Fix Your Savings Rate NOW! Article Discussion

gunnaknow

Squibbler wrote: »

Opened a Birmingham Midshires fixed telephone account today via internet. Called & they confirmed that I will get the advertised rate even if it drops tomorrow

How did you open it via the internet? I thought that you could only apply via the internet and then had to send off a form to open it? I applied for a form today. If there's a quicker way to open the account, via the interent, please tell me how. Thanks.

Lem

Just watched the Nationwide 6 month e-bond change before my eyes from (up to) 6.61% to 6.09% AER. rates effective 7 November, missed it by minutes!

Squibbler

gunnaknow wrote: »

How did you open it via the internet? I thought that you could only apply via the internet and then had to send off a form to open it? I applied for a form today. If there's a quicker way to open the account, via the interent, please tell me how. Thanks.

Hi - yes you can open (complete the form) immediately via internet even though it is a telephone account but they then have to send the form to you to sign) .They assured me that I would definately get that rate - presumeably they put the completed form in the post for me to sign yesterday evening

Just click on Learn more, then request an application and it gives you the form there and then to complete online. (It asks what your deposit will be & you send it later by cheque). They will send the application out for you to sign and return, but you have effectively reserved that rate.

Looks like their rates are still there this morning so far...unlike Nationwide's!

Squibbler

Lem wrote: »

Just watched the Nationwide 6 month e-bond change before my eyes from (up to) 6.61% to 6.09% AER. rates effective 7 November, missed it by minutes!

Whew - yes I went for it late last night. I had the dilemma of waiting for an extra 10K due to go in to my flex this morning which would have pushed me into a 0.1% higher rate band but I', glad I didn't wait now.

Coventry Poppy fund still there this morning at 6.25%

yeroash

Hi, I would be very grateful if anyone can answer a quick question for me, I have recently just started saving.
I've got £1000 in HSBC's eISA @ 5.75% AER would I be better off with ICICI's 7.10% AER Fixed rate account?

I don't need access to the money and can keep it in the account for the year.

Squibbler

yeroash wrote: »

Hi, I would be very grateful if anyone can answer a quick question for me, I have recently just started saving.
I've got £1000 in HSBC's eISA @ 5.75% AER would I be better off with ICICI's 7.10% AER Fixed rate account?

I don't need access to the money and can keep it in the account for the year.

Problem is iff you take money out of an ISA - you cannot ever go & put that back in so lose your tax free savings
allowance for that year (in your case £1000 of it). If you intend to keep the money long term (over several years), it might be worth bearing that in mind.

Assuming rates stayed the same, switching would gain you £3.50 over the year on the basic rates versus the extra tax you would have to pay on 7% of £1000 (£1.40 at 20%, £2.80 at 40%). If rates drop further then obviously your saving would be greater.

Also, ICICI stability is being debated by some though it is fully covered by the 50K government assurance.

yeroash

Rates dropping is the reason why I asked, I started off with HSBC's 6.25% and they dropped it to 5.75%, I'm sure its going to drop further now .... so do you recommend I stick or switch?

BTW I'm saving about £200 a month (Student!!!) so I don't think I am going to be using up my full allowance this tax year anyway

yellowplum

There are still a couple of fixed savers around that pay over 7% fixed for 12 months, if anyone is interested in a regular saver. First is Barclays 7.49% and Abbey 7.25%, Principality has withdrawn their regular saver.

PRINCESSKERRY

They still have two Barclays Wealth accounts as of this morning if anyone wanted a 3 or 6 month fixed bond, the 6 month has an interest rate of 6%.
The min deposit is £10,000.

stutty101

8tpercent wrote: »

Speaking of the Halifax... just keep an eye out on their offers....I Signed up for a special offer Halifax Guaranteed Saver Reward (which ended on 27th Oct and was at FIXED at 5.5%). Today, they have the SAME special offer at FIXED 6%. The only way to get the higher rate is to cancel the 5.5% account and re-setup a new one at 6%.. considering I only got the account two weeks ago, not happy

To be fair, the 5.5% rate (which I got) is open to all, the 6% rate is only open to current account (£1000/month) holders. However they did not ask me if I had a current account when I opened the account - so if I did bank with them I would be slightly vexed.

Also there is nothing to stop you closing the first account and re-opening the new one however...

Does anyone know of anyone else offering this mix of fixed rate and flexible account? I'm in the process of selling my house, so don't have the cash yet, but would like to get a half decent rate secured now, then deposit the cash later. And be able to get the cash back out again when we finally find somewhere to buy!