Yorkshire bank fixed term investment

davey4321

Hi everyone,

I'm new to this site so be gentle. My question is.

I was advised to take out a fixed term investment with Yorkshire bank after the sale of a property. I am now in the position of having to draw down on this money as my business has gone to the wall and I need to pay bills, mortgage etc and also need to live.

Anyway in approaching the bank they told me it is not possible under any circumstance to draw the money as it is still within the fixed term and only under extenuating circumstances could they release the money and it was unlikely that my position wouldn't be seen as such. This is despite the fact that the gentleman who sold the account saying it wouldn't be a problem to access the money in an emergency. The only remedy they could suggest was to sell me one of their mortgages and borrow more (I am not with them for mortgage). This to me sounds like reckless lending and certainly something I am not prepared to do.

Surely they cant refuse to draw money out under these circumstances. I am sure my mortgage provider and my utility providers wont see the argument that the money is there but the bank wont let me have it for 6 months.

Thanks.

xylophone

told me
not possible under any circumstance
only under extenuating circumstances could they release the money and it was unlikely that my position wouldn't be seen as such.
This is despite the fact that the gentleman who sold the account saying it wouldn't be a problem to access the money in an emergency.

There seems to be a great deal of inconsistency here?
Have you put your request in writing- you might still be refused but you could hope for a coherent response?

opinions4u

If the terms and conditions say no withdrawals, that's what you signed up to.

Complain, be persistent and they will probably back down in a few weeks. Focus on what the staff member said at the time of opening.

But next time you tie money up for an extended period of time check the rules in writing.

Their website is pretty clear.

Withdrawals or early closure of the Term Deposit are not permitted under any circumstances during the Fixed Term except in the event of the death of the Account Holder (or one of them if joint account

innovate

How long's your money tied up for?

Could you get a loan somewhere to tide you over?

How much interest do you get on the tied up money, how much would a loan cost you? May be it wouldn't cost you much, and if you are really lucky, you might be able to get a loan at lower interest than you get for your savings