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Triodos Bank Fixed Rate Regular Saver
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[Deleted User]
Posts: 0 Newbie

I'm all confused about my Triodos Bank Fixed Rate Regular Saver, which pays 1.75% pa.
I opened it on 9 November 2016 paying in £500 a month. The 12th instalment was paid in on 1 October 2017 and the capital balance is thus £6000. However six-monthly interest was added on 31 Dec 2016 and 30 June 2017.
I have studied the T and C's but I am none the wiser. My specific queries:-
(1) There is no maximum balance specified so I assume that I could add another £500 on 1 November (but I may not want to, see point 4 below).
(2) The T and C's say that the Fixed Rate RS requires 33 days notice to withdraw. On the maturity date it will convert to a normal (variable rate) RS paying a paltry rate. The normal RS also requires 33 days notice to withdraw.
(3) I have given online notice to withdraw the current balance (including the interest paid in Dec 16 and June 17) on the first possible date (it's a few days before 9 Nov), when the funds will transfer by FP to my nominated account; however this means that my closing interest (ie the interest earned from 1 July 2017 to 9 November 2017) will be trapped on a 33 day notice to withdraw requirement when the account transfers to a normal RS (with interest rate of 0.10%) on 9 November.
(4) The terms of the Fixed Rate Regular Saver (the one I'm currently in) state that a deposit of between £25 and £500 is required each month to maintain the account as a FR RS. Do I need to deposit at least £25 in November before the maturity date? If I do, this money will be trapped, as in point (3) above.
This all seems very strange and unclear. Has anyone had experience of one of these accounts maturing?
TIA
I opened it on 9 November 2016 paying in £500 a month. The 12th instalment was paid in on 1 October 2017 and the capital balance is thus £6000. However six-monthly interest was added on 31 Dec 2016 and 30 June 2017.
I have studied the T and C's but I am none the wiser. My specific queries:-
(1) There is no maximum balance specified so I assume that I could add another £500 on 1 November (but I may not want to, see point 4 below).
(2) The T and C's say that the Fixed Rate RS requires 33 days notice to withdraw. On the maturity date it will convert to a normal (variable rate) RS paying a paltry rate. The normal RS also requires 33 days notice to withdraw.
(3) I have given online notice to withdraw the current balance (including the interest paid in Dec 16 and June 17) on the first possible date (it's a few days before 9 Nov), when the funds will transfer by FP to my nominated account; however this means that my closing interest (ie the interest earned from 1 July 2017 to 9 November 2017) will be trapped on a 33 day notice to withdraw requirement when the account transfers to a normal RS (with interest rate of 0.10%) on 9 November.
(4) The terms of the Fixed Rate Regular Saver (the one I'm currently in) state that a deposit of between £25 and £500 is required each month to maintain the account as a FR RS. Do I need to deposit at least £25 in November before the maturity date? If I do, this money will be trapped, as in point (3) above.
This all seems very strange and unclear. Has anyone had experience of one of these accounts maturing?
TIA
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