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Need A Loan...Have Savings But Can't Access!!

pvincent
pvincent Posts: 36 Forumite
in Loans
Hi,

Well due to various factors I put all of my recent savings (£3000) into the AA Internet Saver account.

I thought "why would they not let you touch it if the interest was 4% pa"...apparently I was wrong. I stupidly thought the rate was 4% per month.

Well now I'm practially out of work and can't find another job. I have outgoings each month of £190 and not much more than that in my bank account!

Here are my questions:

1. Will the bank (RBS) be able to give me a loan for the amount I have in savings?
2. If so what would the rate be like?
3. My credit card (which I don't use...yet) is set to pay the full amount each month. Is it possible to change it to pay only the minimum payment? Since it looks like I may have to start using it.

4. Anyone know where a qualified A+ [Computer] Technician can get a job!?

Also, I have an overdraft of £500 which again I don't want to use and obviously it will run out eventually. So I really need to access my savings (or the value thereof).

Any help is greatly appreciated!

Comments

  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    This is a stupid post. If you are not a troll why not withdraw your savings?
    No you will not be eligible for a loan to the same amount of your savings - are you practically out of work or really out of work - get a new job any job!
  • pvincent
    pvincent Posts: 36 Forumite
    Note in the title : "I can't access my savings"

    It's a fixed rate 16 month term with no access. I can't get the money til next December.

    I am very part time at work. Haven't been paid in two months. It's a small business.
  • Typhoon2000
    Typhoon2000 Posts: 1,187 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    AA Internet Saver

    Account benefits
    • Invest from £1 up to £1 million.
    • Earn 3.30% gross p.a./AER on balances of £50,000 or above. Rate includes a 12-month bonus of 2.80% gross p.a.
    • Earn 3.15% gross p.a./AER on balances from £1 up to £49,999. Rate includes a 12-month bonus of 2.65% gross p.a.
    • Apply for and manage your account securely online.
    • Make unlimited transactions using your Linked Account with no-notice withdrawals.
    • View full and mini statements onlin
  • talana
    talana Posts: 1,077 Forumite
    Typhoon2000 wrote: »
    AA Internet Saver

    Account benefits
    • Invest from £1 up to £1 million.
    • Earn 3.30% gross p.a./AER on balances of £50,000 or above. Rate includes a 12-month bonus of 2.80% gross p.a.
    • Earn 3.15% gross p.a./AER on balances from £1 up to £49,999. Rate includes a 12-month bonus of 2.65% gross p.a.
    • Apply for and manage your account securely online.
    • Make unlimited transactions using your Linked Account with no-notice withdrawals.
    • View full and mini statements onlin

    Although the OP does say the AA Internet Saver, he also says it's the fixed-rate term account. Assuming he means the latter then......

    Withdrawal Arrangements
    Fixed accounts less than 2 years - no withdrawals are allowed
    Fixed accounts for 2 years and above - withdrawals are allowed
    subject to 90 days loss of interest on the amount withdrawn
  • pvincent
    pvincent Posts: 36 Forumite
    Yes Talana, that's my account unfortunately. Not sure of the name as all their accounts sound quite similar.

    So no one has any advice? I worked out if I stay in the next five weeks and sell a few things on ebay I can have a cushion of £700 going into January which will hopefully last me til I find another job.

    I won't be using a fixed term, no access savings account ever again!
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Have you actually asked them if you can close the account early due to your circumstances.
    The reason why I ask is that this account must be a loss leader for them due to low interest rates elsewhere - there must be a business case here for them to be better off closing the account down and not having to pay you 4% interest?
  • cattie
    cattie Posts: 8,846 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Often with fixed term bonds or accounts if you write to the financial instution explaining why you are in hardship & in need of withdrawing your money earlier than the term of the savings account, consideration will be given to your request. Job loss is a very valid reason & most institutions will be understanding, but sometimes a penalty can be imposed for early closure of the account.
    The bigger the bargain, the better I feel.

    I should mention that there's only one of me, don't confuse me with others of the same name.
  • JasX
    JasX Posts: 3,996 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    any loan interest and what you're paying on the overdraft will more than wipe out any savings interest and/or early exit penalties. as per the above posts do whatever it take to get that money back
  • Pete*G_4
    Pete*G_4 Posts: 552 Forumite
    Can't you write and ask to just withdraw a percentage of the amount, keeping the account open? I'm sure they'd be reasonable and grant your request.
    GREENS M'SHIP OFFER NOW CLOSED SO PLEASE DON'T ASK ME!
    Olympic Debt-free Challenge £2150/£11900 = 18.0%
    NOW INVESTIGATING AN ALTERNATIVE TO MY IVA - I WOULDN'T RECOMMEND ONE ANY MORE!
  • pvincent
    pvincent Posts: 36 Forumite
    I rang up awhile ago and the person I spoke to said there was no way to close the account and he "could if he would".

    I'll write to them and see what they say. Thanks for the advice.
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