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Interest on fixed rate savings
pdx123
Posts: 295
Forumite
My apologies if this has been discussed previously.
Just under a year ago I renewed a 2 year fixed rate isa @ 1.65% which wasn't the best but was easy to do & chose to have the interest paid into one of my other accounts as I could get a better rate. I just checked to see when the interest was due & thought that as interest rates have crashed, I might be able to have the interest added to the account instead. Sure enough a simple tick of a box and the interest will now earn 1.65% too. Hardly life changing, but very easy to do and others with fixed rate accounts may want to consider doing the same.
Just under a year ago I renewed a 2 year fixed rate isa @ 1.65% which wasn't the best but was easy to do & chose to have the interest paid into one of my other accounts as I could get a better rate. I just checked to see when the interest was due & thought that as interest rates have crashed, I might be able to have the interest added to the account instead. Sure enough a simple tick of a box and the interest will now earn 1.65% too. Hardly life changing, but very easy to do and others with fixed rate accounts may want to consider doing the same.
Love is GRAND..........Divorce is 100 GRAND!
0
Comments
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I think you should have heeded your own advise when you renewed your ISA a year ago and left your interest to compound in the ISA. I don't know what interest you were getting on your other accounts, but your ISA interest is equivalent to 2.06% allowing for basic rate tax - more if you are a higher rate tax payer. I doubt very much that you were getting more than this.0
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