Starting today, several major UK banks have rolled out new withdrawal limits for customers aged 62 and over. The move is part of a nationwide effort to improve fraud protection, reduce financial crime, and modernise cash-access systems.
What’s Changing
-
Daily and weekly withdrawal limits: Older customers will now face reduced cash withdrawal limits at ATMs and in-branch counters. The exact amount varies by bank, but most have set daily caps between £300 and £500, with additional weekly limits.
-
Advance notice for large withdrawals: Cash withdrawals over the new limits may require 24–48 hours’ notice to the bank.
-
Extra identity checks: Withdrawals made by third parties, such as relatives or carers, will require enhanced ID verification.
-
Branch monitoring: Banks will review repeated large withdrawals to identify possible financial abuse or scams.
HMRC Announces £300 Bank Deduction for UK Pensioners – New Rule Effective from 11 Nov
Why the Change
Banks and regulators have introduced the policy to protect older customers, who are statistically more likely to fall victim to scams involving large cash withdrawals. The measures are also designed to modernise cash management as more transactions move to digital formats.
Impact on Customers
Customers aged 62 and above may find they need to plan their cash needs ahead of time. While routine small withdrawals remain unaffected, those who regularly take out large sums for personal or household expenses will now need to coordinate directly with their bank.
Banks have reassured customers that these rules are not meant to restrict access to their money, but to make sure large transactions are safe and properly authorised.
What You Can Do
-
Check your bank’s specific limits — each institution has its own rules.
-
Inform your bank early if you expect to withdraw more than the daily cap.
-
Keep your ID and contact details up to date.
-
Ask for help if you are unfamiliar with digital or mobile banking — most banks now offer in-branch tutorials or phone support.
-
Be cautious of scams — banks will never ask you to withdraw or transfer cash for “security checks.”
DWP Confirms 2025 Benefit Cuts – Major Rule Changes Begin 11 November
FAQ – Withdrawal Limit Changes for Over-62s
1. Who is affected by the new rule?
All bank customers aged 62 or older at participating UK banks.
2. What are the new limits?
Typical daily withdrawal caps are now £300–£500, with weekly limits also introduced. Amounts may vary by bank.
3. Why are banks introducing this change?
To help protect older customers from fraud and prevent unauthorised or suspicious cash withdrawals.
4. Can I still withdraw large sums?
Yes — but you’ll likely need to notify your bank in advance and provide proof of purpose or identity.
5. When does the rule start?
The new withdrawal limits take effect today.
6. Does this affect online or card payments?
No. These limits apply only to cash withdrawals from ATMs or branches.
7. What if I find this difficult?
Contact your bank’s customer service — they can help set up alternative access arrangements, such as trusted contacts or scheduled withdrawals.
