Taking money out

You can withdraw online, by post and in branch, depending on your account terms. Electronic payments from your account can only be credited to your nominated bank account.

FAQs about nominated bank account

How to request a withdrawal/closure

Online and Postal accounts

You can make a request to withdraw funds or close* your account online (if you have registered for online services), by phone or by post.

*To close your account through the online banking service, please use the secure message function to send your closure request.

Branch accounts

If you opened your account in branch, you can make a request to withdraw or close your account by phone, post or by visiting one of our branches.

For notice accounts

Not all notice accounts allow withdrawals without giving the full amount of notice. If your account allows immediate access, it will be subject to a loss of interest.

Please refer to the product specific terms and conditions of your account for further details.

For fixed term accounts

Not all fixed rate bonds allow withdrawals during the fixed rate period. If your bond allows you to make a withdrawal during the fixed rate period, it will be subject to a loss of interest.

Please refer to the product specific terms and conditions of your account for further details.

We understand that things can change unexpectedly and so, if you have an account that doesn’t allow access and you require your savings earlier than your notice period allows or before your maturity date, you can call us to discuss this. We may ask you to help us understand your change in circumstance which may include a request for supporting documentation. Any decision that is made, is at our discretion.

To request a withdrawal or to close your account, you’ll need to provide us with the following:

By post

A signed letter detailing your request or alternatively, you can download and complete a withdrawal/closure form. Please send your request to OneSavings Bank, Sunderland, SR43 4AB.

Online/by phone

• The date you want your savings to leave your account, or when you would like your account to close; and
• The amount you would like to withdraw, and/or confirmation that you would like to close your account (if applicable).

In branch

Please bring your passbook (if applicable) and identification with you. You can find a list of the documents we accept in our Proof of ID and address leaflet.

For details on how to get in touch, visit our contact us page.

Electronic payment requests

Electronic payments (e.g. CHAPS, bank transfers) will only be sent to your nominated bank account. If you change or add a new nominated bank account, please allow additional time for the change to take effect. It’ll take one working day to validate your new nominated bank account, which will result in the payment timescales being delayed by one day. Click here for further information about nominated bank accounts.

If we receive your payment request before 3.30pm on a working day your funds will be transferred to the receiving bank/building society on the same day you requested them.

If we receive your payment request after 3.30pm or on a non-working day (weekends and bank holidays), your funds will be transferred to the receiving bank/building society the next working day.

Please note CHAPS requests cannot be made online. Please call us if you want to make a CHAPS payment, these may incur a charge.

Please be aware that if you send us a withdrawal/closure request by post, you may receive your money a day later than the timescales shown above.

There is no limit on how much you can withdraw, subject to funds being available in the account and your specific terms and conditions.

Cash withdrawal requests

Cash withdrawals can only be made by customers who opened their account(s) in a branch.

Cheque withdrawal requests

Cheque withdrawals aren’t available for accounts opened online.