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what are 'exceptional circumstances' to close a fixed rate 1yr bond?

I'm wondering if anyone may now what kind of things are classed as 'exceptional circumstances' for closing a 1yr fixed rate bond account.

We finally managed to sell our house & are now in rented - we put the equity from the house sale into 1 year fixed rate bonds. A few of the bonds (Hisave ICICI and FirstSave with FBN) are quite specific and state that we CANNOT access our money until the bond matures unless by court order (we become bankrupt or one of us dies). However, a coupe of the accounts say that you can access the money with penalty (a charge and loss of interest) but only in 'exceptional circumstances' - but give no indication of what these exceptional circumstances maybe.

We now need to access a couple of the bonds and close the accounts early - any idea what these may be please? Wish I'd asked prior to opening but I really didn't think we'd need it!!

Huge thanks!

Comments

  • withnell
    withnell Posts: 1,629 Forumite
    Ring the places up and ask - if you've had them for a while, they'll most likely be glad to get rid due to the rate they'll be paying you, and won't charge a penalty!
  • Mikeyorks
    Mikeyorks Posts: 10,377 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    fatpig wrote:
    They never check

    No they don't check ....... they just freeze the account and request Probate before releasing any funds .... !
    If you want to test the depth of the water .........don't use both feet !
  • soulsaver
    soulsaver Posts: 6,402 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Well unless someone on here has access to Anglo Irish on the inside, we won't know. On a positive note if any of the fixes are with the PO (Bank of Ireland) they appear to be allowing breaks even though they officially don't allow them.
    Your Reason: Switch from FSCS guarantee which you relied on.
    Anglo: Depends when you took it out: Since October I'd push really hard for being misled by their advertising that it was guaranteed by the UK FSCS.
    Before that (or if you fancy your chances better with this one) or other than Anglo- try daughter's wedding sprung on you with short notice... ;)
    ....need private surgery to avoid NHS waiting list on a sudden diagnosis on your (mothers) hip replacement... care home fees.... made redundant...
    etc.

    Good luck...
  • Mikeyorks
    Mikeyorks Posts: 10,377 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    dawnkelly wrote: »
    We now need to access a couple of the bonds and close the accounts early - any idea what these may be please?

    The fact that you've mis-calculated and urgently need the funds .....will normally be enough, where they do offer an opt-out combined with penalty interest.
    If you want to test the depth of the water .........don't use both feet !
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