Fix Your Savings Rate NOW! Article Discussion

Former_MSE_Natasha
Former_MSE_Natasha Posts: 672 Forumite
edited 14 June 2010 at 5:05PM in Savings & investments


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  • The link at the bottom of the article is broken and points to the one about haggling.
  • MSE_Martin
    MSE_Martin Posts: 8,272 Money Saving Expert
    First Post First Anniversary Combo Breaker
    PS. If you spot a rate in the guide that has dropped - please email [EMAIL="brokenlink@moneysavingexpert.com"]brokenlink@moneysavingexpert.com[/EMAIL] - we are updating regularly but its helpful if you can ;)
    Martin Lewis, Money Saving Expert.
    Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.
    Don't miss out on urgent MoneySaving, get my weekly e-mail at www.moneysavingexpert.com/tips.
    Debt-Free Wannabee Official Nerd Club: (Honorary) Members number 000
  • I applied for the Saga fixed rate savings - online - yesterday. They responded that the docs would be posted out to me. Will I still get the quoted interest rate or if they change today, am I too late?
  • treecity
    treecity Posts: 98 Forumite
    The biggest problem here is moving money back through linked accounts to even be able to open a fixed term.

    I have savings in BM esaver and to open a Fixed term with them I have to send the money via my linked current account. By the time I have done that they will most likely have closed the fixed account for new applicants.

    I only want to move the funds sideways within BM but have to go all round the houses.

    Crazy times!
  • brooza
    brooza Posts: 26 Forumite
    First Anniversary Combo Breaker
    Halifax have a Web Saver account fized at 7%AER for 3 months
  • Dan29
    Dan29 Posts: 4,760 Forumite
    Name Dropper First Post First Anniversary
    brooza wrote: »
    Halifax have a Web Saver account fized at 7%AER for 3 months

    Careful with Halifax - when they drop the rate you get they sometimes don't update their website advertising until the next day. You think you're applying for 7% but then find out too late that you've been given a lower rate.

    Anyone opened one in the last couple of hours and can confirm they got the advertised rate?
    .
  • Wish I could transfer my Icesave ISA to a fixed rate now (rather than when they will have disappeared in a few weeks time). I applied for the Principal fixed but following the application it asks for you to send the paperwork and transfer form within 5 days! :(
  • cmjb
    cmjb Posts: 7 Forumite
    As someone who (foolishly) trusted the UK banking systerm until relatively recently, I have to disagree with some of Martin's advice. I would not put any funds into any bank, building society, etc., in a panic whatever the rate bait.

    I have been moving our funds into the nationalised banks (we are Northern Rock customers) and NS&I premium bonds, despite the lousy returns. Returns are meaningless if you lose your money, as we almost did with Icesave.

    I would look at the bank's or building society's financial statements before depositing money. I have found that many of them have put far too much money into "wholesale" banking and/or derivatives. Wholesale banking is when banks lend money to other banks. If you wonder what earthly use that is, well, your instincts are probably right. In my opinion, derivatives are just legalised gambling.

    We continue to keep our current account with a bank that I will not name, despite their involvement with all this, simply because it's too hard to switch and difficult to find any organisation that isn't involved.
  • brooza
    brooza Posts: 26 Forumite
    First Anniversary Combo Breaker
    Dan29 wrote: »
    Anyone opened one in the last couple of hours and can confirm they got the advertised rate?
    Me (unless the rate changes between me signing up and the letter coming to me)
  • Dan29
    Dan29 Posts: 4,760 Forumite
    Name Dropper First Post First Anniversary
    brooza wrote: »
    Me (unless the rate changes between me signing up and the letter coming to me)

    Thanks. You can see the rate for the account when you look at its details.
    .
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