Fixed Term Savings please help!!

davenaples

I have a fixed term savings account but my circumstances have changed and I desperatley need to take the money out. Is there any advice anyone can give me about how to do this??

opinions4u

Contact the account provider.

Some will have T&Cs that allow a withdrawal or early closure subject to a penalty or interest reduction.

Alternatively, could you use a credit card to see you through a short term period? Check out the cost of doing so v penalty on the savings account first!

davenaples

thanks,

i called them and they said they would not allow me to take the money out. I was not aware that this could happen, is it possible that if they decide not to allow me to close the account, there would be nothing I could do?


QUOTE=opinions4u;28234217]Contact the account provider.

Some will have T&Cs that allow a withdrawal or early closure subject to a penalty or interest reduction.

Alternatively, could you use a credit card to see you through a short term period? Check out the cost of doing so v penalty on the savings account first![/QUOTE]

RayWolfe

davenaples wrote: »

thanks,

i called them and they said they would not allow me to take the money out. I was not aware that this could happen, is it possible that if they decide not to allow me to close the account, there would be nothing I could do?

Unfortunately not. The T&Cs will state any conditions for withdrawal but it looks like yours won't allow it.
If you are desperate, ask the provider if they will give you a loan or try a 0% credit card to tide you over.

davenaples

Im with Icici, I'm not sure they do loans. So there is no one i can go to to get the money out?

thanks for the replies though

Hungerdunger

I'm afraid this is a lesson for everyone who is attracted by the rates of fixed-term accounts. You should always leave enough of your savings in easily accessible accounts to cover emergencies, or only put money in accounts which can be closed early with a penalty of lost interest.

Having said that, if something really disastrous has happened like the death of a loved one or incapacity due to illness or accident, you could still try putting it all down in a letter and hope they will be prepared to make an exception.

Out of interest, can you tell us the nature of your changed circumstances?

John_the_Boy

I would agree that it looks like you can't close it:-

16.2 You will not be able to close your account except for the following reasons:
16.2.1 In the event of death
16.2.2 Any court of relevant jurisdiction has declared you bankrupt and has given instructions to close the account.
Penalty rate will not be charged in case of death. In the case of bankruptcy a penalty rate, may apply for the HiSAVE Fixed Rate Account. Interest
equivalent to the penalty will be deducted from the principal amount of your HiSAVE Fixed Rate Account. The penalty rate in case of early access
will be the Bank of England Base rate as applicable during the time of opening your HiSAVE Fixed Rate Account. To know the history of the Base
Rate, you can visit the Bank of England website (http://www.bankofengland.co.uk/mfsd/iadb/Repo.asp?Travel=NIxIRx)
We may close your HiSAVE Fixed Rate Account immediately in exceptional circumstances. Examples of such circumstances are if we
reasonably believe that:
16.3.1 You are no longer eligible to hold a HiSAVE Fixed Rate Account; Please inform us immediately if you do not meet any of the requirements
mentioned in clause 1.1;
16.3.2 You or someone else using your HiSAVE Fixed Rate Account is doing so illegally or fraudulently;
16.3.3 You have given us false information;
16.3.4 It is not appropriate for a person authorised to give instructions on your HiSAVE Fixed Rate Account to run it; or
16.3.5 You have continually or seriously (or both) not been abiding by the Terms and Conditions
In all these conditions premature closure penalty rate, as applicable, for the HiSAVE Fixed Rate Account may be
applied for calculating interest. The penalty rate in case of early access will be the Bank of England Base rate as applicable during the time of
opening your HiSAVE Fixed Rate Account. To know the history of the Base Rate, you can visit the Bank of England website
(http://www.bankofengland.co.uk/mfsd/iadb/Repo.asp?Travel=NIxIRx). We also recommend that you familiarise yourself with HiSAVE Savings
Account Terms and Conditions on our website.

However the following link also implies that you might be able to close it early:-

http://www.icicibank.co.uk/savings_faqs.html#a1

1. What is a fixed deposit? Fixed deposit is a savings proposition that can help you improve returns on your savings. Interest rates offered on these deposits vary with the tenure, value and currency of the deposit. In fixed deposit money deposited is held for a fixed term at a fixed interest rate with a penalty applicable on early termination

Once opened, the interest rate on fixed deposits does not change. The deposits are accepted for periods ranging from 7 days to five years. Any pre-mature closure will attract a penalty of 1% reduction on the interest rate offered.


I would try and argue that the information they provided is conflicting and that you only took out the prodict based on the fact that you could get your money early and suffer a penality. T&Cs take priority but you never know if you complain long enough, theaten to go to the FSA or the papers they might allow you early closure. No harm in trying.

davenaples

thanks very much, i might try that.
I also noticed that in thier terms and conditions it states
"

If we make a change which is to your disadvantage, we will advise you personally at least 30 days before we make it. At any time up to

60 days from the date we advise you, you may, without notice to us, switch your

HiSAVE Fixed Rate Account or close it without having
to pay any extra charges."

this was up until November when they took the second part out so now it just reads "If we make a change which is to your disadvantage, we will advise you personally at least 30 days before we make it" - I have taken this change to be to my disadvantage and sent them an email saying that I would like to close my account in accordance with thier earlier terms and conditions - do you think I have an argument here?

OneADay

davenaples wrote: »

thanks very much, i might try that.
I also noticed that in thier terms and conditions it states
"

If we make a change which is to your disadvantage, we will advise you personally at least 30 days before we make it. At any time up to

60 days from the date we advise you, you may, without notice to us, switch your

HiSAVE Fixed Rate Account or close it without having
to pay any extra charges."

this was up until November when they took the second part out so now it just reads "If we make a change which is to your disadvantage, we will advise you personally at least 30 days before we make it" - I have taken this change to be to my disadvantage and sent them an email saying that I would like to close my account in accordance with thier earlier terms and conditions - do you think I have an argument here?

Me thinks the notice of change was sent on 1st October - 30 days prior to change. From there you affectively would have had 60 days to do something - that would have lapsed by 1st Dec.

Nice spot though - might have closed my bond accounts if there had been better interest somewhere....but there wasn't so no great loss to me.

sulkisu

davenaples wrote: »

thanks very much, i might try that.
I also noticed that in thier terms and conditions it states
"

If we make a change which is to your disadvantage, we will advise you personally at least 30 days before we make it. At any time up to

60 days from the date we advise you, you may, without notice to us, switch your

HiSAVE Fixed Rate Account or close it without having
to pay any extra charges."

this was up until November when they took the second part out so now it just reads "If we make a change which is to your disadvantage, we will advise you personally at least 30 days before we make it"

Have you mis-quoted? The two paragraphs that you mention are exactly the same.

Edit-ignore me, I see what you mean now.

OneADay

Sulkisu

http://www.hisave.co.uk/pdf/terms/fra/1nov_2009.pdf

http://www.hisave.co.uk/pdf/terms/fra/prior_30_sept_2009.pdf

Close 12.3 - the notification of new terms was sent on 1st october.