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If you require instant access to a small amount of savings, you could explore your instant access account options. These accounts are more suited to those who are more likely to need to withdraw from their savings. The issue with instant access accounts is that often their interest rate drops after the first year or they have a maximum balance over which you cannot earn interest.

However, for more significant savings, fixed rate bonds may be more appropriate. Fixed rate bonds allow you to access higher rates of interest in exchange for restricted access. Typically, fixed rate bonds run for 1 year2 years3 years or 5 years. As a general rule, longer fixed rate bonds offer the highest interest.

Although the majority of banks require you to leave your savings in the bond for the duration of the term, there are some banks that are prepared to provide access to your savings.

Written notice 

Depending on the bank, you may be given the option to withdraw your money from a fixed rate bond with written notice. If you choose to withdraw your money from a fixed rate bond, you will often have to wait a certain number of days to receive it. Typically, the notice period to withdraw money from a fixed rate bond is 30 to 40 days.  It should be noted that a withdrawal from a fixed rate bond will usually result in a charge, which will vary from bank to bank.

Early closure

Where withdrawals from fixed rate bonds are prohibited, you may be able to access your money by closing the bond early. This will usually result in losing out on a number of days’ worth of interest and, depending on how much you deposited in the first place, may result in receiving less money than you initially deposited.

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