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fixed term deposit account - What do you operate this with?
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thebeak
Posts: 69 Forumite
Hello,
With a fixed term deposit account......(when they offer you a fixed interest rate for a year or whatever), what are you 'given' to have the account? Is it some kind of certificate? Or for building societies is it a traditional passbook? I thought it would be different as its fixed for the term and once it is closed you can't pay into it, hence not needing a passbook.
With a fixed term deposit account......(when they offer you a fixed interest rate for a year or whatever), what are you 'given' to have the account? Is it some kind of certificate? Or for building societies is it a traditional passbook? I thought it would be different as its fixed for the term and once it is closed you can't pay into it, hence not needing a passbook.
"Not setting your clock forward and arriving an hour late to work is no excuse" The Boss' words - not mine!
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Comments
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firstly thank you. You used the correct name for the product
Most of the banks will issue an account number for it and you get a statement. Some may issue a certificate with a number but its much the same thing.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
I understand where you are coming from, it would be good if the banks and societies would stop confusing things for the public banding words like 'bonds' around
So banks issue certificates or statements, do societies issue the same things?"Not setting your clock forward and arriving an hour late to work is no excuse" The Boss' words - not mine!0 -
Mainly via a personally addressed letter. Containing the account number / interest rate / maturity date / value etc ...... and containing the legend 'this document is important - keep it in a safe place'!If you want to test the depth of the water .........don't use both feet !0
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Most seem to provide a letter or certificate but Nationwide just issue an online confirmation for you to print, stating "This online confirmation replaces a bond certificate".0
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