldn’t be able to take the remainder out until the end of the year, else you incur a penalty charge equivalent to 50 days interest. There’s probably some maths you could do if you were up there 👍

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frank9755 in reply to @Jonny69

Ah, OK, I never had that much in!

Best advice is normally to open other accounts if you get to £85k so you keep the fca protection, so you would split £250 k between the best three different accounts you can find

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