We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Fixed-term bond break
justaquickie
Posts: 66 Forumite
Does anyone know if banks/BSs involved in mergers and takeovers are legally obliged to allow savers to close fixed-tem bonds early? - and if so, without penalty?
All the work to stay within compensation limits can be undone leaving you dangerously exposed. I know KE offered break rates, but many others only seem to allow closure for genuine personal disasters. Nationwide/Derbyshire? Lloyds/HBOS?
All the work to stay within compensation limits can be undone leaving you dangerously exposed. I know KE offered break rates, but many others only seem to allow closure for genuine personal disasters. Nationwide/Derbyshire? Lloyds/HBOS?
0
Comments
-
are legally obliged to allow savers to close fixed-tem bonds early? - and if so, without penalty?
No and No. Only if they break the terms that were offered can they offer you a clean break.
Lloyds and HBOS are going to use individual licences for a while. Most fixed term deposits would have matured before they go to one licence.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
justaquickie wrote: »Does anyone know if banks/BSs involved in mergers and takeovers are legally obliged to allow savers to close fixed-tem bonds early
You only get the terms you signed upto when you took the bond out; sometimes there is mention of takeovers/mergers in the T&Cs. Its an interesting point you have raised and one that could be taken up with the FSA since they have to authorise these mergers - the result should not end up leaving you with less protection when they give the go ahead for a merger"How could I have been so mistaken as to trust the experts" - John F Kennedy 19620
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.5K Banking & Borrowing
- 254.1K Reduce Debt & Boost Income
- 455K Spending & Discounts
- 246.6K Work, Benefits & Business
- 602.9K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards