Julian Hodge Bank 1Y FRISA Withdrawn

alastair_h

Just noticed this product has been withdrawn, I'll have to find a new home for my ISA money when FSCS sort out my Icesave account:-

Please note that in view of the reduction in Base Rate announced by the Bank of England on 6th November 2008 Julian Hodge Bank is temporarily withdrawing its Capital Millennium Bond and Fixed Rate ISA's for all New Applications. Updates will be posted on our website in due course.

http://www.julianhodgebank.com/personal/savings_isas.asp

Baldur

From memory, the last time that JHB withdrew FRISAs (maybe around 2002/2003), they only offered variable rate ISA products for quite some time before reverting to only offering FRISAs again.

Woodyemm_2

alastair_h wrote: »

Just noticed this product has been withdrawn, I'll have to find a new home for my ISA money when FSCS sort out my Icesave account:-

Please note that in view of the reduction in Base Rate announced by the Bank of England on 6th November 2008 Julian Hodge Bank is temporarily withdrawing its Capital Millennium Bond and Fixed Rate ISA's for all New Applications. Updates will be posted on our website in due course.

http://www.julianhodgebank.com/personal/savings_isas.asp

If you have taken out a Julian Hodge Bank Fixed Rate ISA Beware! Mine matures 14 November and I have been told that I have only 14 days for my new provider to claim the funds OR IT WILL BE TIED UP for 3 MONTHS - read their Terms and Conditions VERY CAREFULLY - That is if you receive them at all. We didn't receive the ToC at the time but didn't bother chasing them up - we should have, once your Fixed Rate ISA matures the money is put into a three month notice account after 14 days and there is nothing you can do about it except of course withdraw the funds which means you lose the whole reason for having an ISA. As you are all aware the situation currently means it is unlikely our new provider will get the claim to Julian Hodge in time .... so we have had to write to Julian Hodge and tell them NOT to transfer the funds to our new provider if they receive the request after the 14 days - we do not want to lose the interest gained, that would be pointless. So just beware - you have funds with Julian Hodge due to mature and they will automatically be put into a "notice" account.

Baldur

You should have received a letter from JHB about a month ago, outlining your maturity options (I certainly always have, including one which matured on 30th of last month).

On receipt of that letter, I applied to transfer to Manchester Building Society's 6.5% FRISA with an effective date of the maturity date of the JHB one - I also sent a copy of the transfer form to JHB for their information.

The transfer went extremely smoothly, with an immediate acknowledgement from JHB that they would transfer on the maturity date and acknowlegement of the successful transfer & passbook, showing the date of maturity as the date of deposit, received yesterday from MBS.

fullstop

Baldur , you did well to get your ISA with The Manchester BS, don't think it was on the market for long before it was pulled.

I have a Premier Sixty( just counting down the days to find a new home for most of it ) account with them and have always found the service quick and reliable, also they use a local Manchester 0161 phone number.

Baldur

fullstop wrote: »

.....don't think it was on the market for long before it was pulled.

Yes, you have to be quick on your feet in the current financial climate....