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HSBC Fixed Rate saver - early release
WelcomingAdvice
Posts: 1 Newbie
My mother has a fixed rate saver for 2 years with HSBC. She has £70,000 in this account. This doesn’t end until next year.
Sadly she is now going into a care home and we need to release this money for her care.
Sadly she is now going into a care home and we need to release this money for her care.
Is this possible given the circumstance?
HSBC online seems to say this is not possible above 50,000.
HSBC online seems to say this is not possible above 50,000.
Thank you.
0
Comments
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You can't normally close a fixed rate account early. HSBC do seem to allow this for amounts under £50k (with a 90 day interest penalty) but they don't allow partial withdrawals, meaning that this won't be possible in your case.
The two common exceptions that do allow for early closure are usually the death of the account holder or the diagnosis of a critical illness, but some banks do state that they might consider early closure under other, special circumstances (eg. severe financial hardship) so I would contact HSBC and ask.1
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