5.65% fixed rate from West Bromwich BS

Market_Oracle

mystic_trev wrote:

It'll be interesting to see what happens if we have (the expected) IR rise in November. I think there could be some excellent deals on Fixed rates.

The money markets have already priced in a rate rise, the fixed rates tend to change when there is an unexpected base rate rise, or a change in sentiment due to market expectations, infact you may even see LOWER fixed rate deals , if the market concludes that that is the final base rate hike for some time.

Its all to do with market sentiment, as fixed deals follow market rates.

I recall back in 2003, before the base rate hike from 3.5% to 3.75%, the 12 month money market & fixed rates rose from about 3.75% to 5% !

And again before the cut from 4.75% to 4.5% - The fixed bond rates fell from 5.7% to 4.4%, so in both instances you would have missed the boat by waiting for the BOE.

And with our most recent rise, despite it being a surprise, the fixed interest rates had already risen from about 4.4% to 5.3% BEFORE the rise in interest rates in August.

So you want to lock in BEFORE the final rise in Base rates as by then its too late !

steady__eddie

I received their email flyer yesterday and emailed them enquiring what happens to the capital after the end of the term as I could not see any reference to this. I am still awaiting a reply, is it transferred to a micky mouse a/c. or do you get the standard letter, "we will write to you shortly before your bond is due to mature letting you know what other products are available" ?
I am ashamed to say that they are my local society and over the years I have sampled several of their products but invariably each one was not without its pitfalls. The matured TESSA which they promised to send the maturity certificate "in a few weeks time", a bond which matured at the end of August had the interest retained contrary to my written instructions (and their T + Cs). Only rapid money movement on my part prevented £12 letters dropping through my letter box.
Mrs s_e has a mortgage with them that matures on the first of next month. I suggested to her that it might be advantageous for her to retain her links with the society to the tune of a hundred quid. When she attempted to open an instant access a/c. 3 weeks ago, she was informed that unfortunately she could not comply with the I.D. requirements. She does not have a passport, driving license, Firearms Certificate or Shotgun License. She isn't a non-U.K. national or a citizen of Northern Ireland so consequently none of the documents required for list 1 are available. She thought that she may have cracked it for list 2 when she saw Birth Certificate but closer inspection revealed that this applied to minors only. 2 emails to them have prompted no response whatsoever so I delivered a letter to their Principal office today.
I attended their A.G.M. this year and was not surprised when 20% of the time was taken up by moaners complaining about the standard (or rather lack of) service.

Milarky

MarketOracle.co.uk wrote:

So you want to lock in BEFORE the final rise in Base rates as by then its too late !

This also happen in July of 2004 with one further rise (in August to go) Fixed rates offered by Nationwide, for instance, were cut..