I opened an account with FBN Insurance "EasySave" precisely during my service year with an interest rate of 5%.. It was to run for a period of 1year.... Something came up, I needed the money I've been contributing for something urgent. It was then that I was told that; Terminating the account before the maturity period attracts a 10% deduction of my total money.... I was wondering. How can the interest rate be at 5% and I'm been charged 10% because I need my money urgently?? That's the height of corruption.

Can anyone please suggest to me an insurance account that could be run for a period of 6months??

Has anyone ever had similar issue with FBNInsurance

Since you were told that the plan runs for one year, you are supposed to know that you cannot touch the money until that one full year. That charge is a disciplinary measure for you to save, otherwise the aim for which you opened the policy will not be fulfilled. I did EasySave plan for a year during my National Youth service and at the end got my money and the interest.

UzorMike:
Since you were told that the plan runs for one year, you are supposed to know that you cannot touch the money until that one full year. That charge is a disciplinary measure for you to save, otherwise the aim for which you opened the policy will not be fulfilled. I did EasySave plan for a year during my National Youth service and at the end got my money and the interest.

Good one from an informed mind