Fixed Rate Savings Accounts - Rates likely to reduce

teddysmum

darren72 wrote: »

Can the Nationwide 5% fixed account be opened without 'switching' from another current account ? - Is the £1000/month deposit the only requirement ?

'Yes' to both questions.


I opened one two weeks ago and my husband will open one tomorrow, along with a joint one (the system broke down after we started on the joint account).


The manager , who dealt with us , actually said you need to pay in £1000 per month, but, of course can take it straight out again. (Transfers must not be between Nationwide accounts, even in different names).

darren72

teddysmum wrote: »

The manager , who dealt with us , actually said you need to pay in £1000 per month, but, of course can take it straight out again. (Transfers must not be between Nationwide accounts, even in different names).

Thanks.

You need to visit a branch then to open them (or at least to go in with ID) ? - They can't be opened fully online ?

jimjames

2010 wrote: »

The value of the investment can go down as well as up and you may not get back as much as you put in.

Yes that's true over the short term or if you buy individual shares. But long term with a properly diversified portfolio you should beat inflation and not be down.
If you are locking money up repeatedly in long term fixes I'd question whether some of that would be better invested than in deposits. Since 2009 when interest rates dropped you'd have done massively better being invested than holding all as cash.

jimjames

darren72 wrote: »

Can the Nationwide 5% fixed account be opened without 'switching' from another current account ? - Is the £1000/month deposit the only requirement ?

Yes but if you switch accounts you can net another £100 plus £100 for the person recommending, we got £400 that way.

darren72

jimjames wrote: »

Yes but if you switch accounts you can net another £100 plus £100 for the person recommending, we got £400 that way.

I have a dormant Halifax cash card account I could use, but no direct debits set up so not sure if they are needed for it.

badger09

darren72 wrote: »

Can the Nationwide 5% fixed account be opened without 'switching' from another current account ? - Is the £1000/month deposit the only requirement ?

darren72 wrote: »

Thanks.

You need to visit a branch then to open them (or at least to go in with ID) ? - They can't be opened fully online ?

darren72 wrote: »

I have a dormant Halifax cash card account I could use, but no direct debits set up so not sure if they are needed for it.

Probably a good idea to check the T&Cs on Nationwide's website:cool:

http://www.nationwide.co.uk/products/current-accounts/flexdirect/features-and-benefits

teddysmum

darren72 wrote: »

Thanks.

You need to visit a branch then to open them (or at least to go in with ID) ? - They can't be opened fully online ?

I prefer opening in branch because you have an instant acceptance, can see that online banking is up and running and we wanted to pay in some cash. There's also the fact that it is personal and you get a named contact, should you have problems.


However, they do require you to visit a branch if the account is to be joint and in some cases to take along ID, though they checked mine online , with no documents required at branch level.

darren72

teddysmum wrote: »

I prefer opening in branch because you have an instant acceptance, can see that online banking is up and running and we wanted to pay in some cash. There's also the fact that it is personal and you get a named contact, should you have problems.


However, they do require you to visit a branch if the account is to be joint and in some cases to take along ID, though they checked mine online , with no documents required at branch level.

Thank you - I like the idea of getting cashback for opening the account too - which can only be done online.

smc4761

rates are obviously ridiculously low at the moment. After doing some searching around I have found a decent fixed rate of 6.5% for 2 years

This is with London Capital and Finance and seems to be too good to be true. Has anyone any experience of them, positive or negative, are there any pitfalls to be wary of

https://www.londoncapitalandfinance.co.uk

veryintrigued

smc4761 wrote: »

rates are obviously ridiculously low at the moment. After doing some searching around I have found a decent fixed rate of 6.5% for 2 years

This is with London Capital and Finance and seems to be too good to be true. Has anyone any experience of them, positive or negative, are there any pitfalls to be wary of

https://www.londoncapitalandfinance.co.uk/

This bit made me wince:

Investors should note that repayment of the bonds offered by London Capital & Finance, and the payment of interest on the bonds, depends on the performance of loans made by London Capital & Finance to various small and medium-sized borrowers. In the event that these borrowers default on the loans, investors are likely to lose some or all of their investment. Investment in the bonds of London Capital & Finance is therefore speculative and involves a degree of risk.


Genuinely wish you good luck if you take the plunge. Keep us up to date.