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Can a building society really stop me closing an account?
Unforgiven_2
Posts: 6 Forumite
I have a Santander 2 year fixed rate bond with £50k+ in it.
I went into branch today to remove the money as we have decided it would work better for us elsewhere. We were told in branch that we cannot remove the money until the bond matures. Can they really hold on to money which is ours?
I went into branch today to remove the money as we have decided it would work better for us elsewhere. We were told in branch that we cannot remove the money until the bond matures. Can they really hold on to money which is ours?
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Comments
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Yes, of course, if you have signed up for a fixed term!0
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Depends on the t&c's of the account. Usually you can get to your money in an emergency but there's usually a penalty to pay. Ask again, in branch staff are usually the least informed.0
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Why sign up to a fixed bond when you need access? Why would you expect them to close it when you agreed to the terms? I'm sure you'd be upset if they changed their mind about paying interest.Remember the saying: if it looks too good to be true it almost certainly is.0
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Terms and conditions clearly state no account closures, did you not see that before you took it out?0
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This is a wind-up right?0
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looking at the t&c's there is a get out, but either you or the joint account holder have to die, which seems a bit extreme...0
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Unforgiven wrote: »Can they really hold on to money which is ours?
The clue is in the title 2 Year Fixed Rate.
You want it back but they've lent it out........0 -
No, I don't "need" access, just thought it would work better elsewhere, it's not the end of the world by any means, will just wait until it matures.0
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OP, you will be entitled to compensation over this.0
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Santander is a bank not a Building Society by the way.0
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