Virgin Money Bond

Cloudberry55

Help: My family are in the process of buying a property to turn into a business. We are paying cash so need to lay our hands on all our savings. I have £50,000 in a Virgin Money online account. It was originally a Northern Rock E-Bond Issue 4. It is due to mature in January 2014. I tried to get MY money out today and they've told me I can't have it. I have nothing in my documentation to say I can't have the cash but they say I signed up to it when I opened the account. I am quite prepared to pay a penalty for early withdrawal but can they actually not allow me to have my money?

Herbalus

What documentation do you have?

See if you can find the withdrawal penalties on your account terms and conditions. If you can, that tells you that a withdrawal is allowed.

By the way, there are several accounts that don't allow any access within a fixed term, so it does happen. The new Post Office bonds for example say they will only return any money within the fixed term on a discretionary basis for cases such as bankruptcy/exceptional circumstances etc.

opinions4u

Here's the product they currently have on sale:
http://bank.virginmoney.com/savings/find/results/fixed-term/

It has a pretty clear warning on the web page:
"No withdrawals during the fixed rate period"

can they actually not allow me to have my money?

If you signed up to an account like the one they currently sell, what makes you think you have a right to withdraw during the agreed term?

Cloudberry55

I don't actually have anything in writing and I can't believe that I would have signed up to something where I couldn't get to the money at all! Also, they did send me a form for various actions on the account including withdrawals. Does anyone think asking for a copy of the terms and conditions could help?

opinions4u

Cloudberry55 wrote: »

Does anyone think asking for a copy of the terms and conditions could help?

It would help.

It may not say what you want though.

dunstonh

I have nothing in my documentation to say I can't have the cash but they say I signed up to it when I opened the account.

You mention bond. This would be a fixed term deposit where you agree to tie your money up for a fixed period in return for a fixed rate.

There are two types of fixed term deposits when it comes to access. Those that allow no access rights and others that will have a interest penalty. This appears to be one that allows no access rights. (their current one certainly doesnt).

but can they actually not allow me to have my money?

Yes they can if that is what you agreed with them.

I can't believe that I would have signed up to something where I couldn't get to the money at all!

How much of the documentation they supply did you read though?

Also, they did send me a form for various actions on the account including withdrawals.

Could well be a generic form to cover all accounts.

Does anyone think asking for a copy of the terms and conditions could help?

If you havent kept your copy then it would help to verify what you already know to be the case.

ashteadgirl

May help if you can tell us exactly which issue number and length of bond was to see if anyone here has noted the restrictions if they have the same bond.

Cloudberry55

It's a Northern Rock E-Bond Issue 4. 3 Years, matures Jan 2014. Thanks to all responders on the forum. You are very helpful.

alanq

No early access is clear enough to me though some people on here have incorrectly thought that "early closure" was not covered by "early access".

http://moneyfacts.co.uk/news/savings/product-focus-three-year-fixed-rate-bonds-8-12-10/

When applying online you will have stated that you had read and agreed to the Ts&Cs. The generous interest rates for accounts such as this are paid BECAUSE you have no access to your money until maturity.

Hungerdunger

Sorry - tried to post a link to a URL which didn't work. Please ignore