More than one fixed rate account in one place

savetilibleed

Is it possible to have more than one fixed rate account in say BM or Saga or Halifax. We have some money available now (or expect to by Monday) to open an account(if still available.) Then, if the offer still stands a few days later, get another open, or beter, add to the first account. The indication is that "to take full advantage of the offer the amount deposited needs to be for the full amount you wish to invest" sort of indicating further deposits are not permitted. I waited on the phone for ages on thursday but gave up.

innovate

It would depend on the bank - but I would think it highly unlikely that the same individual would be allowed more than one of the same type of saving account.

You also need to keep in mind that the FSCS guarantee is max £50K per person for any one institution so you might not want more than one of the same account with the same bank (or banks within one institution) anyway.

YorkshireBoy

I believe you can have up to 5 Halifax Fixed Rate Web Savers.

Halifax's Guaranteed Saver Reward has a fixed rate and allows further deposits. There are withdrawal restrictions, and you also need to be paying £1,000 per month into a qualifying HBOS current account.

Paul_Herring

innovate wrote: »

It would depend on the bank - but I would think it highly unlikely that the same individual would be allowed more than one of the same type of saving account.

I'd like to think it's more unusual to restrict the number of fixed rate accounts, rather than to not allow multiple 'bonds.'

Icesave (May god rest their soul ) allowed multiple accounts. I was trying to get one per month set up so that after a year I had a rolling amount coming back each month to either set up another one or for use if I needed cash, but 'didn't want to tie money up for the whole term.' I managed 8 months' worth before Landsbankii hit the dust.

Google 'CD Ladder' (CD = contract of depost, the nearest equivilent being our fixed rate bonds.)

Edit: Since I can't seem to find anywhere that actually explains what I'm trying to do in UK-English, I wrote it up: http://docs.google.com/Doc?id=dwnwdnb_66drzgz6f4 - comments welcome.

Once I get my money back from Icesave, I'm going to pay off a debt I owe someone and try and get it started back up again.

opinions4u

Halifax let you have as many Guaranteed Reserves and Fixed Web Savers as you like.

No idea about BM - like their rates but never had an account with them!

RayWolfe

Lots of providers allow many simultaneous term accounts.

elektra

BM state that you can add additional funds to fixed rate bonds if the issue is still open.

ericpode

Halifax only allow Guarenteed Saver Reward (fixed at 6% for 12 months) for "One account per person"

http://www.halifax.co.uk/savings/guaranteedsaverreward.asp

• Withdrawals - 4 withdrawals within the 12 month reward period
• Unlimited number of deposits into your Halifax Guaranteed Saver Reward.

Must pay at least £1000 per month into qualifying current account.

If you already have a current account with Halifax this sounds like a good deal if you think you may want to put more money in during the year - for example your Icesave money when it eventually comes through! If it takes a while for the Icesave money to come through, other savings rates may have dropped, but at least this account should still be giving 6% for the remainder of the 12 month period.

A.Jones

opinions4u wrote: »

Halifax let you have as many Guaranteed Reserves and Fixed Web Savers as you like.

No idea about BM - like their rates but never had an account with them!

It is fixed at five isn't it? I cannot open any more - I have four fixed and one variable.

Primrose

You can certainly have a number of fixed rate accounts with Birmingham Midshires. We've had a number of the years, with maturity dates overlapping each other. I can't remember whether you can add to them. We've always opted for opening an additional one. I believe you can do the same with Saga (administered by Birmingham Midshires).

mars_2

A.Jones wrote: »

It is fixed at five isn't it? I cannot open any more - I have four fixed and one variable.

I just opened my 5th fixed rate saver today with Halifax and I believe that is the limit for those but I also have a websaver variable and a fixed rate regular saver.