Close Savings 3 Yr Fixed: is it worth fixing for 3 yrs

alanq

Ifts wrote: »

If you want to call them their number is 02073921772, they answered straight away and were very helpful.

I wasn't quite so lucky. The phone rang for 15 seconds max and then I heard a message to the effect that everyone was busy and to try again later. The call was then terminated. I immediately hit last number redial and was answered right away.

Ifts

I was surprised they answered the phone so quickly especially at lunchtime, the lady I spoke to did say they were very busy after the launch of these accounts.

barak

TCA wrote: »

I don't think savings rates are necessarily going to skyrocket when bank rates rise. Especially if they are only raised by small fractions.

Nor do I, but I would expect savings rates to increase gradually in response. I think the current offers from Close Brothers are an early reaction. I may be wrong! :undecided

yotmon

I took advantage of a Close Brothers 2yr bond paying 5% gross, which matured in Jan' this year. Prior to completing, they offered me 18 months fixed @3.5%, which I declined. I also hold another 2yr bond with them, paying 4.5% which matures in July. As stated, they don't compound the interest, but pay it annually to your nominated account. On completion, they repaid my investment via Chaps, rather than the longer Bacs sytem - totally free of charge ! Since opening my accounts, I've never come across better rates.

malik999

barak wrote: »

It's 2 years - 5th March 2009 - since the rate dropped to 0.50%. I get your point but there are now three members of the BofE Monetary Policy Committee in favour of an increase.

No its 4. The 0.5% rate had nothing to do with it. I cant be bothered to search back posts but when we were all getting 4% people were all holding out not wanting to tie themselves in hoping it might go back up. People just couldn't forget the 7% bonds

RE This offer. Keep in mind the rate being offered here is 5%. Even when the base rate rises this year you will likely still see this 5%. You are not going to see this change to a 7% bond this year. You can hold out forever on this basis, additionally holding the money now at 2% until you get the bond at a later date will actually even itself out interest wise.

D1zzy

Ok -so application set off today "Friday" with cheques. When do I need to have the cash in my current account to cover the cheques. (Tuesday?) Stupid I know but it grieves me to move money from interest bearing (however meagre) accounts, to sit in a current account waiting for the banks to process cheques

Speculator

I would move the money Wednesday at precisely 1 second past midnight but If you want to be safe, have it in by Tuesday.

I wrote a 10K cheque from my Lloyds Vantage account so I would lose interest on only £3000 if there is any delay in the processing of my application.

Speculator

D1zzy wrote: »

Ok -so application set off today "Friday" with cheques.

I might be wrong but I think you are only allowed to write one cheque per application.

We will only accept one single payment using one method only per account

webwiz

I have gone for the 4% over 18 month option. I cannot see the average rate over the next 18 months exceeding this, but the 5% over 3 years might look a bit low in a year or so, and there is no access to the money if the unexpected happens. I am gambling that in 18 months time there will be offers over 5% about. But it is a gamble, nobody knows.

Old_Slaphead

D1zzy wrote: »

Ok -so application set off today "Friday" with cheques. When do I need to have the cash in my current account to cover the cheques. (Tuesday?) Stupid I know but it grieves me to move money from interest bearing (however meagre) accounts, to sit in a current account waiting for the banks to process cheques

Me thinks Tuesday.

Personally I wouldn't leave it longer. CB are a bank and process pronto (unless Lone Ranger says otherwise)