switching from variable rates to fixed

blackswan2

I have recently opened some savings accounts following house move, some of which are variable - this now doesn't seem like a good idea since all the rates are likely to start plumetting.

- Bradford and Bingley Internet Saver 3 at 6.01%
- Natwest esavings at 6.5%
- West Bromwich Stratus at 6.56%
- Northern Rock esaver at 5.15%

My head is already hurting from looking around for accounts, now it has just dawned on me I need to look at swapping some or all of these, to make it worse I need it done asap since I need the money back by 15/11/2009 - any guidance appreciated!!

Baldur

Try some of the comparison sites, e.g. http://www.moneyfacts.co.uk/savings/bestbuys/short-term-fixed-rate-bonds.aspx
http://www.moneysupermarket.com/savings/
http://www.fsa.gov.uk/tables/bespoke/SavingsAccount

Speculator

try http://www.krbs.co.uk/1yearfixedbond.aspx

or http://www.theaa.com/savings/year_fixed.html

apt

If you absolutely need the money available by 15/11/09 I think you would struggle to fit in a one year bond as they will probably take some time to set it up and will probably payout by BACS or even cheque at the end. The Halifax Guaranteed Saver Reward is more flexible and the fixed-rate of 6.0% is already better than most of the accounts you have. But you'll need to have a current account with them funded by £1,000 and probably hurry as the offer might not last until the end of the month.

Reaper

And YBS, but not directly
http://forums.moneysavingexpert.com/showthread.html?t=1279347

EDIT: Just realised these are 18+ months, so no good for you

gunnaknow

They have a 12 month bond aswel. Just make sure that you download their application form and save or print it immediately, before they are withdrawn. They don't send forms off to you, so it's too late once they have removed the form from their site. To save it for printing later, download the form and then go to your tool bar and click on file and then save as.

http://www.ybonline.co.uk/personal/savings/term-deposit/

blackswan2

Thanks all, good call on Yorkshire/Clydesdale bonds - unfortunately I have one already ( I do have some fixed rates). And one from The AA.

blackswan2

I could go for the Kent Reliance, any experience of them are they quick to process?

My option to close my NR account is BAC or CHAPS, does someone know how much these cost?

gunnaknow

BACS is free, CHAPS is usually £30.

blackswan2

gunnaknow wrote: »

BACS is free, CHAPS is £30-40.

Thanks, is CHAPS the same day one then, and BACS would take a few working days to clear perhaps?

gunnaknow

CHAPS can take a full working day. BACS usually 3-4 days.