BM no access 1 year bond

jingle68

Hi, i have a BM 1 year fixed rate bond which matures in Aug 2009. Unfortunately because of personal reasons i need access to the cash in May , i rang BM & they said i could not close the bond & it has to run to its maturity date. Is there not a way of getting access earlier in case of 'emergencies'?

Lokolo

Yes but emergencies usually cover things such as death, rather than car insurance renewal and such.

It'll be in the T&Cs.

silentfox

I am surprised as if you took it out in Aug 2008 then the rate of interest would be very high compared to now, so it would be in their interest to charge you a penalty and/or not pay you the interest and give you your money back.

I would write to them, ring and ask for the name of the head of customer services. The person on the phone only tells you what they see on a screen and aren't really in any position to make any changes to your account.

So write to head of customer service, explain your situation and even offer to agree to keep a certain % in a fixed rate bond at a lower interest rate (i.e. one that they are offering now) if you can have the amount you need, unless you need it all.

It would surprise me if they said no altogether. If this fails then remember it is now part of the Lloyds banking group, so write a letter to them (Lloyds head office), we do own it after all and cc your MP.

Providing you are happy to give up the interest and/or pay a penalty or offer to keep a certain portion with them, if they still say no then writing a letter and CC to your MP might not be the kind of publicity they are currently seeking.

Having said that I am sure if you explain the reason why you need it, I am sure they would try to help.

Oh yeah when you ring to get the name, just get the name, don’t go into details, or they will make notes on the system and your letter will get a reply before it is even opened.