Masthaven Account Rules?

portlandboy

Hi all,

I'm looking at maybe putting some money into the Masthaven Bank account that is mentioned on MSE ( https://www.masthaven.co.uk/savings )

I notice that their Flexible Fixed Term account states that you cannot access your money in any way (apart from after a death, insolvency or if there is a breach of rules etc.) until the fixed term is ended.

I understand why the Masthaven Bank would want to do that, but it's the first time I've noticed this condition anywhere, as most banks tend to allow access but with a penalty.

Can they actually refuse to give your money back, even if it leaves you in financial difficulties at some point?

davidwatts

Yes, it's entirely standard for fixed term deposit accounts, i.e. you get the higher rate of interest in return for that commitment. It's not something unique to Masthaven.

If it doesn't suit you, go for instant access or notice accounts.

AnotherJoe

Yep plenty of these accounts have similar rules there was a recent post from someone who locked their money up for a year or two and the. discovered a house they wanted to buy a month later

portlandboy

Okay, thanks for the replies. I doubt that it will put me off, but it's just something that I've never noticed before.

I should take more notice!

eskbanker

portlandboy wrote: »

Okay, thanks for the replies. I doubt that it will put me off, but it's just something that I've never noticed before.

I should take more notice!

Perhaps you were thinking of fixed-rate/term cash ISAs? Under ISA scheme rules, they're not allowed to prevent early access, even though most will levy a penalty for early withdrawals, so these might suit you if you may not be able to commit....