Fix Your Savings Rate NOW! Article Discussion

twokcc

Close bros still have 7% fixed 1 year closes 10th November so youd have to be quickhttp://www.closetreasury.co.uk/index.htm

Skieasy

oshoshitzu wrote: »

I was going to open this account. Because the initial deposit has to be by cheque can I open it with £1 then do a bank transfer for a much larger amount?

Yes you can. I spoke to them yesterday and they confirmed this - apparently you have 10 days to complete the transaction after their receipt of your opening cheque deposit..

My application papers arrived today, though how much time they will now allow to secure the offered rate in view of today's rate reduction, remains to be seen!

Skieasy

I gave ICICI a call two or three weeks ago about their fixed rate bonds. Apparently they need a cheque for the full amount to open the bond, not an initial cheque deposit followed by a larger BACS amount. This could therefore take up to 10 working days to clear before earning interest. Added to non-interest days in your linked current account plus postage delays, I reckoned on a loss of a good three weeks' interest which brings down the annual rate somewhat, never mind any of the other posted concerns about this provider.

Dan29

Skieasy wrote: »

I gave ICICI a call two or three weeks ago about their fixed rate bonds. Apparently they need a cheque for the full amount to open the bond, not an initial cheque deposit followed by a larger BACS amount. This could therefore take up to 10 working days to clear before earning interest. Added to non-interest days in your linked current account plus postage delays, I reckoned on a loss of a good three weeks' interest which brings down the annual rate somewhat, never mind any of the other posted concerns about this provider.

You don't have to do any of this if you already have a variable HiSave account.

sosos

Re Halifax 3 months @ 7%.

What do they mean by the following:

[FONT=Arial, Helvetica]Withdrawal arrangements[/FONT]
[FONT=Arial, Helvetica]No withdrawals allowed. Early closure permited after 3 months (with loss of interest)[/FONT]


Loss of what interest?? The interest gained over the 3 months?! Am I being thick, it can't be!

Baldur

There are 4 terms shown, of up to a year, so the loss of interest applies to the longer term versions - as the 3 month one could not be closed 'early' after 3 months - it would no longer exist after its fixed term maturity.

sosos

Thanks Baldur.

I have just opened a 3 month term at 7%. The application process took less than 5 minutes. Once my new account was created, I clicked on it to view details. Interest Rate is 6.59% Gross p.a.

I admit I'm not the savviest when it comes to banking, but I would assume that the advertised 7% would be the gross figure, thus perhaps 6.59% looks more like a net amount. Go figure :rolleyes:

sosos

A.Jones wrote: »

I just opened a 3 month halifax account - and can confirm rate is still 7% (6.82% for the three months showing in my account details). I am an existing customer.

I've just noticed this post. As can be seen, in the time A.Jones opened their account and I opened mine, the %age dropped a few points!

kijiwe

I hope this is the correct forum.
We need to know if other Mortgage lenders other than Banks will be covered by the 1.5% reduced rate. We were initially lent by Abbey, then a year and half back transefed to FREEDOM LENDING, which in turn changed name to WAVE LENDING. Will or can the Government COMPELL them also to oblige and pass on the reduced rates to their customers?

molar

sosos wrote: »

I've just noticed this post. As can be seen, in the time A.Jones opened their account and I opened mine, the %age dropped a few points!

Did you guys already have funds in your variable rate web savers or Halifax current accounts before today? I've funded my web saver today but it won't allow me top open a fixed rate account.