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  • FIRST POST
    • portlandboy
    • By portlandboy 14th Jun 19, 2:03 PM
    • 286Posts
    • 203Thanks
    portlandboy
    Masthaven Account Rules?
    • #1
    • 14th Jun 19, 2:03 PM
    Masthaven Account Rules? 14th Jun 19 at 2:03 PM
    Hi all,

    I'm looking at maybe putting some money into the Masthaven Bank account that is mentioned on MSE ( https://www.masthaven.co.uk/savings )

    I notice that their Flexible Fixed Term account states that you cannot access your money in any way (apart from after a death, insolvency or if there is a breach of rules etc.) until the fixed term is ended.

    I understand why the Masthaven Bank would want to do that, but it's the first time I've noticed this condition anywhere, as most banks tend to allow access but with a penalty.

    Can they actually refuse to give your money back, even if it leaves you in financial difficulties at some point?

    Portlandboy ...likes chocolate, hates rabb...

    Note to Self: When posting, remember to keep within "forum rules" to avoid upsetting other "interested parties"
Page 1
    • davidwatts
    • By davidwatts 14th Jun 19, 2:19 PM
    • 269 Posts
    • 200 Thanks
    davidwatts
    • #2
    • 14th Jun 19, 2:19 PM
    • #2
    • 14th Jun 19, 2:19 PM
    Yes, it's entirely standard for fixed term deposit accounts, i.e. you get the higher rate of interest in return for that commitment. It's not something unique to Masthaven.

    If it doesn't suit you, go for instant access or notice accounts.
    • AnotherJoe
    • By AnotherJoe 14th Jun 19, 2:33 PM
    • 15,944 Posts
    • 19,158 Thanks
    AnotherJoe
    • #3
    • 14th Jun 19, 2:33 PM
    • #3
    • 14th Jun 19, 2:33 PM
    Yep plenty of these accounts have similar rules there was a recent post from someone who locked their money up for a year or two and the. discovered a house they wanted to buy a month later
    Please dont criticise my spelling. It's excellent. Its my typing that's bad.
    • portlandboy
    • By portlandboy 14th Jun 19, 2:58 PM
    • 286 Posts
    • 203 Thanks
    portlandboy
    • #4
    • 14th Jun 19, 2:58 PM
    • #4
    • 14th Jun 19, 2:58 PM
    Okay, thanks for the replies. I doubt that it will put me off, but it's just something that I've never noticed before.

    I should take more notice!

    Portlandboy ...likes chocolate, hates rabb...

    Note to Self: When posting, remember to keep within "forum rules" to avoid upsetting other "interested parties"
    • eskbanker
    • By eskbanker 14th Jun 19, 3:08 PM
    • 11,361 Posts
    • 14,056 Thanks
    eskbanker
    • #5
    • 14th Jun 19, 3:08 PM
    • #5
    • 14th Jun 19, 3:08 PM
    Okay, thanks for the replies. I doubt that it will put me off, but it's just something that I've never noticed before.

    I should take more notice!
    Originally posted by portlandboy
    Perhaps you were thinking of fixed-rate/term cash ISAs? Under ISA scheme rules, they're not allowed to prevent early access, even though most will levy a penalty for early withdrawals, so these might suit you if you may not be able to commit....
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