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Long term savings withdrawal

  • 18-09-2015 11:21pm
    #1
    iatethepies
    Registered Users Posts: 46 ✭


    Hi. I opened a long term savings account for an 18 month fixed term, roughly 27 months ago with KBC. I ignored this account as much as possible, I set it up anticipating drawing down a mortgage late last year or early this year. I am now hopefully in a position to finally take out a mortgage.

    I did not read the terms and conditions carefully enough as it appears that at the end of a fixed term contract, as they didn't receive explicit instructions to the contrary, I was automatically enrolled in another 18 month contract. I rang KBC today to enquire about the possibility of removing my savings and the person at the end of the phone was quite adamant that I would not be able to withdraw my savings until the end of the new term, in 9 months time.

    I appreciate that I should have read the T&Cs more thoroughly but does anyone have any experience with having a bank use their discretion to allow you to exit a long term savings account early. I would be happy to forego any interest or pay a penalty as required but not being able to access these savings would really put a dent in my hopes for drawing down a mortgage this year. Any advice would be appreciated.


Comments

  • #2
    JTMan
    Registered Users, Registered Users 2 Posts: 5,541 ✭✭✭JTMan


    Your options:
    - Some KBC term deposit products allow a withdrawal up to 25%. Ask can you do a partial withdrawal.
    - Ring KBC and ask to speak to a manager. Beg to be allowed access. A good sob story helps.
    - Go into KBC face to face in the HQ and speak to someone directly there. Again, beg and give your sob story.
    - Worst case, take out a personal loan with KBC using your term deposit as collateral for the personal loan.

    Some banks, like Nationwide UK (Ireland) allow a 100% early withdrawal, subject to a reasonable penalty. Others like KBC roll your term deposit without your express prior consent in writing on maturity date and then do not allow full withdrawal. There is a lot to be said for choosing Nationwide UK (Ireland) term deposit products over KBC.


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