Are savers frantically opening up fixed accounts?

PJD

I have only one fixed account with Halifax for 6 months.

I also have savings with

A&L
Tesco
Scottish Widows (ISA)


I'm very worried about my savings, - and they reckon that rates are only going to go further down, possibly 2% by the end of next year. What to do?

neil324

Its a bad day for savers, i had locked away 85% of my cash in 2 year fixed accounts last month. I was waiting for the housing market to bottom out and also protect agaisnt rate cuts.

*srjp*

Well, perhaps - I have a bond expiring in two weeks so have been sniffing around recently anyway. Decided to jump on some today and the Coventry site just crashed on me.

anna42hmr

i havent any fixed accounts for one very simple reason, with the current economy the way it is, i need access to my savings incase of emergency, ie if i am made redundant etc, and fixed accounts if i was made redundant now i couldnt access for a while or be penalised for doing so

i have several savings accounts (natwest isa, plus some normal/internet savings accounts with tesco, sainsburys, egg and lloyds and i intend to move my money around between the accounts depending on who is paying the best interest rates at any given time,and just keep enough in the others to keep them operating)

FairyElephant_2

Funnily enough I just wrote on another thread that if 'they' think that cutting the rate will make us spend more rather than save, I think 'they' are deluding themselves....most of us will look, as you are doing, at longer-term fixed accounts so we can still get a reasonable rate on our savings, which means they will be less accessible, and we'll be even less tempted to dip into them for that impulse purchase....so much for Getting Britain Spending!

(Of course this doesn't apply to the financially unstable who helped to create theis mess by borrowing more than they could afford to pay back - they will now have the opportunity to borrow even more I suspect, tempted by lower rates - if the banks etc. decide to pass on the cuts.... which as far as I can see will just extend the whole darn mess even further....)

PJD

I have a normal savings account with ICICI bank - which means that I can open up a fixed account which will take one working day.

But it will take about a week to get some savings inside that account... - so I guess i'm going to miss out on that one?!?

Maidenover

Yes I am....well I am trying to get my money into either Saga or Birmingham Mids. Both owned by HBOS but the website only allows you to apply for an application form so I have no idea if I will get my money into a higher rate fixed account or not.
My own stupid fault....kept meaning to do it but not sure where to put money I have sitting in Bank instant access account.

Swipe

I called bham midshires. There's a huge wait on their phones. All I wanted to do was open up an account and get them to transfer the balance from one of my other BM accounts but it seems they've made it all too complicated i.e having to pay in by cheque. I've figured I may also need instant access to my cash in case, over coming months, one of my low-ball offers on various properties is accepted.

Young_Offender

Britannia had a 6.10 fixed rate ISA which was still available at midday, but it has been hastily withdrawn. Act fast!

PJD

I've just spoken to ICICI bank about their fixed rate account - you need to have the money already in the savings account in order to open up the account. It's going to take about 8 days to get any money on their, - or ideally, i would put in my ICESAVE money which i'll get back sometime this month, - but of course, - by the time I transfer the money into the savings account, - they'll probably stop offering the fixed account!

I dont think i'm goign to be able to open up any further fixed accounts in time...

prixon

If you have got a Bradford & Bingley branch nearby you can walk in and open a 1 yr, 2 yr or 3yr fixed rate bond at 6%. I believe they are being withdrawn tomorrow though.

Also noticed National Counties BS have a 1yr bond at 6.31% which you can open online and only went on sale on tuesday, so it would be a bit rough if they didn't give you the time to pay in money!

P