Fixed rate bonds

It might be worth contacting the supplier and ask if they will use their discretion and allow you to withdraw your cash and deposit into something more suitable - easy access ISA for instance - worth asking at any rate. Point out your circumstances, need for the cash etc.

Oh dear overthehill, I hate to say it but why did you just allow this to happen? Especially with a substantial sum involved and given your ages. You can only throw yourself on the mercy of the provider and give a good excuse for not having understood the consequences of not acting. If they refuse perhaps the lady at the Sunday Times who is brilliant at helping people with financial problems can help you.

As it happens I have written to the CEO asking for help, see what transpires. In my mind I was thinking I could just take it out and pay a penalty for doing so, but realise now, that was for notice accounts, not fixed bonds. I think we've been doing this sort of thing for years now, tying money up to get a better interest rate, forgetting we are getting older and might need some or one of us die before they mature.
This really is as a warning for others.

Good luck overthehill, let us know what happens.

I agree with you, my first thought would be that you could just pay the penalty, but of course with these bonds that's not generally possible. With a bit of luck they will be sympathetic, not as if they are going to go broke!

Did your investment source inform\remind you that your fix was approaching maturity? Mine always does and lists the eventualities should I not contact them. Don't know if this is a legal requirement but would certainly take the matter up with them on good customer relations if nothing else. Good luck. The interest rate out there is certainly changing and decidedly variable.

Kim19....Did your investment source inform\remind you that your fix was approaching maturity

Yes they did, the fault is all mine. What I do think is wrong on their part is, they automatically duplicate what has gone before instead of pushing it into a low interest easy access account