Looking For A Fixed Rate Account.

shaz77_2

Hi

I have £10,000 that I want to save within a fixed rate account, I want to access the money if I give the appropriate notice e.g. 1 month, what if any are the best options available to me?

Thanks

nilrem_2

The idea of Fixed rate is that normally you don't touch the money until it is matured, if you are allowed to withdraw many impose hefty charges or interest adjustments.

This is a good starting point in your search -:

http://www.thisismoney.co.uk/saving-and-banking/best-savings-rate/article.html?in_article_id=431812&in_page_id=50

rb10

There are a few fixed rate accounts that do give you a limited number of withdrawals with no penalty, e.g. the Halifax Guaranteed Saver Reward. I expect there are others as well, that's the only one I know about though.

apt

The current rate for the Halifax Guaranteed Saver Reward is 2.5% and you need to put £1000 a month in and out of a Halifax Reward current account for which you'll get a fiver a month for the time being. If access is important to you then you could look at a couple of rates that are variable, but have not really followed the base rate into the cellar. Best would be the - much promoted on here - Egg Money. Offers 4% interest, but is not open to new customers. The other is the Lloyds current account with Vantage which offers 4% on balances between £5,000 and £7,000. You could drip-feed the rest into a 6% Barclays Regular Saver.

johncolescarr

It sounds like you are looking for a notice account, you generally get better rate the longer notice period you have. However, looking at Moneyfacts best buy table, the rates are not much better than a top instant access saving account. Remember to use your ISA allowance (and that of any eligible members of your household first) as if you don't use it, you loose it. After this, use the technique offered by apt; put the cash in an instant access savings account and drip feed the rest into a regular savers account. Read the restrictions on these accounts carefully and make sure the accounts meets your needs

shaz77_2

Some good advice, I did a little bit of research and the following regular account looks decent, I may opt for it.

http://www.moneysupermarket.com/savingsp/SavingsDetails.asp?SavingsID=24477&Amount=10000&Results=3&Lender=