Closing IceSave Fixed Term Account Early

ChloeRadshaw

I have a two year fixed rate term with Icesave and am thinking about closing this early. Does anyone know what the penalty would be and if indeed they would let you?

I could not find anything on their website to tell you one way or the other.

Thanks

tradetime

How often can I move money out of my Fixed Rate Savings Account?

Once you've made your lump sum deposit you cannot make any withdrawals from your Fixed Rate Savings Account until maturity.

http://www.icesave.co.uk/fixed-rate-savings-questions.html
No penalty, just won't let you.

jonesMUFCforever

Normally there are two situations whereby a bank will close a term deposit early - one is that you die and secondly that you are declared insane.

Which is it to be?

mr_rush

i thought in exceptional circumstance they give money back but no interest.

tradetime

mr_rush wrote: »

i thought in exceptional circumstance they give money back but no interest.

Possibly, do you have a link perhaps?

jonesMUFCforever

I don't think so but they probably would lend money to you using the deposit as security.

tradetime

jonesMUFCforever wrote: »

I don't think so but they probably would lend money to you using the deposit as security.

LOL possibly at about 8%

planemad

I don't think they lend money through the ICESAVE brand so I doubt that would occur.
Once tied up the terms clearly state that you can make no withdrawals for the period of the term.
The only exceptions would be death of holder or court order on the funds for whatever reason.

Stompa

FWIW:

http://www.guardian.co.uk/money/2008/apr/06/bonds.moneyinvestments

'We are willing to be flexible in exceptional circumstances where a customer experiences unforeseen personal circumstances that result in an urgent need for full or partial access to their funds ahead of the maturity date, but where there are not sufficient reasons for making an exception on compassionate grounds we do not permit withdrawals from fixed-rate savings accounts before the maturity date.'

Paul_Herring

ChloeRadshaw wrote: »

I could not find anything on their website to tell you one way or the other.

http://www.icesave.co.uk/legal.html > http://www.icesave.co.uk/downloads.html (http://www.icesave.co.uk/downloads/ICE_2008_V9_0408.pdf)

14c. Following an initial deposit into a Fixed Rate Savings Account, no further deposits, withdrawals or closures are permitted during the fixed rate term.

tradetime

Stompa wrote: »

FWIW:

http://www.guardian.co.uk/money/2008/apr/06/bonds.moneyinvestments

'We are willing to be flexible in exceptional circumstances where a customer experiences unforeseen personal circumstances that result in an urgent need for full or partial access to their funds ahead of the maturity date, but where there are not sufficient reasons for making an exception on compassionate grounds we do not permit withdrawals from fixed-rate savings accounts before the maturity date.'

I doubt a better rate with B&B would qualify