HELP! How do I close my Tesco Fixed Rate Saver?

Kazaham

Hi, can someone please advise me how I can close my Tesco Fixed Rate Saver?

I have a 2yr saver, but after only 1yr, I need urgent access to my savings.

I asked them but I can only get access if for example I’ve been diagnosed terminally ill......basically anything that is classed as exceptional circumstances.

I need this money for a deposit on property - so if anyone can advise me, I’d be extremely great full :j

[Deleted User]

Kazaham wrote: »

Hi, can someone please advise me how I can close my Tesco Fixed Rate Saver?

I have a 2yr saver, but after only 1yr, I need urgent access to my savings.

I asked them but I can only get access if for example I’ve been diagnosed terminally ill......basically anything that is classed as exceptional circumstances.

I need this money for a deposit on property - so if anyone can advise me, I’d be extremely great full :j

Why did you lock it away if you would possibly need it? Probably no way to get it, you agreed their terms.

Hazzanet

I'm afraid that if there was any chance that you would have needed the money before the end of the two year fixed term, then this product was in no way suitable for you. There is an appropriate warning on their website:

Your money is locked away
With a fixed rate savings account, you get a higher rate of interest, but you can’t make withdrawals as you go along.

Your money has to stay in the account until the end of your chosen term. So make sure this suits your lifestyle and financial set up.

You are very unlikely to get access to that money before the end of the term. Sorry.

dale_cotterill

Agreed with the two above. Where I have worked this was very much a no-no when it came to customers requesting access to fixed term savings.


The reason you got a higher rate of interest was because you were willing to lock your money away for a defined period of time.


It was all very specifically labelled at the outset, if you thought you may have needed it, you should not have locked it up.


I would be amazed if they back down.

Terry_Towelling

You could try offering a deal by saying you'll forgo all of the 1st year's interest. I still don't think they'll go for it though.

Beyond that (and bear in mind, we don't know how much is at stake here) might it be possible to get a 0% money transfer credit card and use that? Obviously you'd need to be able to make the minimum payments for the debt but, in 12 months, when the Tesco saver matures you'd be able to clear the balance completely.

Not sure how this would affect your credit rating for the property purchase but, without getting the cash somehow, there will be no property purchase by the sound of it.

masonic

It's a shame you can't transfer ownership of the account over to a willing buyer. I expect you'd get offers of 97p in the pound or more from savers struggling to earn a decent rate of interest.

surreysaver

You can take your money out if you have 'exceptional circumstances'. Although the website contains examples if what they consider to be exceptional circumstances, the list isn't definitive. Maybe buying a house is an exceptional circumstance? Could I claim exceptional circumstances because the interest rate I've got on my Tesco Fixed Saver is lower than the rate I could get now by opening a new one?

Terry_Towelling

Wheres_My_Cashback wrote: »

Unbelievable !

Wheres My Cashback at it again!