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Are savers frantically opening up fixed accounts?
Comments
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Trollfever wrote: »Just done 6 months fixed with ING. It took 5 minutes!
Update.
But you need the funds in an ING savins account beforehand.... - it'll take 4 days for me to transfer savings from another savings account, - then 4 days to transfer it into the ING account, - and only then can I open up the fixed account....
...why which time it'll be gone?
Or am I missing something?0 -
FairyElephant wrote: »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....)
Totally agree, as I wrote a shortened version viewpoint on another thread on MSE.0 -
Just opened a Poppy Bond online without any problems. It hasn't appeared online yet, but I'm told that once opened the rate is fixed so I should be able to make a deposit shortly.
I just did the same, and yes, in a telecon. they said that I had secured the 6.25% rate. But on what amount? There's nothing in there at the moment, and surely by the time I get money out of NR, into RBS and out again to the Coventry, the offer will have been withdrawn, and it seems too good to be true that they'll allow me to deposit a large amount in 10 days time.
Is the last minute dash for fixing rates really only beneficial to those with money already in other accounts at their chosen fixed rate offerer?0 -
Just applied online for the one year fixed rate (just over 6%) cash ISA with Birmingham Midshires. It said the application was successful and the form will be sent out in the post for signature and return with the cheque. Hopefully that means that I get that rate.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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Deny them(building societies, banks) your savings for miserly rates.....watch how your savings rates will drop immediately, but your mortgage rates wont........one thing to consider is.....national savings index linked certificates.......if we are to assume that inflation rate is to stay high, you will in theory get a better return than leaving money in a building society/bank account,......some say interest rates could fall to zero.........i doubt if inflation rate will fall to zero!..hence indexlinked certs will give abetter return......besides, unless more of us withdraw our savings from banks/building societies....they will have no incentive to up their rates for savers..........Illegitimi non carborundum
...don't let the illegitimate ones grind you down....0 -
The answer is yes...in the last MONTH I have been carefully opening new accounts and moving surplus money I had from my high interest current accounts to fixed interest accounts/bonds. After the last cut a month ago I thought I'd better get sorted before any more rate cuts. I've tied up everything apart from £800 (have low expenses). Glad I didn't put this off as today's 1.5% cut is shocking...
Co-operative 2 Year Fixed @ 6.5% (I was very lucky posted the day before the rates changed on 17th October and again a week later)
Halifax Fixed Rate Websaver 6 months @ 6.3%
Bradford & Bingley 1 Year Fixed @ 6.75% (again lucky applied day before it was pulled)
Nationwide e-Bond 6 months @ 6.25% (took a while to set up but got there in the end). These are strangely still available on their website - thought it was meant to change last Saturday
These are not huge amounts but an average of £1500 in each...I would normally have a cup of tea0 -
Why would you open 4 accounts with £1500 each rather than 1 account with £6k???I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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I just did the same, and yes, in a telecon. they said that I had secured the 6.25% rate. But on what amount?
I guess it's the "Once your account is open you can make payments into it by cheque or internal transfer but only while the account is still open to new investors" that's a concern. If they pull the account before your funds get there......Stompa0 -
Just opened Halifax 7% AER for 3 months. Opened online.
But the new account is showing as 6.82% Gross p.a. Is this correct?
I just checked Halifax's rates page again and it still says 7%.0 -
Why would you open 4 accounts with £1500 each rather than 1 account with £6k???
Because I was saving as I was earning and didn't have £6,000 in a lump sum.
Opened one account then a week or so later opened another...I get paid weekly and already had £3,000 in current accounts which I split and added weekly wages to top up - I also had to avoid withdrawals - otherwise losing interestI would normally have a cup of tea0
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