24 Hour Loans glossary of financial terms

Access

In financial terms the word access is most often used to describe the terms by which an individual can withdraw the money that they have placed into a financial product. So, if you have a current bank account, for example, then you will generally be able to access your money as and when you like whilst you have the agreed funds available.

There are various types of access available ? the type of access you have will depend on the type of account you hold. So, you can use instant access to get at your cash immediately with accounts such as current accounts, for example. There are also various types of restricted access accounts available ? these accounts may allow you to earn higher interest rates as you will be tying up your money for specific periods. For example, you may have an account with 7 day notice access ? here, you have to give 7 days notice to access your cash. If you do give notice then you can access your cash with no penalty. If you can?t or don?t give notice then you may lose out in the interest that is paid on the account etc.