If I use a savings account to secure a personal loan, is the savings account locked for the term of the loan? What if I need the money for an unexpected emergency? Is it possible to still access it? Does this vary by bank?
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It would be unusual for a bank to release its collateral, unless the loan balance had been paid down. In that case, the lender might be willing to release any amount in the savings account that is over and above the amount needed to cover the loan balance.
That represents a general understanding of how most banks would respond to such a request involving a savings-secured loan. However, as you have suggested, you'd have to speak to the individual lender to know its policy.
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It would be unusual for a bank to release its 