Not allowed to get money out of building society

Sarahsaver · 19 September 2005 at 1:51PM

i have some savings in a fixed rate bond but I need it for something. They have said I cannot get it out at all, theres not even a facility to get the money out and lose the interest. Can they do this? It is my money. I only put it in fixed cos I didnt think i would need it. Circumstances change!

lipidicman · 19 September 2005 at 1:54PM

What is the account? - then we could have a look at the T&C's if they are online

Sarahsaver · 19 September 2005 at 1:58PM

yorkshire building society
thanks

lipidicman · 19 September 2005 at 1:59PM

We may need the exact account - ie title (and issue number?) (but NOT your account number)

lipidicman · 19 September 2005 at 2:04PM

Look at this one with rbs:
http://www.rbs.co.uk/Personal_Finances/Savings_&_Investments/Savings_Accounts/Fixed_Rate_Bond/default.htm

note: NO withdrawals in the first year. You need to look at what you signed up to. This is perfectly legitimate if you signed up for this type of account. This should be for money that you will not need. Emergency funds should then be kept in another easier to access account. Live and learn!

Sarahsaver · 19 September 2005 at 2:06PM

5% 3yr fixed rate bond til nov 06

lipidicman · 19 September 2005 at 2:24PM

Can't find it on the website - but as I posted above, these accounts CAN have a 'no withdrawals for a set period' clause. Dig out the terms and conditions

grumbler · 19 September 2005 at 2:42PM

AFAIK generally bonds can be sold at any time and the price can be either higher or lower than the original one. Unfortunately, I don't know how to do this. It is worth posting the question again with more specific title.

lipidicman · 19 September 2005 at 2:44PM

I dont think these are 'bonds' but rather a 'fixed rate bond savings account' AFAIK these are two different animals

cattie · 19 September 2005 at 3:14PM

I don't know if it's any help to you, but I have a fixed rate savings bond with a private bank & when I made a query a few months ago about possibly withdrawing the money eary due to financial difficulties, I was told the only thing I could do is write to the Manager stating that I was in financial hardship & desperately in need of the money & my request would be considered, but if granted I may have to pay some kind of penalty fee. I haven't yet made the request as I've managed to muddle along so far, so can't report success or say what kind of penalty they would level to exit the bond.

dunstonh · 19 September 2005 at 4:36PM

A number of these fixed rate savings accounts (many incorrectly using the term bond), do not allow any withdrawals on them. The only ways to get access usually is to die!