Early withdrawal penalty

This one does what it says on the tin - it gives you a penalty for early withdrawal!

Basically, there will usually be a loss of interest if you take money out of an account before a given agreed time, or perhaps if you make too many withdrawals.

One example would be an account that pays say a 2% bonus of interest if you only make one withdrawal from it in the course of the year: therefore if you take out more than one you will forfeit that bonus.

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