Help! Aldermore locked in savings for my daughter's wedding

Speculator

ColdIron wrote: »

Aldermore write to you 3 weeks before maturity with options, the default is to open a new similar account with a guaranteed rate. On maturity the interest is usually paid into your nominated bank account and they write again with confirmation. They also provide a 2 week cooling off period to allow you to change your mind

http://www.aldermore.co.uk/media/384373/asv24-0513-400097.pdf


1.8 You have a right to cancel your agreement with us within 14 calendar days from receipt of your Welcome Pack. Unless your account is a fixed rate account (you will however have this right for a fixed rate Cash ISA).


1.9 You will be entitled to access and use your savings account in accordance with these terms and conditions once we have confirmed that your account is ready for use.

alanq

innovate wrote: »

NB. It is not correct that fixed term ISAs must be paid out early on demand. It all depends on the T&Cs.

And it seems that the Ts&Cs must permit early closure/withdrawal (albeit with a penalty).

"Investors have the right to close their ISAs whenever you want and this right must be included in the manager’s ISA terms and conditions"

http://www.hmrc.gov.uk/isa/isa-guidance-notes.pdf

datostar

innovate wrote: »

Clause 18.2 states no withdrawals during a fixed term. Afraid, from the T&Cs antrobus posted, it looks as if Aldermore did everything right and you have no leg to stand on.

You might get somewhere with begging but that's your only hope.

NB. It is not correct that fixed term ISAs must be paid out early on demand. It all depends on the T&Cs.

NB2. OP, saying you will be bankrupted if you can't get the money is not really credible. You have plenty of time between now and August to get an overdraft or a loan organised. The fact that this will cost you is incidental - but it won't bankrupt you.

Excuse me, not relevant to the OP's situation, but Section 12.1 of HMRC Guidance to ISA Managers states' Investors have the right to close their ISAs whenever they want and this right must be included in the manager's ISA terms and conditions'.
Various penalties may be imposed, such as loss of interest, but their is an inalienable right to close ISAs at any time regardless of term.

alanq

Speculator wrote: »

1.8 You have a right to cancel your agreement with us within 14 calendar days from receipt of your Welcome Pack. Unless your account is a fixed rate account (you will however have this right for a fixed rate Cash ISA).

Strange place for a full stop. I normally opt for accounts where the do nothing option is to move funds to an instant access account. Failing this I have accounts which permit penalty-free instant closure for a month after roll-over. Thanks to the OP for highlighting this issue with Aldermore not permitting access after maturity. I now know to avoid.

Lokolo

innovate wrote: »

NB. It is not correct that fixed term ISAs must be paid out early on demand. It all depends on the T&Cs.

I will forgive you this time as I didn't know this until about 6 months ago, but ISAs must accessible but the managers can obviously put fines and such in place to discourage it. So you will find all fixed term ISAs will be accessible by some means.

mercurius_2

Good news!

Just had a call back from Aldermore to say that management had reviewed my case and they were happy to let me transfer the money out provided I gave them a written instruction by 29 April.

Needless to say a registered letter is now in the post to them.

Phew!

Thanks to everyone for your posts and advice on this one.

ColdIron

I told you they were one of the better banks, what do you think about their customer service now