Closing An Icici Fixed Account early; Anyone Done this?

Vancat

Hi
Daughter has been made redundant, and early 2008 took out a 3 year fixed bond or account with Icici.
She now really needs this money, (was approx 18k from an inheritance.)
Had she anticipated both her and her OH Both being made redundant within the last 4 weeks, :eek: she'd never have locked this sort of money away. Yes, I know......perhaps a silly thing to do, but this was someone not wanting to touch an inheritance and spend it.
Her company went into administration, therefore no monies/PILON whatsoever, and she'd only worked there 6 months anyway.
His company pay minimum redundancy, so payment less than 1K.
So, they need this money to keep afloat, and pay mortgage/bills/etc.
However, the T's & C's state that the only way to close the account early is 1) Death or 2) Bankruptcy!
As this money would prevent 2) and 1) doesn't bear thinking about, is there any way to get this money out of ICICI?
I would expect a hefty drop in interest paid, but,,,,,can she close it early??
VC

Stompa

Vancat wrote: »

I would expect a hefty drop in interest paid, but,,,,,can she close it early??

I believe this was a choice you had to make when you opened a fixed rate account. You could either opt to have no access until maturity, or alternatively allow early access (though at a lower rate, and a penalty if you did access early). Presumably she doesn't recall which she chose? Perhaps if she logs in to the account it will tell you?

Vancat

I'm sure she took the "No Early Access" option . She definately wanted to make sure she couldn't spend it on shoes and handbags....shame it's mortgage and bills that it's needed for now.
VC

Stompa

Vancat wrote: »

I'm sure she took the "No Early Access" option . She definately wanted to make sure she couldn't spend it on shoes and handbags....shame it's mortgage and bills that it's needed for now.
VC

In than case I imagine she's out of luck. It might be worth actually asking them though just to make sure.

Vancat

Thanks Stompa
She's already asked; they said "No."
Looking at their T's & C's though, it does say that they can close the account if certain criteria aren't followed;
One is that you must have an active e mail account/internet access.
They are having big problems at the moment with intermittent B/B outages (as verified by Virgin Media), and this is also causing problems while trying to job search etc. (One day their b band works, the next it doesn't....)
Wonder if that would be reason enough for THEM to close the account???;)
May suggest she calls them, and says she will no longer have e mail access or internet access.......
VC

97trophy

I think ICICI will offer you a loan secured by your fixed term deposit.....not ideal at all.

Vancat

Really?
Oh well, suppose I'll have to be the Bank of Mum then....and loan her the amount until it matures if necessary!