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Savers will need to access the Authenticator App or Digipass every time they login or try to make changes to their account.
No withdrawals are allowed before the account matures unless there are exceptional circumstances.
Moneyfacts.co.uk noted that savers can access their account when it is closed, but will be subject to a 150 day loss of interest as a penalty.
It should also be noted that the interest is not tax-free, meaning that any interest that exceeds one’s personal savings allowance may see savers paying tax.
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