📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Triodos Bank Fixed Rate Regular Saver

Options
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
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.1K Banking & Borrowing
  • 253.2K Reduce Debt & Boost Income
  • 453.6K Spending & Discounts
  • 244.1K Work, Benefits & Business
  • 599.1K Mortgages, Homes & Bills
  • 177K Life & Family
  • 257.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.