Bradford and Bingley (Santander) Fixed Bond...

Nemo

Just had an email reminder that my 3-yr fixed bond matures on 7th Nov. It says that the funds will automatically be moved into a maturity account paying 0.50%, but that after that date I can go online and transfer to a new fixed bond if required. I don't want to do this as the rates are low...and it's Santander:(.

Looking at their website, it says that on bond maturity you have to go to a branch or phone up to withdraw to another bank.

Anyone got any experience of all this? Will they write to me or is this email all the notice I'll get? What's the best (only?) way of getting my money out?

Got the feeling they're trying to make this as difficult as possible!

Thanks in advance for any advice.

ses6jwg

You need to go to branch to sign something called a "savings bond maturity option form"

Do this up to 3 weeks and more than 2 days BEFORE the bond matures

You then sign the form and an option is set for the money to paid to an account of your choosing upon maturity (you put the account details on the form)

You shouldn't get any hassle - naturally they will try to get you to put the money into another bond, but just tell them that you have some home improvement planned so you need the money for that.

slopemaster

Mine matured last Thurday. (3 year term a/c)
I too was convinced that Santander would make it as difficult as possible - but it all seems to have gone smoothly, touch wood.

I replied to the e-mail they sent a while back saying, all I can see is that 'maturity a/c', what do I do to get my money out? They said that, if I log on AFTER the maturity date I will see the option to transfer to the linked a/c I set up when i opened it.
Logged on at 10 past midnight on the date it was due - and sure enough there was the option to move it.
It goes by steam-driven BACS tho so not arrived yet
*it has now arrived*

(So, assuming yours is the same a/c as mine, you certainly don't need to go into a branch and make excuses as to why you want your own money)

As to where to put it - that's another problem - nothing now paying 6.75%!

bandana999

slopemaster wrote: »

Mine matured last Thurday. (3 year term a/c)
I too was convinced that Santander would make it as difficult as possible - but it all seems to have gone smoothly, touch wood.

I replied to the e-mail they sent a while back saying, all I can see is that 'maturity a/c', what do I do to get my money out? They said that, if I log on AFTER the maturity date I will see the option to transfer to the linked a/c I set up when i opened it.
Logged on at 10 past midnight on the date it was due - and sure enough there was the option to move it.
It goes by steam-driven BACS tho so not arrived yet
*it has now arrived*

(So, assuming yours is the same a/c as mine, you certainly don't need to go into a branch and make excuses as to why you want your own money)

As to where to put it - that's another problem - nothing now paying 6.75%!

Did mine just the same, except I used CHAPS (you need to check the CHAPS box) It costs £20 which you MUST leave in the account.

oldagetraveller

If you have online access to your account then it should be possible, before maturity, to select to have the funds transferred to the linked bank account. This is what happened in my case last month with a 2 year fix. In fact I'd forgotten my old B & B log in details, 'phoned up and received them by post a couple of days later. I was quite impressed by their helpfulness and efficiency. No branch visit required.
Unless they've since changed the process?

Nemo

Sorted it with the info from Slopemaster and other info sent by bandana999.

I phoned the B&B (Santander) eSavings department on 0845 601 7802. They were very helpful and confirmed that I can withdraw from the maturity account immediately after maturity. There appear to be other ways of doing it, but this should be straightforward now.

Cheers!

scott_lithgows

Another happy ex B&B account holder leaving Satander,fantastic!

slopemaster

Yeah, me too.That was the last account with them, I closed all the others.
(And will be moving the RBS account to a Scottish branch.)