Paragon Bank - Unable to close fixed rate account

Cage

Neil_Jones wrote: »

To put a positive spin on it, it could have been far worse, you only have to wait six months. You could have gone for a five year fix and be well and truly up a creek without a paddle.

You can appeal to their better nature (as above) but be fully prepared for them to say "not our problem". Bowlhead99 has probably the ideal path for you already suggested in the circumstances.

I suggest you learn from this for next time.

Yes, thanks Neil.

Absolutely. Money will be going under the mattress from now on.

eskbanker

Cage wrote: »

Yes, thanks Neil.

Absolutely. Money will be going under the mattress from now on.

While you're presumably exaggerating for effect, there are of course many alternatives to fixed term accounts for those who may need access to their money, not just easy-access products but also notice accounts, which have had a bit of a revival in recent times. Another option is to use fixed-term ISAs where, because of ISA rules, providers have to allow access, even though they'll usually levy a penalty of interest loss....

Cage

eskbanker wrote: »

While you're presumably exaggerating for effect, there are of course many alternatives to fixed term accounts for those who may need access to their money, not just easy-access products but also notice accounts, which have had a bit of a revival in recent times. Another option is to use fixed-term ISAs where, because of ISA rules, providers have to allow access, even though they'll usually levy a penalty of interest loss....

Absolutely, and while I know what the T&C's say, ignorance to them is not an excuse so I have to take responsibility.

I was more or less asking if I could get out of them, e.g. If I start a company and sell you a faulty product and put in the T&C's no refunds, the law would supersede that of course. So I was hoping by law I could still get to the money as law overrules most T&C's.

Neil_Jones

Cage wrote: »

I was more or less asking if I could get out of them, e.g. If I start a company and sell you a faulty product and put in the T&C's no refunds, the law would supersede that of course. So I was hoping by law I could still get to the money as law overrules most T&C's.

You're trying to compare oranges and lemons so to speak.
Consumer Law there is always the chance of a newly bought item being faulty and that's why you have that law as it is.

With Banking that principle doesn't apply (you can't have a "faulty product" as it were. You can have an interest miscalculation but you won't know about that until the end of the year and even then that isn't a "fault" of the "product"). The only effect to the law is that the bank has a banking licence (otherwise you would be unprotected) and that if Paragon was to fall over and go out of business you would get your money back under the deposit guarantee scheme. That would be realistically the only way you could get your money back sooner.

The moral of the story for this thread is to read the T&Cs of what you're going to agree to before you agree to them. You don't walk into a job without having at least the faintest idea of what it entails so neither should you walk straight into a fixed savings account without knowing how it works and what you do if you want your money back sooner.

Zero_Sum

Is it possible to sell the bond to a relative?