Best Fixed Rate Savings

4leafclover_2

Fully agree - I'm now with several small building societies and they may not have the large call centres and support systems in place as a large bank but quite happy with my choices so far and people on the phones have been very helpful.

juicyjude

And did you know that if you were a saver with Cheshire B S pre merger with Nationwide you will be compensated 50K with both organisations until Sept 09 if it goes belly up.

MarkyMarkD

I'm not sure you've summarised that quote correctly, juicy. I think your pre-merger accounts are covered up to £50k. You can't open a new Cheshire account with £49,900 to add to your existing £100 account, if you already had £50k in Nationwide.

juicyjude

Well I opened a fixed rate bond the other day and they told me because I am already a Cheshire customer I would be covered up to £50K in both organisations up to Sept 09 Is this in fact correct? Hmmmmmmm

MarkyMarkD

Hmm. I have to admit that the only public statement I've seen on this - on the FSA's website - is unclear in the extreme.

Whilst its objective is to ensure that nobody suffers from a reduction in FSCS protection due to a BS merger, it isn't achieving the point of the change in the scheme if Cheshire are going out marketing the benefit of an "extra" £50k limit to existing customers.

The FSA statement talking about new accounts not being covered, because anyone taking out a new account should have been aware that Cheshire was now a Nationwide division (paraphrasing). That makes total sense. And that is why I assumed that the "extra" limit was restricted to your balance in Cheshire at the point of the merger.

In point of fact, to be fair, the aggregate limit should be limited to your aggregate limit with the three BSs at the point of merger, and no extra funding should be protected because you now know that they are one entity.

I shall ask the FSA to clarify and report back (if they bother to reply to me).

eeja

Anglo Irish IOM 1 yr fixed 5.25%
Nationwide IOM over 25k 5.3% Not fixed .

Cozworth806

eeja wrote: »

Anglo Irish IOM 1 yr fixed 5.25%
Nationwide IOM over 25k 5.3% Not fixed .

What are the protection limits on those IOM accounts though? May get a few extra quid but not sure its worth the risk.

eeja

Cozworth806 wrote: »

What are the protection limits on those IOM accounts though? May get a few extra quid but not sure its worth the risk.

Nationwide IOM guaranteed by N/W UK.
Anglo-Irish IOM now controlled by Eire goverment
PLUS the guarantees the IOM itself offers.

drink-stella

May not be the best rates but for total safety consider NS&I

1 year Fixed Rate Guaranteed Growth Bond 4.20% Gross
3 year Fixed Rate Guaranteed Growth Bond 4.00% Gross
5 year Fixed Rate Guaranteed Growth Bond 4.00% Gross