The Family Building Society

xylophone

 at our age we must sacrifice higher...ha ha interest rates for easy access. 

I don't follow what age has to do with interest rates ( except that children fare better in that regard)....

givememoney

xylophone said:

 at our age we must sacrifice higher...ha ha interest rates for easy access. 

I don't follow what age has to do with interest rates ( except that children fare better in that regard)....

It's not a good idea to tie up you money for years when you may not be around to see the fruition, plus you may need it as being retired it is the time you may need to dip into your savings. 

pip895

I doubt you will have any luck with extracting your money from them - I came across a similar case (a recently bereaved friend of the family) where the notice account it rolled over into was earning the princely amount of 0.05%!

I recommend Hargreaves Lansdown "Active Savings" once the term has finished or if you have other term accounts maturing.  They let you nominate an instant access account to automatically role over into which stops this sort of thing happening.  They have a wide range of banks and building society accounts on offer with competitive rates.  0.55% instant access and 1.4% for a one year fix.  Once you have an account set up with them, it takes minuets to allocate funds to new accounts.

xylophone

It's not a good idea to tie up you money for years when you may not be around to see the fruition, plus you may need it as being retired it is the time you may need to dip into your savings. 

I think whether or not term accounts are used is less age dependent than circumstance dependent.

xylophone

They let you nominate an instant access account to automatically role over into 

Acting in your best interests?

it takes minuets to allocate funds to new accounts.

A merry dance?

P3

Is it fair for matured fixed account to roll over to another fixed account ?

Shouldn't they left it as easy acces, then as and when OP wants another one fixed account with the same BS, they can then apply for it .

refluxer

P3 said:

Is it fair for matured fixed account to roll over to another fixed account ?

Shouldn't they left it as easy acces, then as and when OP wants another one fixed account with the same BS, they can then apply for it .

Yes - the easy access / nominated bank account default approach strikes me as the fairest, for sure.

I've opened a number of fixed rate accounts over the last year or two and, if they don't hear from you, I've found that some companies say they will automatically transfer your money into another similar product with the same duration (eg. Ford Money) and some will transfer to an easy access account, from where you can access your money and do what you like with it (eg. Paragon)

To be fair to Ford Money, they do make it clear in the product summary box that that's what can happen - it isn't just hidden away in the T&Cs.

I guess it's a lesson in making sure you check product details carefully and don't overlook any communications in the month leading up to the maturity date. I haven't missed anything important yet and have certain dates in my phone calendar to trigger notifications which act as extra reminders !

eskbanker

refluxer said:

P3 said:

Is it fair for matured fixed account to roll over to another fixed account ?

Shouldn't they left it as easy acces, then as and when OP wants another one fixed account with the same BS, they can then apply for it .

Yes - the easy access / nominated bank account default approach strikes me as the fairest, for sure.

I've opened a number of fixed rate accounts over the last year or two and, if they don't hear from you, I've found that some companies say they will automatically transfer your money into another similar product with the same duration (eg. Ford Money) and some will transfer to an easy access account, from where you can access your money and do what you like with it (eg. Paragon)

To be fair to Ford Money, they do make it clear in the product summary box that that's what can happen - it isn't just hidden away in the T&Cs.

I guess it's a lesson in making sure you check product details carefully and don't overlook any communications in the month leading up to the maturity date. I haven't missed anything important yet and have certain dates in my phone calendar to trigger notifications which act as extra reminders !

Family refer to their policy in the key features section that's displayed before even getting as far as the summary box, where the last of the nine key features (immediately after "No partial withdrawals or closure prior to maturity", which has no caveat along the lines of 'unless you're elderly') is:

Automatic reinvestment of funds, on maturity, into another Fixed Rate Bond or Market Tracker Saver

https://www.familybuildingsociety.co.uk/savings/bonds/product-detail/2-year-fixed-rate-bond-(23)

Thrugelmir

P3 said:

Is it fair for matured fixed account to roll over to another fixed account ?

Given the time window available and the notifications provided. Then yes. The Building Society will be looking to raise sufficient funds to underpin it's mortgage lending. 

xylophone

You'd better hope your punning isn't trumped.

Have edited....hoist with my own petard!