1year fixed savings account advice

aerofly

Hi, bit of a newbie question really, I have a 1 year fixed savings account with Nationwide, which ends at the end of February, when it will then attract a significantly lower interest rate.
I want to move it to an account with better interest, but should I do it straight away (at the end of the term) when it will be locked in again, or should I wait until the start of the new tax year in April and hope for better interest rates?

eskbanker

It's typically cash ISA rates that peak round about the new tax year rather than standard savings accounts, so early April is unlikely to be better than late February for the latter, but as with any other decision about fixing, a lot depends on your view about where rates are heading!

Personally, depending on the amount, I'd go down the route of one or more of the many interest-paying current accounts, which are paying 3-5% at the moment, well ahead of fixed or variable savings rates.

ColdIron

For the last couple of years Aldermore and Investec have offered their best rates in March/April

aerofly

Thanks guys, I'm already getting 3% on a max'd out Santander current account. I reckon I'll just have a good look around at the end of Feb.

innovate

aerofly wrote: »

Thanks guys, I'm already getting 3% on a max'd out Santander current account. I reckon I'll just have a good look around at the end of Feb.

You can have two.