ITV1 savings makeover, or did you fix savings at 7% plus?

FairyElephant_2

I'm in category 1.

Money we had in OH's ISA was fixed at 7%, but matured after all the rates had dropped considerably.

Now it is variable and has dropped to a miserly 2%, so we are going to dump it in the mortgage instead - which is fixed at 5.19 for another 17 months. It is really our 'emergency fund' but we can always get back our overpayments in a few days, or take a payment holiday if things get tough and we need to dip into it.

Otherwise we've got Halifax reg savers fixed at 10% for our 'new money' savings every month - thank goodness!

relative_millionaire

Is it okay to brag..?

I fixed with a Halifax regular saver back in June at 10%. I've been paying the maximum monthly payment into this account and will do so until it matures this July so I can keep it at 10%. I've also been overpaying the maximum amount allowed on my tracker mortgage too.

I'm a bit frugal.

Stewster

relative_millionaire wrote: »

Is it okay to brag..?

I fixed with a Halifax regular saver back in June at 10%. I've been paying the maximum monthly payment into this account and will do so until it matures this July so I can keep it at 10%. I've also been overpaying the maximum amount allowed on my tracker mortgage too.

I'm a bit frugal.

Of course it is. To be fair, I'm doing the same as you.

nzseries1

Me too, I got the 10% Halifax Regular Saver, and 7.15% from Kaupthing Edge fixed for a year back in July.

EDIT: And 7.1% from FirstSave as well.

Welshlassie

Forgot i got the 10% Halifax reg saver in Feb as well, that matures next month so wondering where to put the matured amount.

ardenhall

These 10% fixed rate regular savings accounts are not quite as good as they sound.As you are not depositing a lump sum, over the 12 months your interest rate works out at about 4.5%p.a. Still not bad compared to todays rates.

dynamiccoins

ardenhall wrote: »

These 10% fixed rate regular savings accounts are not quite as good as they sound.As you are not depositing a lump sum, over the 12 months your interest rate works out at about 4.5%p.a. Still not bad compared to todays rates.

But you miss the fact that you hold the money in another interest account before it is moved into the regular saver which increases the overall annual return to one higher than you quote.

We fixed at 7% for 6 months, 6.7% for 9 months and 6.5% for a year in October. The killer is I fixed 7 grand of my cash ISA at 6.9 for a year, but the bulk of my cash ISA's are with M&S which is now @ 2%. I meant to transfer sometime ago and ended up acting like a rabbit in headlights and did nothing - doh!!! I need to sort that out.

mdr86

I fixed at 7% for 6 months in Oct, now wishing I'd gone with 6% for a year or two...

isofa

Never really got regular savers, compounded it's still a much poorer rate than a good solid fixed rate. You are limited greatly by the monthly deposits, the headline 10% rates are there to grab people who aren't very good at maths

Gwhiz

isofa wrote: »

Never really got regular savers, compounded it's still a much poorer rate than a good solid fixed rate. You are limited greatly by the monthly deposits, the headline 10% rates are there to grab people who aren't very good at maths

I'd go with that!