Withdrawing

Good to know

The way you can withdraw money depends on the type of account you have. Please check your savings product account terms and conditions. These will tell you how and when you’re allowed to make withdrawals.

Important information on scams

We’re committed to helping you protect yourself against fraud.

You may be contacted by individuals who are posing as police, government agencies, fraud prevention teams, financial advisors or even investment companies. They contact people and encourage them to transfer their savings to another provider.

This is a scam. The money is transferred into accounts controlled by the fraudster, which allows them to easily steal it. If this happens to you, please talk to us before acting. They might tell you not to discuss it with us. This is part of the scam.

To get in touch, please call us on 0345 608 0783 or visit your local branch. Please be aware that we may be unable to reclaim any funds you have willingly transferred out of your account.

There are many other types of scams that you need to be aware of to protect yourself against fraud. Read more about Fraud and Security.

Things to consider when withdrawing

Withdrawals are subject to your account’s terms and conditions. There needs to be sufficient cleared funds in your account to cover your withdrawal.

• You can make withdrawals against electronic payments (Faster Payments and CHAPS) immediately once we have received the funds.
• Deposits made by debit cards must be cleared before the money is able to be withdrawn. This takes by the end of the 2nd business day after we receive it.
• Withdrawals against cheques paid into your account can be made four business days after we receive it. This includes the day of deposit.
• For all accounts, some banks and building societies might not be unable to accept payments through the Faster Payments or CHAPS payment methods. 

Verifying your nominated account

Any electronic withdrawals from your savings account(s) must be to a UK bank or building society account in your own name. For your protection, if you set up or change a nominated account, it will be subject to our nominated account verification check. If we can’t verify that the account is held in your name, we'll let you know. We will also tell you what evidence you’ll need to provide.

When you've provided the evidence, you can then make withdrawals to your new nominated account where your account allows.

Why do we verify?

We take your account security very seriously. A really important way of preventing fraud is to verify your nominated account details. It helps us keep your money safe and secure. If someone contacts you to make a transaction or set up a new payee, please do not proceed and call our 24/7 fraud line on 0345 850 0469 immediately.

How do we verify?

When you add your nominated account details, we run an electronic verification check. We’re checking the bank or building society details you provide are registered in the UK and held in your name. If we're able to verify your nominated account details this way, you'll able to withdraw straight away.

To help make sure your payments go to the right place and reduce the risk of fraud, we use an industry-wide service called Confirmation of Payee (CoP). When you add a nominated bank account, we will check the name on the receiving account matches the details on your Skipton account (you can have up to 2 nominated accounts in your own name).

If we can't match your details

1. We'll ask for evidence

• This can be in the form of a bank or building society statement or passbook.
• The statement should show that you are named on the account. It needs to include your address, your nominated account details, and have been issued in the last 60 days.
• The passbook should be for the nominated account (not your Skipton passbook).

2. Providing the evidence

You can provide your statement online, in branch or by post. If you'd like to provide your passbook, you can do this in branch or by post.

3. We'll review the evidence

Once we receive your statement / passbook, we aim to review this within one working day. We’ll confirm by email if we've successfully verified your nominated account. You'll then be able to make withdrawals to your new nominated account.

If we don't receive your statement or passbook within 21 days, we’ll remove the nominated account details.

Proving evidence online – how to upload a statement

You can upload your statement using our secure Adobe Sign service. 

Ways to withdraw funds

You're able to withdraw in branch, by post or over the phone.

Please note, when visiting a branch to make a withdrawal, you may be asked to provide identification.

Cash

Cash withdrawals can only be processed in a branch. You'll need to provide either a passbook, or photo ID and can request up to a maximum of £500 in cash daily.

Cheque

• You can request a cheque withdrawal in branch, over the phone (if your account allows it) or by writing to us.
• You can withdraw up to £125,000 per day from each account in branch. In some branches, where authorisation is available, you can withdraw up to £150,000 per day. For withdrawals exceeding £150,000, a cheque will be sent to you by post from our Principal Office in Skipton.

