Anyone rush to open a fixed rate account today?

ratechaser

...in true Jack Cork style...

On the assumption that savings rates are going to get slashed again following this mornings rate cut, I've just set up a 2yr Oaknorth ISA (1.51%) as a safe haven to move my variable rate funds to.

Anyone else had a similar idea today, either ISA or normal savings?

RC

alfmurph

My wife has a lump sum of 85k coming end of the month .
Will she be too late .
Also we have just opened a virgin isa at 1.35% two weeks ago . Could we add 10k to that account at end of month  and keep interest of 1.35%

Reaper

ratechaser said:

...in true Jack Cork style...

On the assumption that savings rates are going to get slashed again following this mornings rate cut, I've just set up a 2yr Oaknorth ISA (1.51%) as a safe haven to move my variable rate funds to.

Probably wise, as long as you are aware you only have 14 days to add funds to it before it locks and then you will be unable to add or withdraw any money for 2 years.

Mrbeethoven

I would think end of the week might be too late!

By 9AM today I had removed the £20k I had in Santander 123 (reducing from 1.5% to 1.0% soon) and put it into a 1 year 1.5% fix in Hargreaves Lansdown Active Savings.

I did think about a 2 year fix but if stock markets are an even bigger bargain this time next year I might regret locking it away for that long.

Reaper

alfmurph said:

Also we have just opened a virgin isa at 1.35% two weeks ago . Could we add 10k to that account at end of month  and keep interest of 1.35%

Assuming you mean this one at 1.36% it says on the page you have 30 days from account opening to add more money.
https://uk.virginmoney.com/savings/products/1_year_fixed_rate_cash_e_isa_issue_416/

ratechaser

Reaper said:

ratechaser said:

...in true Jack Cork style...

On the assumption that savings rates are going to get slashed again following this mornings rate cut, I've just set up a 2yr Oaknorth ISA (1.51%) as a safe haven to move my variable rate funds to.

Probably wise, as long as you are aware you only have 14 days to add funds to it before it locks and then you will be unable to add or withdraw any money for 2 years.

Well not quite true around being locked for withdrawals given that ISAs have to be accessible, albeit with a hefty interest penalty...

Reaper

Yes, I was simplifying which I should really learn not to do as people always correct me! ISAs are always accessible as you say.

ratechaser

Reaper said:

Yes, I was simplifying which I should really learn not to do as people always correct me! ISAs are always accessible as you say.

Yep you can't win I'm sure... 

The 14 days for new money term is a bit annoying as ideally I'd have wanted to drop another 20k there in early April, but didn't think that waiting was really an option. Can see rates getting cut by some providers before the day is out...

butterflymum

ratechaser said:

Reaper said:

Yes, I was simplifying which I should really learn not to do as people always correct me! ISAs are always accessible as you say.

Yep you can't win I'm sure... 

The 14 days for new money term is a bit annoying as ideally I'd have wanted to drop another 20k there in early April, but didn't think that waiting was really an option. Can see rates getting cut by some providers before the day is out...

If you are still in 'cooling off' period, would you not be better cancelling and then opening the Virgin one instead, meaning you should be able to "drop another 20k.

colsten

As I am old now, and generally in spend-mode, I like to have an ISA-ladder, with some ISA money maturing each year. I was after the Barclays 1.7% 3-year ISA at 08:30 this morning but it had already vanished. I settled for a 5-year 1.75% fixed rate ISA at Principality instead, and also topped up my 2022 funds with a 2 year 1.5% fixed rate ISA at HTB. 

gwapenut

I managed to open the Barclays 3-year fix ISA with £0 on Monday. It lets me transfer in maturing funds later this month, and also lets me topup with the ISA allowance each year for the next 3 (or even 4, as we're approaching a boundary?) tax years. A 3 year option for additional contributions at 1.7% tax free is not to be sniffed at.