What are the withdrawal limits on bank accounts?

The high street banks offer a lot of different accounts, from current accounts to savings accounts, tax-free ISAs and so on – and that can make it difficult to know how to get at your money.

Current accounts will usually be the easiest to withdraw from, as you may have a cash card or debit card that lets you take money directly out of your account at an ATM, just like the MasterCard® debit card you get with an Arro Personal Account.

Daily withdrawal limits will apply to this – but the advantage with a debit card is that if you hit the £250 limit for ATM withdrawals from an Arro Personal Account, you can still buy things directly using the card in-store via chip and pin, contactless payments and so on.

If you have a current account or savings account with one of the high street banks, then again, ATM withdrawals are an option, and the daily limit is usually around £250-300, or up to around £750 on premium accounts.

Bank account withdrawal limits in-branch

The amount you can withdraw over the counter depends on a few things, including the terms of your account, the bank you are with, and some practical things like whether you have the right ID with you.

For larger withdrawals you may need more ID – such as a passport and driving licence – and you might have to give a certain amount of notice, depending on your account.

Some long-term savings accounts may penalise you for making a withdrawal at all, for example by deducting some of the interest you have earned, while on ISAs you may lose part of that year’s tax-free allowance if you withdraw money you have paid in previously and don’t pay it back in before the tax year ends.

The exact terms vary a lot so make sure you know how much you can get, how quickly you can get it, and what the penalties or other fees might be for making a large withdrawal in a bank branch.

How to withdraw cash from a bank

You might think taking cash out of the bank would be one of the main reasons why they are there – but if you’ve ever tried to withdraw a large amount of cash from a bank you’ll know it’s not necessarily so easy.

Assuming you have all the ID you need and have given any advance notice required, you’ll usually have a choice to take the money as actual cash, or as a banker’s draft – similar to a cheque – that you can take and pay into another account elsewhere.

There’s usually a charge for a banker’s draft, and there may even be a charge if you want the cash as £50 notes rather than as a large stack of £20 or even £10 notes – which can be hard to hide about your person when you leave the branch.

Alternatives to large cash bank withdrawals

So what are the other ways to make large payments or transfers, without having to max out on your daily account withdrawal limit?

An Arro Personal Account is not technically a bank account – it’s an online electronic money account – but it offers many of the same payment options.

You can make up to £250 of cash withdrawals from any compatible ATM using your MasterCard® debit card, so there’s no waiting in line in a branch to get your hands on a good amount of cash when you need it.

Some retailers may also offer cashback when you pay by debit card in-store, so for example you could pay an extra £20 on your card, and receive that £20 as cash out of the till.

But there are plenty of ways to transfer large amounts without needing to use cash at all, including Faster Payments via your online money management dashboard when you have an Arro Personal Account.

And your MasterCard® debit card can make chip and pin payments or online purchases with a much higher limit, as long as you have sufficient funds in your account.

Get an Arro Personal Account today

To open an Arro Personal Account, just complete our quick three-minute signup form to tell us your name, age, UK address and contact details.

We will set up your new account and get the details to you immediately – including your virtual MasterCard® debit card details via SMS so you can start making online purchases without delay.