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Credit card charges: Banks charging customers for using savings

Consumers who are looking to avoid incurring credit card charges by dipping into their savings may be hit by bank charges.

According to, the three top variable savings rates offered in UK banks all limit savers to less than four withdrawals.

If the saver exceeds their withdrawal limit, they lose up to 180 days worth of interest, which then goes directly to the bank.

Michelle Slade, a savings expert at, told the news provider: "To offset paying higher savings rates on easy access accounts, a number of providers have introduced limits or penalties for making a withdrawal.

"Savers need to ensure that they fully read the terms and conditions for committing to a savings account or they could find that they can't access their money when they need too."

Recent research by Scottish Widows revealed that money is the top topic of taboo among Brits, with three quarters saying it is just not something to discuss with friends and colleagues.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.

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