Breaking out of a fixed term deposit

intex

Hi All,

I have some money saved in a 1 year fixed term deposit account. The terms and condtions of my bank state that you are NOT allowed to close the fixed term account early.

However, I would like to close my account early and get access to my deposit. Is this possible? Has anyone ever successfully done this before? Are there any FSA or Finanical Ombudsman loop holes I could take advantage of here? Or any legal stuff I could use to my advantage?

Lokolo

intex wrote: »

Hi All,

I have some money saved in a 1 year fixed term deposit account. The terms and condtions of my bank state that you are NOT allowed to close the fixed term account early.

However, I would like to close my account early and get access to my deposit. Is this possible? Has anyone ever successfully done this before? Are there any FSA or Finanical Ombudsman loop holes I could take advantage of here? Or any legal stuff I could use to my advantage?

Usually you can close it but you lose all interest. try reading the T&Cs?

intex

Lokolo wrote: »

Usually you can close it but you lose all interest. try reading the T&Cs?

As I said in my original post, I have read the Terms and Conditions and it says you can NOT close a fixed term account early unless you are moving abroad, which I am not.

opinions4u

There will be no FSA loopholes here.

Clear product offering, clear terms and conditions, you're the one that wants to break them and they don't have to comply.

You could try dreaming up a sob-story and asking them nicely - but no guarantees that they will agree anything.

Baldur

intex wrote: »

As I said in my original post, I have read the Terms and Conditions and it says you can NOT close a fixed term account early unless you are moving abroad, which I am not.

If this is an ICICI Bank account (without the early access facility) there are two other instances where the account can be closed - holder's death or bankruptcy - neither of which are particularly attractive propositions.

Hungerdunger

This may sound rather unsympathetic, but quite honestly, you've entered a contract, and in order to benefit from a high interest rate you've agreed to lock the money away for a year.

Perhaps the lesson is that in future you really need to think of the implications of locking money away. Also you could look for other fixed term accounts which allow closure on loss of interest. I have a two year bond with the Leeds which allows me to make one withdrawal of up to 25% of the amount invested. Maybe that type of account would be more suitable.

Stavros_3

In laymans's terms you are shafted. Without trying to come across as being a smart asse, you should never, ever go into a fixed term account if there is the slightest possibility that you need the cash, in other words its written off until maturity or stand exhorbitant penalty fees. I have one with the 7% A & L that matures in January, I wrote the cash off, in that I didn't need access to it whatsoever. You have my sympathy if you cash it in