Early withdrawal from 120 day notice account

Sherbertfizz

Hi all

I need access to a Secure Trust Bank 120 day notice account a month early. I assumed that this would be possible with penalties/loss of notice, but have been told the only grounds for early withdrawal are death or serious illness.

Can't find the terms and conditions for the account on their website, and don't recall receiving paper t's & c's - all conducted online.

Any way to challenge this, or am I screwed?

Thanks all, 

Sandra

Daliah

There is a document that seems to pertain to a 120 days notice account which suggests that "The maximum number of interest withdrawals allowed in any calendar year without incurring a charge is 4. The maximum number of capital withdrawals allowed in any calendar year is 3 without incurring a charge." However, I believe you need to give 120 days notice for withdrawals.



Clause 5.7 would allow early withdrawal at the bank's discretion.

If you need your funds 1 month early, perhaps you could try to get a short term loan?

Sherbertfizz

Daliah said:

There is a document that seems to pertain to a 120 days notice account which suggests that "The maximum number of interest withdrawals allowed in any calendar year without incurring a charge is 4. The maximum number of capital withdrawals allowed in any calendar year is 3 without incurring a charge." However, I believe you need to give 120 days notice for withdrawals.



Clause 5.7 would allow early withdrawal at the bank's discretion.

If you need your funds 1 month early, perhaps you could try to get a short term loan?

Thanks for digging this out Daliah. 

I have looked into a bridging loan (money needed for a property purchase) but this will cost nearly £9,000 in charges for setting up plus one month's interest, so was hoping there may be an alternative solution. Hey ho. Appreciate you taking the time to respond. 

All the very best

Sandra

jimjames

If that's the case can you delay completion by a month?