Before I commit, is there a better rate available than 1.26% for a one year fixed savings account?

chris112

Before I commit and stick the 50 K I've got from closing my NS&I IB and putting it in this 1.26% fixed one year account, does anyone know of a better rate for a one year fixed savings account? (That's backed by the FSCS)

 https://www.raisin.co.uk/1-year-frb/?gclid=Cj0KCQjwzbv7BRDIARIsAM-A6-2J4bFZAPt7grpHQIbB82_T6a7b6VhtFZtjXeeI9sEiT7UNQ48WQQoaAqb_EALw_wcB

- Also, is there any difference between a fixed savings account and a fixed bond account?
This is my first time opening a fixed Savings account

Thanks

colsten

Don't think there is better than 1.26% on a 1-year account. This is a Sharia account, though, so it is expected profit, not a guaranteed rate. Sharia banks do have a good reputation though for delivering the expected profit rate.

There's no difference between a fixed term savings account and a savings bond, just terminology. The term 'bond' can mean a variety of things, incl. a fixed term, FSCS-protected, cash savings account.

Don't forget the £25 bonus you can claim https://www.raisin.co.uk/bonus/

Speculator

I've avoided Sharia accounts. Just personal preference.
National Counties building society AKA Family building society offer a 18 month bond paying 1.27%.
https://familybuildingsociety.co.uk/Savings/Accounts/18-month-fixed-rate-bond-9.aspx

colsten

Over the years, I have held Gatehouse, BLME and Al Rayan accounts. In fact, I still have two Al Rayan accounts. Apart from several major clusterf$cks when Al Rayan changed their online banking to app banking (nowhere near as bad as TSBs aborted system migration), they were just fine. Always paid the expected profit rates, which generally were higher than you could get anywhere else for the same term times. As they have the full FSCS protection, they are as good as, if not better than, non-Sharia accounts.

ffacoffipawb

BLME have a 1.45% three year fix via Active Savings.

Scrabbling around for rates that were laughable not that long ago.

macman

Savings accounts seem to have the life expectancy of mayflies at present. I opened a Paragon 1 Year fixed rate account last week at 1.3%, and I see it's now already been pulled for one at 1.15%.

VXman

Charter savings 1.26 for 18 months
https://www.chartersavingsbank.co.uk/Products/FixedRateBond

RYD

Is Raisin safe? My bank is nervous of Faster Payment to them.

kinger101

chamelion said:

Consider blending for higher return (and risk)?
e.g. look at nexo (8% GBP) / crypto.com (12% TGBP on 3 month terms). 

Or just flush £10 notes down the toilet to cut out the middle man.

colsten

RYD said:

Is Raisin safe? My bank is nervous of Faster Payment to them.

Yes they are safe to £85K.

What is "your bank" nervous about? 

chris112

chamelion said:

Consider blending for higher return (and risk)?
e.g. look at nexo (8% GBP) / crypto.com (12% TGBP on 3 month terms). 

I just done a bit of googling on Nexo And they're offering 10% GB interest, I have no experience of crypto currency but the old adage, if something looks too good to be true…
Does anyone have experience with this Crypto investment?