We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
7% Bonds
Options
The_Fiddler_2
Posts: 565 Forumite
I seen mentioned several times that there are 7% bonds, but I have been unable to find any. Who has the best bonds at the moment and what is their rate?
Thanks
Thanks
Noobie (not so 
) trying to make loads a dosh - please bear with all my questions :beer: Thanks
) trying to make loads a dosh - please bear with all my questions :beer: Thanks 0
Comments
-
birmingham mid
6.910 -
Stroud and Swindon closed their 7% bond as the interbank rates are coming down.
Panic over lol.0 -
Nationwide have a members 1 year bond at 6.7% `til 31st Oct
Standard life had a 6 month at 6.75% (may have gone now)0 -
Not forgetting....
Anglo Irish Bank - 6.90% 1 year
Derbyshire BS - 6.85% to 30/9/080 -
Blimey the market is moving swiftly, disappointed to see the Stroud and Swindon has been withdrawn, it's that the end of the 7% bonanza?0
-
if you are 50 or older, Saga. 6.92% but they will pay it monthly (or annually, but no point in annually as it is the same rate). 6.92% monthly is an AER of 7.14% (AER assumes the interest is compounded - the interest is paid back to your bank account each month and you do what you like with it, eg - put it in a regular savings account!)birmingham mid
6.91
The account is still with Birmingham Midshires (part of Halixax/Bank of Scotland) but the Saga brand gives a better interest rate.
PS - a good source of on info on current deals is http://www.fsa.gov.uk/tables0 -
if you are 50 or older, Saga. 6.92% but they will pay it monthly (or annually, but no point in annually as it is the same rate). 6.92% monthly is an AER of 7.14%
Wow Nick_C - well spotted re that amazing "inefficiency" at Saga re the 6.92%pa paid either /m or /a ie 7.14% AER for annual.
Could hardly credit any organisation as being that dumb - have NEVER before seen monthly % not appropriately adjusted to make its AER equal to, or indeed slightly less than, annual % AER. but it is there in black and white on their website at:
http://www.saga.co.uk/finance/spf/home_fixed_rates.asp
6.92% AER if you wait for annual, 7.14% AER if you take it monthly
Damn - I sent £10k to Derbyshire BS (always with some BS merger prospects) at 6.85% AER on the basis I couldnt be bothered to wait for Saga 6.92% at Birmingham Midshires/BankOfScotland, little knowing it was really 7.14%. Have to hope the offer closed at Derbyshire before my £10k got there as "There is no cooling off or cancellation period for fixed rate accounts where the interest rate is set when you open the account." although as still listed on website tonight I somehow doubt it, argh lost £50 on that deal instead of just £7.0 -
I'm not sure what a bond actually is, apart from an 'I.O.U.' but if 100K was put into bonds at Saga, what would the return be please?
Excuse the simplicity, I'm a moneyphobe
Oh what a tangled web we weave, when first we practice to deceive. ~ Sir Walter Scott0 -
It's always worth checking the Ts & Cs of bonds. Obviously they all expect you to keep the money in for a year, however if you DO need to withdraw, the terms vary. Some will let you withdraw but charge a penalty (i.e. 90 days interest). However some don't allow you to withdraw early at all (I think Birmingham Midshires says this).0
-
Thanks for the fsa interest rate table link, seems more comprehensive than moneyfacts and moneysupermarket
Maybe a link for the main Savings Factsheet ??0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.1K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244.1K Work, Benefits & Business
- 599.1K Mortgages, Homes & Bills
- 177K Life & Family
- 257.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards