access to deposit account (breaking a deposit account)

househunter12

hi everyone,
i could not find any information on this topic so i thought i would ask here.
i have a deposit account but i am looking to possible break it,
is this possible? i understand ill lose any interest accrued but want to know if its possible,

thanks in advance

DMcL1971

Most fixed term deposit accounts do allow you to close them early but there is usually a penalty. What is the name of the account that you have and which bank is it with?

whomitconcerns

why not call your bank and ask? Surely thats quicker than posting and waiting here?

househunter12

i would nearly listen to the advice here before contacting them, they normally send you around in circles.
its a advantage 6 month account,I
was just interested to see if anyone else ever broke one of these.

DMcL1971

I've just had a read of the Terms and Conditions for that account and it says.

5. No Early Termination
5.1 You cannot close the Account or terminate the Advantage Fixed
Term Deposit Account before the end of the chosen term.

However, it does say that you can withdraw up to 10% of the money before the end.

2.3 You can take money out of the Advantage Fixed Term Deposit
Account multiple times during the chosen term. The maximum
amount you can take in total is 10% of the amount you put in at
the start.

JTMan

Ok, so the T&C's say you can only withdraw 10% but you might be able to withdraw more.

Go to BoI and give a good sob story about why you need the cash. They might allow you access to more than 10%.

Failing that, how close are you to the 6 month maturity date? Could you get access to short term cash some other way to tie you over until maturity date?

househunter12

thanks for all the help everyone, im a bit away from getting it back but might need the money if a property appears during the summer

Marcusm

househunter12 wrote: »

thanks for all the help everyone, im a bit away from getting it back but might need the money if a property appears during the summer

For how much discount would you be willing to sell the rights to the money in the account?

There'll always be a buyer; just depends on how much you need the money.