Is there any way I can access my money early from Secure Trust Notice Account?

s@sha

Hi, I'm really hoping someone can advise me on this. Last year I received some inheritance money, and this caused my main source of income (Employment and Support Allowance) to be stopped due to the amount taking me over the savings threshold. At the same time, my outgoings increased by nearly £300 per month, as I lost my entitlement to my council tax reduction, and the help i got with my mortgage interest from DWP.
I put some of the inheritance money in a high interest current account, an instant access savings account (so I could access it when the money in the current account needed to be topped up, as the inheritance is basically what I am living on as 'income') and the rest in a six month notice account with Secure trust bank so it would get slightly higher interest.
Fast forward to now, I have discovered that I had made a big mistake when last year I transferred money into the secure trust account -I put more in than I meant to. This meant that I had much less in the instant savings account than I thought. I hadn't noticed the error as I had thought I still had about £10,000 in there. and since I also had some of the money in my current account, I havent needed to access the instant savings yet.
But now, I realise I only have £1000 in it. I desperately need to access the money in the secure trust account soon, as the money in my current account, plus the £1000 in instant savings will not be enough to last me more than a couple of months, as It's the only money that I have to live on. But Secure Trust bank say that I cannot withdraw any money early from the notice account, nor can I close it early-I can close the account, but I will still have to wait the six months before I can have my money.
Surely this cannot be right? There must be a way that I can have my own money back early, even if it means paying a fee or penalty?
I am worried sick about how I will buy food and pay bills until the 6 months is up- the reason I was on ESA in the first place, and have been for a long time, is because I suffer with depression and anxiety, so this is a dreadful shock and worry for me. I have a child at home as well, I need to provide for.
Can anyone please advise? Surely Secure Trust cannot keep me from getting to my own money for six months, with no exceptions? What can I do??

eskbanker

s@sha wrote: »

Surely Secure Trust cannot keep me from getting to my own money for six months, with no exceptions?

They can if it's a notice product - these are set up so that they agree to pay you an interest rate better than instant access rates (as you accept) and in return you commit to giving them notice if you need the money.

They'll be sticking to their side of the bargain so I'm afraid you need to do the same.

In terms of what to do for money during that six month notice period, all I suggest is looking for a loan or other credit facility - perhaps ask your bank what they can offer you?

Edit: as per their Ts & Cs, they do release money in genuinely exceptional circumstances but unfortunately these wouldn't appear to include customer error:

The notice period will not be applied where a customer is deceased.

[...]

Where we deem that there are exceptional cases (e.g. terminal illness), the Bank, at its discretion, may agree that a withdrawal/closure can be made without notice.

wrigglepig

I think the below is important - mention to Secure that failure to access the funds will see you placed in a vulnerable situation. The terms and conditions aren't on your side generally speaking but it's possible that they'll apply the exception term highlighted by eskbanker. The regulator places large emphasis on banks being able to recognise and make allowances for customers in vulnerable circumstance, so it's possible they will review your account on an individual basis. Good luck.


I am worried sick about how I will buy food and pay bills until the 6 months is up- the reason I was on ESA in the first place, and have been for a long time, is because I suffer with depression and anxiety, so this is a dreadful shock and worry for me. I have a child at home as well, I need to provide for.

s@sha

Thank you both for your advice, and for not 'judging' me -I do feel such an idiot for making the mistake in the first place. I didn't mention any of the circumstances when I initially rang Secure Trust to ask if I could access the money early, but I will speak to them again and explain the circumstances. Thank you again.

robber2

In your situation I would be inclined to put your request in writing (sent signed for), theres more chance of it being 'passed up the line' to someone with the authority to agree to your request.



If you call its all to easy for the call handler to simply say no.



Good luck



Rob