Savings Plan - Help needed

barbarao

I put money away in a savings plan for 4 years to return a good interest. It has now been 2 years and I urgently require some of the money back. The company are saying the terms & conditions are I would not withdraw until the agreement ended and I signed to these. Is this correct or should I be able to get this money?

Lokolo

You might be able to with a loss of interest but it depends what's said in the T&Cs. If the company have come back to you and said that unde the T&Cs you can't, then no, you can't.

opinions4u

barbarao wrote: »

I put money away in a savings plan for 4 years to return a good interest. It has now been 2 years and I urgently require some of the money back. The company are saying the terms & conditions are I would not withdraw until the agreement ended and I signed to these. Is this correct or should I be able to get this money?

It depends completely upon the terms and conditions that you agreed to when you decided to save the money.

Some banks (e.g. Lloyds TSB) give you no get out clause on their term deposits. Others (e.g. Halifax) will allow you early closure, subject to payment of a penalty fee.

So it's worth checking your T&Cs to see if there is a get out clause. But if there isn't, you need to find a plan B!