Closing a no withdrawal savings account.

thebrim
thebrim Posts: 1 Newbie
in Savings & investments
I recently deposited a sum of money in a 2 year fixed savings account with no withdrawals! I now need the funds from the account. I spoke to the bank in question and they say it is unlikely that I can withdraw my funds early, however I should write to them to explain the reason why I require the funds and they will look at it. Any ideas on how I should approach this one?
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Comments

  • teddysmum
    teddysmum Posts: 9,471 Forumite
    First Anniversary Combo Breaker First Post
    First of all read the T&Cs.


    Some accounts, if you leave early charge you, so you draw out less than you put in, but I can't advise on your situation.
  • PeacefulWaters
    PeacefulWaters Posts: 8,495 Forumite
    Why do you need the money?
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Name Dropper Photogenic First Anniversary First Post
    thebrim wrote: »
    Any ideas on how I should approach this one?

    What do the account terms and conditions say? There must be exit routes albeit at a cost.
  • badger09
    badger09 Posts: 11,206 Forumite
    First Post First Anniversary Name Dropper
    Thrugelmir wrote: »
    What do the account terms and conditions say? There must be exit routes albeit at a cost.

    Not necessarily. I have seen fixed rate/fixed term products where the only possible exit route is death. And that is not a route to be taken lightly;)
  • ColdIron
    ColdIron Posts: 9,040 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Thrugelmir wrote: »
    What do the account terms and conditions say? There must be exit routes albeit at a cost.
    Not necessarily, many stipulate simply no withdrawals excepting death. Some (Aldermore spring to mind) will say they will review on a case by case basis and may relent in cases of hardship. Hardship in this context could be the consequences of a debilitating injury, need for full time medical assistance etc. See post #3
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    Name Dropper First Anniversary First Post
    I've always treated fixed term savings accounts as being inaccessible during the term, except on the death of the account-holder. The exception is fixed term cash ISA's, which can be accessed early subject to a loss of interest penalty. The exception for ISA's is a government stipulation which says that ISA cash must always be accessible.
  • PeacefulWaters
    PeacefulWaters Posts: 8,495 Forumite
    Deleted_User wrote: »
    I've always treated fixed term savings accounts as being inaccessible during the term, except on the death of the account-holder. The exception is fixed term cash ISA's, which can be accessed early subject to a loss of interest penalty. The exception for ISA's is a government stipulation which says that ISA cash must always be accessible.

    Most providers allow access to fixed term accounts subject to a penalty.

    Some, like Lloyds, don't.

    It's not about how you treat it. It's about what the T&Cs say.

    In this case the OP needs a half decent sob story to convince the provider not to apply those T&Cs.
  • Pincher
    Pincher Posts: 6,552 Forumite
    Combo Breaker First Post
    thebrim wrote: »
    I recently deposited a sum of money in a 2 year fixed savings account with no withdrawals!

    This is the mobile phone generation for you.

    An idiot I know believes that if he can call you and cancel last minute, then it's alright. He is extremely upset when you don't answer his calls. :eek:

    This is why the girls demand an expensive engagement ring, they are splashing out on a really expensive dress, and the caterers are not free either. ;)
  • Loanranger
    Loanranger Posts: 2,439 Forumite
    Death certificates only.
  • savings_my_hobby
    savings_my_hobby Posts: 363 Forumite
    Pincher wrote: »
    This is why the girls demand an expensive engagement ring, they are splashing out on a really expensive dress, and the caterers are not free either. ;)

    The Girls Father is splashing out on really expensive dress;)
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