Aldermore Bank - Warning - Automatic Roll Over of Fixed Rate Bonds

colliers_wood

A warning about Aldermore Bank fixed rate bonds.

In the small print, it says they roll them over in to a new 1-Year Bond.

So unless you ask them not to before the bond finishes, they will put your money in a new one, and you cannot get at the money for another whole year.

Its hidden away in the small print that they can do this. The only warning you get is an email to say "log on to your account for a secure message" - no hint as to the reason why. If you ignore this email, thats it - its the only prior notice you get.

ColdIron

colliers_wood wrote: »

A warning about Aldermore Bank fixed rate bonds.

In the small print, it says they roll them over in to a new 1-Year Bond.

So unless you ask them not to before the bond finishes, they will put your money in a new one, and you cannot get at the money for another whole year.

Its hidden away in the small print that they can do this. The only warning you get is an email to say "log on to your account for a secure message" - no hint as to the reason why. If you ignore this email, thats it - its the only prior notice you get.

Not in my experience, Aldermore have always written to me giving plenty of advance notice of the upcoming maturity date

The letter also states that if you want to roll it over simply do nothing which I find quite handy

I think that if you set up a fixed term savings account you have a certain responsibility to yourself not to rely on someone else in the management of your affairs. It's not hard to diarise these things using Google Calendar for instance

Edit: It's also clearly stated on the web site, from their 'Key Features' page

Your account will mature on the anniversary of the date we receive your money. We'll write to you personally a few weeks earlier with a simple, easy-to-understand guide to all your maturity options