Bank account advice (Paragon)

PThomas_2

Really need some advice.

My Wife sold her house earlier this year, the plan is for us to buy something new together.
For safety she spread her equity amoungst a couple of banks, to keep within the FCSC protection limit.
We are now in the process of purchasing our together home and she has started contacting the banks to get the money together for our deposit.
Somehow, still not sure how, she has not got the Bank account with Paragon that I had helped her find.
The account should have been a Double access savings account, but we have just found out its a Fixed rate account for 12 months with NO ability to withdraw or close it!

Paragon are currently playing difficult and saying no, she cannot close or withdraw cash from the account.

Has anybody else encountered this before?

We can accept a mistake was made when opening it, I still don't know how as I still have a link I shared with her to follow. We urgently need these funds to complete on the house, our stress levels are currently through the roof and don't know what to do if they continue to say no.
We'd even give up some or all of the interest, just to access the money.

Thankyou in advance for any suggestions or advice.

eskbanker

If it's a fixed term (non-ISA) account then providers will generally prevent premature access completely, except perhaps for death or terminal illness, rather than inconvenience.  Is there any chance that she can demonstrate that Paragon opened the wrong account rather than it being her mistake?

PThomas_2

eskbanker said:

If it's a fixed term (non-ISA) account then providers will generally prevent premature access completely, except perhaps for death or terminal illness, rather than inconvenience.  Is there any chance that she can demonstrate that Paragon opened the wrong account rather than it being her mistake?

I still have the link in a spreadsheet that I sent her, it now goes to a 'This dual access saver account is no longer available'. I guess thats something we can try. However when we go back through her emails, the confirmation does say a 1yr fixed account and it does mention in the summary that you cannot withdraw money. I think it was all a little rushed as we didn't want the risk of having the money unprotected in 1 account.

We need to move, our girls are sharing a bedroom (both teenagers) and they desperately need their own rooms. Both are having counselling as well, its not a great place for them right now and the new house was something to look forward to, to getting their own bedrooms, chance to stamp their own identity etc.

eskbanker

PThomas_2 said:

eskbanker said:

If it's a fixed term (non-ISA) account then providers will generally prevent premature access completely, except perhaps for death or terminal illness, rather than inconvenience.  Is there any chance that she can demonstrate that Paragon opened the wrong account rather than it being her mistake?

I still have the link in a spreadsheet that I sent her, it now goes to a 'This dual access saver account is no longer available'. I guess thats something we can try. However when we go back through her emails, the confirmation does say a 1yr fixed account and it does mention in the summary that you cannot withdraw money. I think it was all a little rushed as we didn't want the risk of having the money unprotected in 1 account.

We need to move, our girls are sharing a bedroom (both teenagers) and they desperately need their own rooms. Both are having counselling as well, its not a great place for them right now and the new house was something to look forward to, to getting their own bedrooms, chance to stamp their own identity etc.

It's certainly a long shot that they got it wrong, and if they clearly notified her that it was an inaccessible fixed term product that was opened, then that was the time to challenge it if it was their mistake - if it wasn't then no amount of pleading about your circumstances is going to change their minds I'm afraid....

Berezny

Politely but firmly explain the urgency of your situation. If you're not getting anywhere with the regular representatives, escalate your case to a supervisor or manager. Ensure you emphasize that this was a mistake, and the funds are critical for completing a property purchase.

born_again

PThomas_2 said:

Really need some advice.

My Wife sold her house earlier this year, the plan is for us to buy something new together.
For safety she spread her equity amoungst a couple of banks, to keep within the FCSC protection limit.
We are now in the process of purchasing our together home and she has started contacting the banks to get the money together for our deposit.
Somehow, still not sure how, she has not got the Bank account with Paragon that I had helped her find.
The account should have been a Double access savings account, but we have just found out its a Fixed rate account for 12 months with NO ability to withdraw or close it!

Paragon are currently playing difficult and saying no, she cannot close or withdraw cash from the account.

Has anybody else encountered this before?

We can accept a mistake was made when opening it, I still don't know how as I still have a link I shared with her to follow. We urgently need these funds to complete on the house, our stress levels are currently through the roof and don't know what to do if they continue to say no.
We'd even give up some or all of the interest, just to access the money.

Thankyou in advance for any suggestions or advice.

While not solving the current issue. There was no rush to spread the funds around for FSCS protection

https://www.fscs.org.uk/making-a-claim/claims-process/temporary-high-balances/

PThomas_2

born_again said:

PThomas_2 said:

Really need some advice.

My Wife sold her house earlier this year, the plan is for us to buy something new together.
For safety she spread her equity amoungst a couple of banks, to keep within the FCSC protection limit.
We are now in the process of purchasing our together home and she has started contacting the banks to get the money together for our deposit.
Somehow, still not sure how, she has not got the Bank account with Paragon that I had helped her find.
The account should have been a Double access savings account, but we have just found out its a Fixed rate account for 12 months with NO ability to withdraw or close it!

Paragon are currently playing difficult and saying no, she cannot close or withdraw cash from the account.

Has anybody else encountered this before?

We can accept a mistake was made when opening it, I still don't know how as I still have a link I shared with her to follow. We urgently need these funds to complete on the house, our stress levels are currently through the roof and don't know what to do if they continue to say no.
We'd even give up some or all of the interest, just to access the money.

Thankyou in advance for any suggestions or advice.

While not solving the current issue. There was no rush to spread the funds around for FSCS protection

https://www.fscs.org.uk/making-a-claim/claims-process/temporary-high-balances/

Yes, but we were expecting my house sale and finding a new home to take longer than it has, we would have fallen foul of the 6 month rule if we had left it in there (by the time the purchase completes). Plus it would have got very little interest. 

penners324

Surely weighing up the chances of certain companies going bust in that time frame should come into as well?

Pretty sure Marcus would have perfectly safe for all of those funds. 

HillStreetBlues

Not sure if they can do it, but if you need the money so badly offer to take less than you put in,

friolento

How long until maturity? How much would a bridging loan cost you?