Fixed Rate Savings for 5 year

BBlair1968

Hi
I opened a Fixed Rate savings account with Tesco Bank for 5 years just over a year ago and now need the money from it. They won't let me touch it or close the account. I know it says that in the Ts & C's but my circumstances have changed since then and I feel this is my money and I should be able to take it out (and just pay the penalties!) Any advice would be appreciated. Thanks 

mebu60

BBlair1968 said:

Hi
I opened a Fixed Rate savings account with Tesco Bank for 5 years just over a year ago and now need the money from it. They won't let me touch it or close the account. I know it says that in the Ts & C's but my circumstances have changed since then and I feel this is my money and I should be able to take it out (and just pay the penalties!) Any advice would be appreciated. Thanks 

If there were no early withdrawal options then Tesco Bank is meeting its obligations. 

Malchester

If it's an ISA then you have to be able to get at your funds in some way, almost always with a penalty of an amount of interest. A non ISA fixed rate account is exactly that no access until the end of the fixed term except for exceptional circumstances such as death/bereavement and possibly medical emergency but not that you now need the money. Flexibility in accessing your funds is what you give up in return for the higher interest rate and the certainty it gives

Albermarle

Malchester said:

If it's an ISA then you have to be able to get at your funds in some way, almost always with a penalty of an amount of interest. A non ISA fixed rate account is exactly that no access until the end of the fixed term except for exceptional circumstances such as death/bereavement and possibly medical emergency but not that you now need the money. Flexibility in accessing your funds is what you give up in return for the higher interest rate and the certainty it gives

In fact some fixed rate savings providers ( not ISA's) do allow withdrawals with a penalty, but most do not.

Most of the ones that do seem to be associated with LLoyds bank.

eskbanker

BBlair1968 said:

Hi
I opened a Fixed Rate savings account with Tesco Bank for 5 years just over a year ago and now need the money from it. They won't let me touch it or close the account. I know it says that in the Ts & C's but my circumstances have changed since then and I feel this is my money and I should be able to take it out (and just pay the penalties!) Any advice would be appreciated. Thanks 

Unfortunately, but unsurprisingly, in this situation it's the Ts & Cs that count, rather than your feelings - it may indeed be your money but you've irrevocably entrusted it to them for the term....

Bigwheels1111

I have two 5 year fixed and 1 seven year fixed.
From memory the T&C said they might consider releasing the money if, terminally ill, homelessness or something like that.
Other than that you are screwed.
Sorry.

drphila

Albermarle said:

Malchester said:

If it's an ISA then you have to be able to get at your funds in some way, almost always with a penalty of an amount of interest. A non ISA fixed rate account is exactly that no access until the end of the fixed term except for exceptional circumstances such as death/bereavement and possibly medical emergency but not that you now need the money. Flexibility in accessing your funds is what you give up in return for the higher interest rate and the certainty it gives

In fact some fixed rate savings providers ( not ISA's) do allow withdrawals with a penalty, but most do not.

Most of the ones that do seem to be associated with LLoyds bank.

NW/RBS also