Coventry 1 Year Bond

Al_Ross

Bond maturing on the 31st with The Coventry,been offered a new 1 year fixed at 2.7%. I think this is only open to existing customers but seems reasonable in the current climate.

Blackdog

You are probably correct that this is the best rate you will get for one year. The only half decent rate around now appears to be Close Bros at 3.3% which in my view is your alternative only if you were able to fix for three years. Interest rates are unlikely to go up in the short term but who knows what will happen in the next 2 to 3 years.

cathh70

I have also been offered this One year fix. It is the best I could find, and better than I thought they would offer, so my money will be staying with them.

Unfortunately it can't be added to, and I have another couple of accounts elsewhere that are also due up on 31st Dec.

Ifts

In case you missed this post yesterday, is this one any good?

mulronie wrote: »

How close are you to London, Manchester, Birmingham or Glasgow?

Bank of China (UK) are offering a 3 month fixed rate of 3% on sums between £50k and £100k. (3.55% on sums above £100k, but no FSCS protection on anything above £85k).

https://forums.moneysavingexpert.com/discussion/comment/57846605#Comment_57846605

savetilibleed

Same Coventry offer for me too at 2.70. Hell of a slash down from the 4.5% for three years!
Trouble is I have several variable/instant access accounts still on bonus at about 3.2% - two until end May 2013 and a Poppy Online Saver until start of April 2013. I have £15,500 in the Poppy Bond so I could transfer some in the longer paying variable) and also put what I haven't contributed to this year's ISA at 3.3% variable until 24/03/2013 which will be £3940. Then as this 2.7% is a good deal right now maybe leave £5500 in that. Decisions!

bunny13

You can get 3% on a lloyds vantage. At the branch they say you can only have 3 vantages but it's possible to have 5 (or maybe more) by applying online. You apply for a classic account and then at the bottom it says 'upgrade' and after a bit of back and forth you'll find the link to make the new one a vantage. Don't go into the bank and ask them to do this as they have a mantra 'you can only have 3 vantage accounts' which they will stick to.
It needs £1000 to go in each month. So I transfer £1000 from 1he 1st a/c into the second, then into the 3rd.. until each account has had £1000 in, for maybe a second; really, it works. I have a SO set up on each a/c to do this but go in once a month and check, maybe transfer it manually too, as I don't trust banks. Bank of Scotland also do vantage accounts and I applied for one yesterday. I checked the interest rate in an excel sheet, yes, it's 3% and sometimes more.

evenasus

I had two Coventry bonds mature this year.
The first one, I was offered 3.65% to stay and the second one I was offered 3.30%.

I have a Newcastle bond maturing in in February - that is paying 4%, so who knows what the rate will be by then.

The highest bond I have is the Newcastle 5 year paying 5% until July 2014 - can see the rate being something like 1% by the time that comes round.

TCA

savetilibleed wrote: »

Trouble is I have several variable/instant access accounts still on bonus at about 3.2% - two until end May 2013 and a Poppy Online Saver until start of April 2013. I have £15,500 in the Poppy Bond so I could transfer some in the longer paying variable) ...

Similar here. I've got the online saver (2) with bonus until mid April at 3.15% (then dropping to 2%), so tempted to stick the 3 year bond funds there at the end of the year. Just delays the decision perhaps but 2.7% isn't very interesting after 4.5%.

There's always this below which permits one free withdrawal in the 2 year term but not much better than the Coventry offer really:

http://moneyfacts.co.uk/news/savings/chorley--district-bs-launches-variable-bonds131212/

savetilibleed

TCA wrote: »

Similar here. I've got the online saver (2) with bonus until mid April at 3.15% (then dropping to 2%), so tempted to stick the 3 year bond funds there at the end of the year. Just delays the decision perhaps but 2.7% isn't very interesting after 4.5%.

There's always this below which permits one free withdrawal in the 2 year term but not much better than the Coventry offer really:

http://moneyfacts.co.uk/news/savings/chorley--district-bs-launches-variable-bonds131212/

Hmm difficult innit! I did a calculation using a spreadsheet. I can get more interest in a year shifting the whole lot into either my Santander eSaver Issue 5 or my PO Online Saver Iss 5, both having bonus ending near the end of May. Then as I have a YBS Internet Saver (if the rate stays at 2.1%) shift it into there, (or an old Saga account!) or whatever presents itself in May as better!

TCA

So instead of taking the 2.7% fixed for a year, I transferred to my online saver (2) at 3.15%. Lo and behold an email arrives saying they're reducing the rate:

"I am writing to explain that the variable interest rate on your Online Saver (2) account will reduce from 3.15% to 2.75% gross p.a. from 1 February 2013. Your 1.15% AER first year bonus continues to apply."

but..........

"In addition, on expiry of your first year bonus, we will pay a new bonus of 0.40% gross p.a. until 28 February 2014. So, based on current variable rates, you would earn 2.00% gross p.a. on your savings from your account’s first anniversary."

So in effect, I lose the 0.4% between Feb 1st and when my bonus expires. Then it's added back on, so it's "as you were" from expiry date, with the exception that part of your variable rate is a bonus again. Fed up with all this now though. If the global economy zooms off the fiscal cliff in 2 months time I'll be sticking my money in the stock market. Might do so anyway, given deposit rates are just rubbish.

BLB53

...I'll be sticking my money in the stock market. Might do so anyway, given deposit rates are just rubbish.

I think over the past couple of years, a lot of people have been forced to look to the markets for a better return on their savings.

So long as you invest long term, and are not too phased by the ups and downs of the markets, it can be a good option.

I have invested in investment trusts which provide a return of around 4.5% paid quarterly and increase around 5% every year - worth looking into imo.

Here's a good article on RIT which explains it in more detail
http://www.retirementinvestingtoday.com/2013/01/investing-for-income-via-investment.html