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Not freely withdrawable savings account

What is a non-freely withdrawable savings account

For most savings accounts, there are all kinds of restrictions or conditions on the savings account. This includes limitations with regard to the availability of the money (not always immediately available or only against payment of substantial withdrawal costs) or, for example, the level of the interest (interest rate applies to the lowest balance in a period). Often, a somewhat higher rate applies for these types of accounts than for internet savings. However, the interest benefit is often minimal nowadays. That is why the choice is often made for much more flexible internet savings .

Main features of a savings account that cannot be withdrawn freely

We have listed the most important features of a non-freely withdrawable savings account below:

  • there is a variable interest rate;
  • often all kinds of conditions apply with regard to the withdrawal of the money;
  • admission fines or other costs often apply.

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