Need info on my savings account and how to access it.?

Question

I Currently have an account with the bank where some money from relatives has gone into but the type of account is the type where you can't access the savings untill a certain date, mine being August 2009. I have recently lost my job and was wondering if there was any way i can access it before 2009? Surely if its my money they can't stop me accessing it?

Answer 1

It sounds like it is a trust fund.  Even though "it's your money," you do not have the right to access the money until August 2009.

If this is inheritance money, it is common that the access is restricted until a certain date.  In this case, you have no right to the money until August 2009.

If this is a CD type of account, you can access the money now and you will have to pay an early withdrawal penalty.  

Answer 2

Firstly, are you that desperate for money that the account is the only solution? When you say you just lost your job, was it because your company was downsizing or went out of business? If so you would have had some warning and should have been looking for other employment? Have you applied for other work as yet or are you just wanting to take a break from work?

If you must access some funds why not get in touch with your relatives who set that account up for you. Explain to them your present circumstances, they may be willing to help you out.