The Top Easy Access Savings Discussion Area

CheekyMikey

2010 said:

Three more BoE meetings this year.
Are we going to have this carry on every time.
Variable seems the best bet for now.
Very brave to fix in this climate.

My feeling is that you’ll earn more fixing for 1 year at around 3% today than you would if you keep moving your money to the best variable rate over the next year…

Nick_C

CheekyMikey said:

2010 said:

Three more BoE meetings this year.
Are we going to have this carry on every time.
Variable seems the best bet for now.
Very brave to fix in this climate.

My feeling is that you’ll earn more fixing for 1 year at around 3% today than you would if you keep moving your money to the best variable rate over the next year…

While that is undoubtedly true, my cash is a contingency fund, and I might need instant access to it.  

I'm getting 3 or 5 percent in some regular savings accounts.

And money that you dont plan on needing in the mid term should be invested. 

Short term savings almost always lose value as interest rates rarely beat inflation. 

CheekyMikey

Nick_C said:

CheekyMikey said:

2010 said:

Three more BoE meetings this year.
Are we going to have this carry on every time.
Variable seems the best bet for now.
Very brave to fix in this climate.

My feeling is that you’ll earn more fixing for 1 year at around 3% today than you would if you keep moving your money to the best variable rate over the next year…

While that is undoubtedly true, my cash is a contingency fund, and I might need instant access to it.  

I'm getting 3 or 5 percent in some regular savings accounts.

And money that you dont plan on needing in the mid term should be invested. 

Short term savings almost always lose value as interest rates rarely beat inflation. 

Obviously if you need access to the money then fixing is not wise. The op said it’s very brave to fix in this climate, my view is that it’s pretty sensible IF you don’t need the money and you already have a good amount in equities. Fixed interest should always form part of a balanced pf imo (it makes up 20% of mine) and interest rates are now attractive enough again to move out of bond funds and into fixed rate deposit bonds.How much an individual has in fixed interest will depend on personal circumstances and attitude to risk of course…

2010

Fix today and you can bet there'll be a higher rate tomorrow.
Nobody knows how high rates will rise and how fast.

Olinda99

There seems to be some consensus on around 3% by spring ie +1.25 above where we are now.

That would put easy access acounts maybe 2.5 to 2.75%, or just maybe 3%

Planning figures only - as you say, nobody really know for sure

typistretired

2010 said:

Fix today and you can bet there'll be a higher rate tomorrow.
Nobody knows how high rates will rise and how fast.

I have a fixed with OakNorth and they have increased it to 2.85% last Friday. So some increase fixed accounts

subjecttocontract

typistretired said:

2010 said:

Fix today and you can bet there'll be a higher rate tomorrow.
Nobody knows how high rates will rise and how fast.

I have a fixed with OakNorth and they have increased it to 2.85% last Friday. So some increase fixed accounts

If it's a fixed account and they raise the interest rate after you have opened it.....what part of the account qualifies it as fixed ?

Pompeydave1967

Exactly , I’ve got fixed with Shawbrook , atom and charter and fat chance of rates being upped as fixed for a year.

2010

typistretired said:

2010 said:

Fix today and you can bet there'll be a higher rate tomorrow.
Nobody knows how high rates will rise and how fast.

I have a fixed with OakNorth and they have increased it to 2.85% last Friday. So some increase fixed accounts

Are you sure it`s your fixed account they have upped and not a new issue?

typistretired

Definitely the 12 months fixed savings account