ATMs
Provided you were issued with an electronic account card for use with your savings account, you will be able both to withdraw and deposit funds at ATMs across the UK. Automatic Teller Machines, or ATMs, can be used in combination with an electronic account card and Personal Identification Number (PIN), which removes the need for a signature in order to verify the identity and presence of the card holder (see Fraud Protection and Security). Several types of savings account allow ATM access, but it is most usually offered by those accounts which allow you free access to your savings, such as Instant Access accounts (see Instant Access Savings).
The number of withdrawals you are allowed to make at an ATM with your electronic card may be limited depending on the type of savings account you have. This is to encourage longer-term investment and saving; charges may apply if you contravene the maximum annual or monthly withdrawal limit, or interest could be witheld on months where a withdrawal has taken place. ATM use with savings accounts is only recommended for emergencies, as penalties may be incurred if you withdraw money from a savings account on a regular basis. Cash deposits conducted at ATMs owned by the account host within normal working hours are instant, and so the funds will usually be available on the same day.
Access to money abroad via ATMs may not be supported by your savings account. Direct fund transfers from a UK savings account to a current account abroad are also usually forbidden. If they are allowed they are subject to fees and charges, the value of which will vary from institution to institution and may constitute a charge equal to a percentage of the transfer with a minimum and maximum total charge, or be a flat-rate fee. These penalties are usually quite costly, so it is sensible to only transfer larger amounts internationally when absolutely necessary. Transfer from a savings account to an international account can be facilitated indirectly by first transferring funds from the savings account to a current account and later transferring them abroad. Usually, direct transfers from an overseas account into a UK savings account are not allowed.