Electronic payments

You can request a withdrawal by Faster Payments or CHAPS in branch, over the phone or by writing to us (if your account allows it). Any electronic payment must be made to one of your nominated accounts, which must be a UK bank or building society account in your own name.

Faster Payments

Faster Payments allow transfers of up to £100,000. The scheme aims to make same day payment, as long as you send the instruction before 8pm. Payments must be made to a UK bank or building society account in your own name. The account must also be a member of the Faster Payments scheme. 

To find out more, visit our Faster Payments page.

CHAPS payments

CHAPS (Clearing House Automated Payment System) is a Telegraphic Transfer system. It allows you to make same business day withdrawals and deposits for your saving accounts. If the instruction is received by 3.30pm, same business day payment is guaranteed. To find out more, visit our CHAPS payments page.

Arranging for someone to withdraw on your behalf

If you’re unable to get into branch yourself, you can authorise a third-party representative to make a withdrawal on your behalf. This is subject to your account terms and conditions. You'll need to complete the Third-Party Withdrawal Form.

Once you’ve completed the form, ask the third party to bring it into a branch. When they do, we’ll call you to confirm you’re happy to go ahead with the transaction. Use our branch finder to find your nearest branch.

Third Party Withdrawal Form [PDF]

Making a withdrawal from your online account

• For security reasons, you can’t withdraw from an online account within 14 days of us receiving your first payment into the account.
• Online requests received before the payment cut-off time of 8pm on a business day will arrive in your nominated account no later than midnight of the next business day.
• Any requests received after 8pm, or on a non-business day, will be processed on the next business day.
• If total payments from your online accounts exceed £30,000 on any day, you’ll be asked to get in touch with us by phone. We won’t process your request until you have completed this step.
• Payments over £100,000 made online are automatically processed using CHAPS. If you want to guarantee same day payment, you must request this before 3:30pm. Please note we can't send payments to third party accounts. The account you're sending funds to must be a UK bank or building society account held in your own name.

Ways to withdraw funds online

You can only withdraw through Skipton Online or the Skipton Mobile app and you must have registered your extra layer of security.

To withdraw through Skipton Online

• Log in to Skipton Online and select 'Withdraw' next to the relevant account.
• If you’re making a withdrawal to an external bank account, you'll need to provide details from your extra layer of security. Please note if you’re transferring into an external bank or building society account it must be a nominated account. That nominated account must be a UK bank or building society account held in your own name. You can set up a nominated account by logging in to Skipton Online.

To withdraw through the Skipton mobile app

• If you haven't already done so, you'll need to install the app.
• To withdraw to an existing nominated account, just log in to the app and select the account you want to withdraw from and follow the instructions.
• Before you can withdraw to a new nominated account, you'll need to set up the new nominated account in Skipton Online. We’ll ask you to provide details from your extra layer of security.
• The nominated account must be a UK bank or building society account held in your own name. If we’re unable to verify the nominated account is in your name, we'll ask you for evidence. When you've provided this, you can make withdrawals to your new nominated account through the app.

Access to your money

If you have money in a fixed rate or limited access account (such as a notice account), the terms and conditions of your account contain restrictions on withdrawals.

However, we understand that circumstances change.

• If you need access these savings due to a change in circumstances for you or a member of your immediate family since you opened the account, please get in touch.
• Under certain circumstances, we can review whether the restrictions should apply.
• You can also find more detail about this in your account terms and conditions.

If you have a Lifetime ISA, any withdrawals within the first 12 months of your first payment will incur a 25% government withdrawal charge. This means you would get back less than you paid in.

• After the first 12 months, you can withdraw money to buy your first home up to a purchase price of £450,000.
• However, if you withdraw money for any other reason, before the age of 60, the government withdrawal charge applies.
• The only exception is if you are diagnosed with a terminal illness.

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