Please Help!!

buffness

Hey Guys,
Wondering if someone can help me

I received the MoneySavingExpert.com weekly email and saw that it was advertising the following savings account:

Skipton Building Society 3.15% AER
Online, min £500

The highest rate one year fixed account is with Skipton BS's E-Bond issue 2 paying 3.15% AER on deposits over £500, up to £1 million. The account can be opened online.

I decided to open an account and put some money into this account. This has all been done successfully.

However, today I have had a BIG chance in personal circumstances (and I mean, BIG) and I called them to ask them if I could cancel the account and have the money back. They told me that I cant withdraw for 1 year and it was in the Terms and Conditions of the account when signing up for it (yes, my fault)

I have read some of the terms and conditions on the website but they appear very confusing... some accounts they do have carry a 14 day cooling off period and I queried this with the advisor on the phone and unfortunately he said that this type of account dosent have a cooling off period!

Is there ANY way I can get this money back?


Its my own fault... GRR

Thanks guys!

Lokolo_2

Hello,

Did you explain your change in circumstances to them? there is a chance they could sympathise with your case and close the account for you, allowing you to get your money back so you can use it.

Yes, the account terms might not permit withdrawal, but most banks will help you in a crisis situation, you might just forfeit any intererest or even have to pay a withdrawal penalty, but that's better than nothing if you need the money right now.

Give them another call and explain your circumstances, hopefully they will be able to help then.

All the best

Mikeyorks

You can try. But I seem to remember from earlier threads that Skipton will not budge on fixed term accounts.

varndeanian

Very sorry to hear about your personal issue and your difficulty with Skipton. I have also found them totally inflexible recently (thread on Premature Cash ISA transfer) so am particularly sympathetic.

opinions4u

varndeanian wrote: »

Very sorry to hear about your personal issue and your difficulty with Skipton. I have also found them totally inflexible recently (thread on Premature Cash ISA transfer) so am particularly sympathetic.

It's a two way deal.

Why is it "inflexible" if the deposit taker sticks to the rules, but ok if the customer doesn't?

slopemaster

I amy be wrong but thought the 14-day coolin-off period was a legal requirement

buffness

Thanks for the replies, will call them later today

buffness

Hmm
I have spoke to them, but its a no go. They dont seem to be budging!
My mate however, is into finance and is doing a degree in this sector and said that because they are regulated by the FSA, I am, within legal and financial laws, to close the account within 14 days? This isnt set by the building society its self but set by the FSA?
Can anyone clarify this for me, as I will be entitled to this IF it proves to be true.

Jake'sGran

You could have a look on the FSA website. If it is correct that in an emergency you could get your money back there should be something about it on there. I would certainly not take the Skipton's NO as final.

buffness

Thanks for the info
I have had a look but have NO idea where to start looking for it as there is TONS of information lol

alanq

As the account was opened online I think that you may be looking at your rights under The Financial Services (Distance Marketing) Regulations 2004.

http://www.legislation.gov.uk/uksi/2004/2095/contents/made

Not an easy read!

Did you give them written notice of your wish to cancel within 14 days of opening the account?