Can a UK bank refuse to hand me my savings in cash ?
With interest rates almost zero and the prevailing uncertainty (shares in banks are falling quickly) I would like my savings in my home safe instead.
i understand your concern however you may be unaware that savings upto 50K per individual per bank are guaranteed, even if the bank folded tomorrow you will still have that cash 100% guaranteed. this is something the FSA stipulate all banks and building societies must agree to, basically they all pay into a pot of money so if anyone of the members collapses the customers are protected.
if you do have more then 50k in savings just distribute the savings so you have no more then 50k in each bank eg 50k in Barclay's, 50k in abbey, 50k in nationwide. that way you are fully protected and will not lose your money no matter what happens to any institution.
just ignore the interest rate being so low at least your money will be far more secure in a bank then if it was just stowed away at home.
If u still want to withdraw your cash the bank are obliged to give you the cash as cash but you may have to give them a notice period, typically 7 days for sums over 5k
hope this helps
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