What's the definition of "emergency"? Anglo-Irish bank fixed rate product

p1an0player

I'm looking at putting something in the 5% account, fixed for one year.

I was looking at the T&Cs. Basically the penalty is 60 days interest if you withdraw early, which you can only do in the event of an emergency.

Do they need to agree that the event is an emergency? Or can you have your own reasons like:

a. worried about bank safety
b. want to buy a house
c. want to pay off debts

Thanks

p1an0player

I think also that 60 days interest penalty isn't too bad. If it's in for 6 months, you would be getting two thirds of the interest you should have got, which is probably comparable to a normal "high interest" account.

cos69

I would have thought that "emergency" was based on something that could not be foreseen or reasonably expected - like your house burning down. Unlikely the 3 reasons you give would be accepted as emergencies.

tradetime

Do they need to agree that the event is an emergency? Or can you have your own reasons like:

a. worried about bank safety
b. want to buy a house
c. want to pay off debts

I doubt any of those conditions would constitute an emergency in the banks eyes.
Examples might be; If you died and someone was doing probate on your estate
If you became seriously ill or injured and required money for medical expenses.
Legal claim to the money by a third party who has sued you.

soulsaver

When I was contemplating opening a second FTB recently with 'em I explained that I may need access to funds if I found a property 'bargain' and needed to access the funds at short notice, for purchase/deposit. They said this would be ok.
As it happened I decided that exposure to the level I was at already was prudent and on bal went with 1% less elsewhere (Halifax Guaranteed Saver which allows 4 withdrawals without pen etc) so I didn't follow up getting it in writing... and the rules may have changed - so I'd recommend phone up and ask 'I'm saving for a deposit for a house, and don't expect the market to have bottomed in the year, but in the event that I find a bargain....?'. If they say 'it'll be 'ok' I'd get their name & time of the call and confirm it in email - &/or ask for email confirmation ... and let us know the reult, please.
I do remember reading somewhere on here that a poster said he told them he needed it back and he said they refunded him & didn't charge the penalty!

soulsaver

BTW You could try 'the discovery that the CEO has been fudging accounts for the last 7/8 years... so gained your deposit by a confidence trick...'
http://www.iii.co.uk/investment/detail?code=cotn:ANGL.L&display=news&action=article&articleid=7079359&from=rss

bjorn_again

p1an0player wrote: »

I'm looking at putting something in the 5% account, fixed for one year.

I was looking at the T&Cs. Basically the penalty is 60 days interest if you withdraw early, which you can only do in the event of an emergency.

Do they need to agree that the event is an emergency? Or can you have your own reasons like:

a. worried about bank safety
b. want to buy a house
c. want to pay off debts

Thanks

Possibly you should look at something other than an FTD

soulsaver

soulsaver wrote: »

When I was contemplating opening a second FTB recently with 'em I explained that I may need access to funds if I found a property 'bargain' and needed to access the funds at short notice, for purchase/deposit. They said this would be ok.
As it happened I decided that exposure to the level I was at already was prudent and on bal went with 1% less elsewhere (Halifax Guaranteed Saver which allows 4 withdrawals without pen etc) so I didn't follow up getting it in writing... and the rules may have changed - so I'd recommend phone up and ask 'I'm saving for a deposit for a house, and don't expect the market to have bottomed in the year, but in the event that I find a bargain....?'. If they say 'it'll be 'ok' I'd get their name & time of the call and confirm it in email - &/or ask for email confirmation ... and let us know the reult, please.
I do remember reading somewhere on here that a poster said he told them he needed it back and he said they refunded him & didn't charge the penalty!

Thanks soulsaver, useful suggestion....

eeja

p1an0player wrote: »

I'm looking at putting something in the 5% account, fixed for one year.

I was looking at the T&Cs. Basically the penalty is 60 days interest if you withdraw early, which you can only do in the event of an emergency.

Do they need to agree that the event is an emergency? Or can you have your own reasons like:

a. worried about bank safety
b. want to buy a house
c. want to pay off debts

Thanks

Please realise thIS IS NOT Anglo Irish's penalty rate ! You in fact have a clear choice ...the penalty clause if you invest within the UK and the penalty clause if you place your deposit in the IOM. There the penalty clause is totally different and can be much less ie the amount of interest between the date you withdraw and the maturity date.
So read both clauses and take your choice as this bank is now controlled by the Eire government .