Fix Your Savings Rate NOW! Article Discussion

KingL

The thread was started on 6 November 2008.

rb10

minimike2 wrote: »

Rates are not going to stay like they are now for more than 12 - 18 months MAX. Some of these accounts that lock you in require a FIVE YEAR commitment.

Yes, but some of them only require, say, a three month commitment.

If, as you say, rates may well stay roughly where they are for up to 12-18 months, then there's unlikely to be harm in going for a 3/6/9/12 months fixed account.

Or, an alternative is a fixed account that allows withdrawals, so you're not locked in to it, in case rates do rise.

I agree that fixing for five years at todays rates may not be the best ... I certainly wouldn't do it myself.

minimike2

KingL wrote: »

The thread was started on 6 November 2008.

Yet the article remains unchanged and used as a source of information by many (and linked to off the front page). November was only two months ago......

treespirit

Hi,
I opened a fixed rate bond at Nationwide a few days ago and now think I should have put the money in a different account. The terms and conditions seem to say that I cant change my mind for a fixed rate bond. (It is a bracketed sentence after the paragraph that says you can change your mind!). Also the penalty for closing the account would be 90 days interest even though it hasnt been there for 90 days. So I am stuffed! If anyone thinks there is a way out I would be pleased to hear from you.
Thanks.

ahai1

I have had a brief look at the Nationwide fixed bonds. I am a bit confused it says that you can make a certain number of withdrawls does the interest rate then fall?

ahai1

I am looking at the Coventry fixed bonds. I had a look at the application. One thing that I have noticed is that there is no option to keep the interest in the bond account.

Retinaburn

I have recently lost my job and I have a fixed Term saving account with funds that i am in desperate need of access. Is there any way i can get my money out of the account, maybe by closing it?

Optimist

Retinaburn wrote: »

I have recently lost my job and I have a fixed Term saving account with funds that i am in desperate need of access. Is there any way i can get my money out of the account, maybe by closing it?

What does it say in the terms and conditions ? Sometimes you can get at your money but you lose interest. You need to check with whoever you have the account with !

TheGame7

Any point fixing at 3.9%?

Stavros_3

TheGame7 wrote: »

Any point fixing at 3.9%?

Yes for a year if you can get in at 3.9%