Top Fixed Rate Savings currently?

oxymore

One of my bonds have just matured and trying to figure out what the best thing to do with it is at this time.

Highest I have found is Halifax 3 months fixed rate at 6.5%. But is it worth to just put money in there for only 3 months? I thought I heard that saving interest rates might go down another 0.5% at the end of this month? So would it be better just to go for a 9 month/1 year fixed rate of 6%?

Hungerdunger

Putting the money in a short-term account will probably result in a couple of days' loss of interest when you have to move it again in 3 months.

No one can tell you where interest rates will be in three months time, but personally I'd feel a lot safer tying it up for at least a year (if you can definitely afford to). You can still get at least 6% - who knows what that figure will be in 3 months' time.

apt

If a large sum is involved it might be worth opening both the Halifax 3 month fixed rate and the Halifax guaranteed saver reward at 6% for 12 months (funded current account also required for the latter). That way you could instantly transfer at the end of the 3 months if, as seems likely, no decent rates are available elsewhere. The Halifax Guaranteed Saver Reward would also be useful if some of your other bonds are maturing in the next year.

blackswan2

You can still get 6% for 12 months at Kent Reliance Building Society
http://www.krbs.co.uk/1yearfixedbond.aspx

Zebra

According to Moneyfacts, the best rates for longer term deposits are:

24 months - Kent Reliance at 6.0%
36 months - Clydesdale Bank at 6.1%

Unless of course anybody knows different!

MarkyMarkD

Unless you really need the money, I see no point in fixing for merely 3 months. You will almost definitely not get such a good rate in 3 months' time.

Fix for as long as you don't need the money - 2 or 3 years as appropriate.

JayTulip

Clydesdale and Yorkshire banks dropped their fixed rates as of Monday, 17th Nov.
12 Months5.005.004.0018 Months5.105.104.082 Years5.255.254.203 Years5.505.504.40

JayTulip

Kent Reliance is still showing the 6% rate, but I would call them.

MarkyMarkD

You can download the forms for Kent Reliance from their website, so I'd do so and send the money off first class tomorrow, if that's the account you want. Phoning them won't sort things out any quicker.

The best fixed rates are disappearing very quickly so the Kent one probably won't last long either.

oxymore

The Halifax fixed rate web savers rates have already gone down, just over the space of two days! 9 months i now only 5.8% and the 3 months one is 6.25% so that does seem utterly pointless. I'm not sure of this Kent Reliance though, i've never heard of them? Are they a small building society? Never heard of Clydesdale or Yorkshire Bank either! I guess they're not same as Yorkshire Building Society? Only reason I ask is because I'm a bit wary at the moment after having saved in Icesave. The Guarenteed Reward is a good idea though, will look into this. Thanks.

JayTulip

OXYMORE,
Clydesdale and Yorkshire banks are part of the National Bank of Australia Group. They are registered with the FSA in the UK and are part of the UK Financial Compensation scheme. You need to be mindful that these two banks are part of the SAME registration with the FSA. As such, you should not put more than £50,000 with BOTH banks.
Also, the rates have been dropped as of Monday and their websites are updated with new figures.
www.clydesdalebank.co.uk
www.yorkshirebank.co.uk

Good luck