Are there any penalties for closing my Scottish Friendly account?

Scottish Friendly typically has policies regarding the closure of accounts that may include certain conditions and potential penalties. When an individual chooses to close their account, it is essential to consider the specific product associated with that account, as different products, such as savings plans or insurance policies, may have varying terms related to closure. Some accounts may incur penalties, such as surrender charges, particularly if they are closed before reaching a specified maturity period or if funds have been invested for a short duration. It is advisable for account holders to review the terms and conditions outlined in their account documentation to understand any applicable penalties or fees. Additionally, visiting the official Scottish Friendly website can provide current information and relevant contact details for further inquiries specific to individual circumstances.