Savings with Aldermore bank

Lofty73

Hi all 
I had money left over from my latest wife's estate and with no current need for it I approached Aldermore bank and deposited in a fixed rate 9 month saver which expires February 2025.
I have however hit a financial hiccup in my life at the moment so I could do with the cash right now.
I have approached Aldermore about a withdrawal but they first gave me the run around on the phone with the only solution being given was to write to them via email with a request.
I have emailed them twice no but had no reply.
I am now in the process of of writing a letter to send it by post to their head office.
I understand that I agreed to keep the money in for 9 months and was prepared to just get the cash back with any loss of accrued interest.
Where do I stand?
Nigel

ColdIron

Few fixed term, fixed rate, accounts allow early withdrawal hence the higher rate you received for locking it away. ISAs allow early withdrawal (usually with a penalty) but this is not an ISA and Aldermore are correct

You confirmed that you had read and understood the terms when you opened the account

In short you don't have a leg to stand on

They will allow early withdrawal in exceptional circumstances: Death, mental incapacitation, bankruptcy etc but probably not a 'financial hiccup'. You could try but you should manage your expectations

Albermarle

It is not an issue with Aldermore specifically. You can not withdraw from fixed rate accounts ( non ISA) with almost all savings providers. I think there are a couple of exceptions where you can with a penalty but it is not normal.

ForumUser7

Lofty73 said:

Hi all 
I had money left over from my latest wife's estate and with no current need for it I approached Aldermore bank and deposited in a fixed rate 9 month saver which expires February 2025.
I have however hit a financial hiccup in my life at the moment so I could do with the cash right now.
I have approached Aldermore about a withdrawal but they first gave me the run around on the phone with the only solution being given was to write to them via email with a request.
I have emailed them twice no but had no reply.
I am now in the process of of writing a letter to send it by post to their head office.
I understand that I agreed to keep the money in for 9 months and was prepared to just get the cash back with any loss of accrued interest.
Where do I stand?
Nigel

It would depend on the circumstances and type of 'financial hiccup'. Some providers, YBS, Saffron BS I believe, offer this kind of thing on their accounts subject to their decision in exceptional circumstances and if not doing so would put you in financial hardship in certain circumstances. But unless Aldermore has a policy like that, you'd be entirely reliant on their goodwill - which would just be down to luck unfortunately.

Bigwheels1111

I'm in the same position, 3 savings product that I can't access for 3 years as of yesterday.

A month after locking away the funds we found out the wife had cancer.

I could try but as you are finding out it's at their decision.

I did not even try.

Roll on 21st November 2027.

ForumUser7

Bigwheels1111 said:

I'm in the same position, 3 savings product that I can't access for 3 years as of yesterday.

A month after locking away the funds we found out the wife had cancer.

I could try but as you are finding out it's at their decision.

I did not even try.

Roll on 21st November 2027.

@Bigwheels1111 Really sorry to hear about your wife.

I would suggest you and OP write in, highlight your circumstances, explain why you need to access the funds, and provide supporting evidence if you can, such as any proof of financial hardship if applicable.

It is likely you would both be classed as vulnerable customers due to your circumstances, so let the providers know this.

Page 16 of their Ts and Cs (https://www.aldermore.co.uk/media/dandclvi/personal-savings-terms-and-conditions.pdf) states they may consider a FRB closure in exceptional circumstances. I can’t seem to copy the text, so would suggest you have a look at Section E.

Also worth familiarising yourselves with this guidance https://www.fca.org.uk/publication/finalised-guidance/fg21-1.pdf and having a look for any similar cases on the FOS database https://www.financial-ombudsman.org.uk/decisions-case-studies/ombudsman-decisions.

Had a Quick Look myself, and this https://www.financial-ombudsman.org.uk/decision/DRN-4843546.pdf is a little similar though more advanced through the process - in the sense that Zopa refused and the FOS said they needed to look again (in short).

eskbanker

Bigwheels1111 said:

I'm in the same position, 3 savings product that I can't access for 3 years as of yesterday.

A month after locking away the funds we found out the wife had cancer.

I could try but as you are finding out it's at their decision.

I did not even try.

Roll on 21st November 2027.

It's obviously not some sort of competition but is it really the same position - as I recall, you post about an extensive portfolio of savings accounts that sounds like it's well into six figures, including a substantial collection of frequently-maturing regular savers, so you'll presumably have avoided locking away too much?  OP clearly didn't have enough of a readily-accessible emergency fund, which will have been a painful lesson to learn....

Bigwheels1111

eskbanker said:

Bigwheels1111 said:

I'm in the same position, 3 savings product that I can't access for 3 years as of yesterday.

A month after locking away the funds we found out the wife had cancer.

I could try but as you are finding out it's at their decision.

I did not even try.

Roll on 21st November 2027.

It's obviously not some sort of competition but is it really the same position - as I recall, you post about an extensive portfolio of savings accounts that sounds like it's well into six figures, including a substantial collection of frequently-maturing regular savers, so you'll presumably have avoided locking away too much?  OP clearly didn't have enough of a readily-accessible emergency fund, which will have been a painful lesson to learn....

So you'll presumably have avoided locking away too much ?.

No is the answer, I locked away a brand new house worth.

It made me homeless, No access to house funds.

Yes I have emergency cash, thank God.

So I only had to live in my car for 27 days.

Move 175 miles from family and friends.

Not the same I know.

eskbanker

Bigwheels1111 said:

eskbanker said:

Bigwheels1111 said:

I'm in the same position, 3 savings product that I can't access for 3 years as of yesterday.

A month after locking away the funds we found out the wife had cancer.

I could try but as you are finding out it's at their decision.

I did not even try.

Roll on 21st November 2027.

It's obviously not some sort of competition but is it really the same position - as I recall, you post about an extensive portfolio of savings accounts that sounds like it's well into six figures, including a substantial collection of frequently-maturing regular savers, so you'll presumably have avoided locking away too much?  OP clearly didn't have enough of a readily-accessible emergency fund, which will have been a painful lesson to learn....

So you'll presumably have avoided locking away too much ?.

No is the answer, I locked away a brand new house worth.

It made me homeless, No access to house funds.

Yes I have emergency cash, thank God.

So I only had to live in my car for 27 days.

Move 175 miles from family and friends.

Not the same I know.

Clearly a long story - not many would structure savings in the expectation of unexpectedly needing to buy a new house, or even have enough savings for that!  Anyway, unlikely to be one for this thread....