what can I do now please

Peter-Pan_5

we took out a Northern Rock1 year fixed rate Bond in july 2006 at 5.35 depositing a six figure sum to cancel it we will lose 2 months interest,the question I have would it be worth it to get a higher rate elsewhere

Cannon_Fodder

5.35 divided by 12 months, equals 0.44% per month roughly...

So you need a deal that improves on 5.35 by 0.88% over the next year - and to leave it in there! - to make up the loss of interest...

The best notice accounts are just beginning to nudge 6%, so its getting close - once the last rate change has filtered through to accounts, and/or if there's a February rate hike that'll tip it over to worth doing, but 5.35% isn't that awful right this minute...IMHO

That's the chance you take with fixing - if rates had dropped, you'd be laughing...!

tom188

No. Wait until it matures then move elsewhere.

BSingh

I agree with Tom! Wait until it matures... not long to go now!

Peter-Pan_5

thanks for your advice,BSingh,Tom,Cannon Fodder


would I be better going offshore Cannon Fodder

Jake'sGran

Peter-Pan wrote:

thanks for your advice,BSingh,Tom,Cannon Fodder


would I be better going offshore Cannon Fodder

I wouldn't. There was something in the weekend papers about the chancellor having his eye on off shore accounts (or the people who deposit in them).
There is a one year bond that has become available in the last week paying 6.05% with Birmingham Midshires. Why not put it in there.

Robert_Sterling

Is £1234.56 a six figure sum?

Is £123456.78 a six figure sum or an eight figure sum.

Peter-Pan_5

sorry, £100000 is the figure