Birmingham Midshires - withdrawals from 2 Yr Fixed Rate Bond

IsaCream_Man

The answer obtained via the website's internal email is that withdrawals ARE allowed, BUT are at their discretion and only in certain (unspecified) cases. This "may result in" a penalty of 90 days loss of interest. A request has to be in writing, and must contain an acceptance of the penalty along with a reason as to why a request for early withdrawal is being sought.

Not quite so straight forward as the FAQs or newspaper ads would have us believe then.

SevenOfNine

Stompa wrote: »

FWIW I've just had a BM bond mature. They sent a snail mail letter (with a snail mail form to be returned) asking what I wanted to do with the money. If I don't want it to stay with them, they send me a cheque. It all seems a bit primitive to me.

Stompa - you might have to read their instructions again, my maturity letter clearly states "can withdraw by BACS". On the back of the main letter under the heading "want to close your account".

Not so primitive! No need to return anything at all if you use the BACS option. :T

Stompa

SevenOfNine wrote: »

Stompa - you might have to read their instructions again, my maturity letter clearly states "can withdraw by BACS". On the back of the main letter under the heading "want to close your account".

Not so primitive! No need to return anything at all if you use the BACS option. :T

Thanks, I'd already spotted that (eventually!). See post #8.

atypical

IsaCream_Man wrote: »

The answer obtained via the website's internal email is that withdrawals ARE allowed, BUT are at their discretion and only in certain (unspecified) cases. This "may result in" a penalty of 90 days loss of interest. A request has to be in writing, and must contain an acceptance of the penalty along with a reason as to why a request for early withdrawal is being sought.

The T&Cs state:
"Access is available subject to 90 days loss of interest on the amount withdrawn or without charge in the event of the death of the investor."

Nothing about withdrawals being discretionary and only being allowed in certain circumstances

edit: Just phoned them. Was told you need to send written instructions stating you want to withdraw and are aware of the 90 day penalty. They'll then send a cheque for the amount minus the penalty.

IsaCream_Man

atypical

Usual story ... what you get depends on who you speak to, or contact!