Closing a no withdrawal savings account.

thebrim

I recently deposited a sum of money in a 2 year fixed savings account with no withdrawals! I now need the funds from the account. I spoke to the bank in question and they say it is unlikely that I can withdraw my funds early, however I should write to them to explain the reason why I require the funds and they will look at it. Any ideas on how I should approach this one?

teddysmum

First of all read the T&Cs.


Some accounts, if you leave early charge you, so you draw out less than you put in, but I can't advise on your situation.

PeacefulWaters

Why do you need the money?

Thrugelmir

thebrim wrote: »

Any ideas on how I should approach this one?

What do the account terms and conditions say? There must be exit routes albeit at a cost.

badger09

Thrugelmir wrote: »

What do the account terms and conditions say? There must be exit routes albeit at a cost.

Not necessarily. I have seen fixed rate/fixed term products where the only possible exit route is death. And that is not a route to be taken lightly;)

ColdIron

Thrugelmir wrote: »

What do the account terms and conditions say? There must be exit routes albeit at a cost.

Not necessarily, many stipulate simply no withdrawals excepting death. Some (Aldermore spring to mind) will say they will review on a case by case basis and may relent in cases of hardship. Hardship in this context could be the consequences of a debilitating injury, need for full time medical assistance etc. See post #3

[Deleted User]

I've always treated fixed term savings accounts as being inaccessible during the term, except on the death of the account-holder. The exception is fixed term cash ISA's, which can be accessed early subject to a loss of interest penalty. The exception for ISA's is a government stipulation which says that ISA cash must always be accessible.

PeacefulWaters

Deleted_User wrote: »

I've always treated fixed term savings accounts as being inaccessible during the term, except on the death of the account-holder. The exception is fixed term cash ISA's, which can be accessed early subject to a loss of interest penalty. The exception for ISA's is a government stipulation which says that ISA cash must always be accessible.

Most providers allow access to fixed term accounts subject to a penalty.

Some, like Lloyds, don't.

It's not about how you treat it. It's about what the T&Cs say.

In this case the OP needs a half decent sob story to convince the provider not to apply those T&Cs.

Pincher

thebrim wrote: »

I recently deposited a sum of money in a 2 year fixed savings account with no withdrawals!

This is the mobile phone generation for you.

An idiot I know believes that if he can call you and cancel last minute, then it's alright. He is extremely upset when you don't answer his calls. :eek:

This is why the girls demand an expensive engagement ring, they are splashing out on a really expensive dress, and the caterers are not free either.

Loanranger

Death certificates only.

savings_my_hobby

Pincher wrote: »

This is why the girls demand an expensive engagement ring, they are splashing out on a really expensive dress, and the caterers are not free either.

The Girls Father is splashing out on really expensive dress;)