The Top Fixed Interest Savings Discussion Area

Bogof_OAP

M4rtyman said:

Quick question about the Fixed accounts (1yr/2yr etc) that give you the option of Monthly/Annual interest payments ...

Normally, I've just dumped my cash into 1yr accounts and withdrawn the balance and profit at maturity, a year later. When some fixed accounts show 'Monthly' interest option (RCI just now), is that paid into a linked account so you can access THAT straight away? If not, and it is just paid into the fixed account, which you can't access, then what is the point of Monthly over Annual/Maturity?

I have my interest paid into my current account (different bank in some cases) which helps with the monthly bills etc.

Alpine_Star

I have a 2 year fix maturing with JN Bank later this month and I received the usual email asking what I'd like to do with it.




Here's the summary document of 'current rates' they attached which has on it 'Effective from 21 October 2022'.




So 3 issues really.

1) According to their website they're not currently offering any new fixes. So would they only be offering them to existing customers?

2) The 1 year fix at 4.75% is higher than anything I've seen being shown here or at Moneyfacts at the moment.

3) The 4 & 5 year fixes are lower than the 1 & 2 year fixes which seems odd.

Obviously I'll raise these queries with them but has anyone got any clues?

Bigwheels1111

Two simple options I can see.
1 take up an offer today.
2 do nothing as you have best part of 3 weeks to make up your mind.
Wait and see what happens today with base rate.
It looks like 0.5-1.0% rise is on the cards.
I think 0.75% today.
Keep an eye on Moneyfacts as they update the results more than once a day unlike MSE.

Select type of savings and how mays year, the untick show quick links first.

t1redmonkey

Alpine_Star said:

I have a 2 year fix maturing with JN Bank later this month and I received the usual email asking what I'd like to do with it.




Here's the summary document of 'current rates' they attached which has on it 'Effective from 21 October 2022'.




So 3 issues really.

1) According to their website they're not currently offering any new fixes. So would they only be offering them to existing customers?

2) The 1 year fix at 4.75% is higher than anything I've seen being shown here or at Moneyfacts at the moment.

3) The 4 & 5 year fixes are lower than the 1 & 2 year fixes which seems odd.

Obviously I'll raise these queries with them but has anyone got any clues?

I believe they did have the 4.75% 1 year open to everyone about 10 days ago, but it was withdrawn very quickly, presumably because they got enough applications.  They are probably still allowing existing customers to go into it I'm guessing, by the fact they've offered you it.

JGal

Alpine_Star said:

I have a 2 year fix maturing with JN Bank later this month and I received the usual email asking what I'd like to do with it.




Here's the summary document of 'current rates' they attached which has on it 'Effective from 21 October 2022'.




So 3 issues really.

1) According to their website they're not currently offering any new fixes. So would they only be offering them to existing customers?

2) The 1 year fix at 4.75% is higher than anything I've seen being shown here or at Moneyfacts at the moment.

3) The 4 & 5 year fixes are lower than the 1 & 2 year fixes which seems odd.

Obviously I'll raise these queries with them but has anyone got any clues?

What's your experience of JN bank? I have a 1 year fixed @ 4.75% but currently only have £100 in and can make 10 further payments AFAIK. For some reason I'm a bit hesitant with putting money in with JN even though I've made extensive use of challenger banks in the past.

refluxer

Alpine_Star said:

I have a 2 year fix maturing with JN Bank later this month and I received the usual email asking what I'd like to do with it....

3) The 4 & 5 year fixes are lower than the 1 & 2 year fixes which seems odd.

I wouldn't read too much into that - presumably different banks have different goals for raising cash and tailor their rates accordingly. Banks may also have differing opinions of what the long-term future of interest rates might look like.

JN Bank aren't the only ones doing this at the moment - Shawbrook (for example) have 3, 5 and 7 year fixed rates accounts that are all paying less than their 1 year fixed rate.

refluxer

JGal said:

What's your experience of JN bank? I have a 1 year fixed @ 4.75% but currently only have £100 in and can make 10 further payments AFAIK. For some reason I'm a bit hesitant with putting money in with JN even though I've made extensive use of challenger banks in the past.

Is there a deadline for making those additional payments ? 4.75% is obviously a leading rate for a 1 year fix at the moment but there's a BoE announcement due in a few hours so that may change in the coming days or weeks...

Eirambler

The underlying message from the BoE today seems to be that they expect interest rates over the next year to undershoot recent forecasts. So, for anyone who has been waiting for guidance or further hikes before choosing a fixed savings account, the message seems to be that fixed rates aren't expected to go much higher, if at all. So potentially time to lock in for a year or two.

pacemaker1000

Think a lot are waiting to get the best which could have been 6% for a fixed one year. Looks to me like it will go over 5% soon but that could be it!
rumours of up to 8% are now for the fairies.

jimexbox

Eirambler said:

The underlying message from the BoE today seems to be that they expect interest rates over the next year to undershoot recent forecasts. So, for anyone who has been waiting for guidance or further hikes before choosing a fixed savings account, the message seems to be that fixed rates aren't expected to go much higher, if at all. So potentially time to lock in for a year or two.

Have the BoE got any prediction correct? I'll probably drop 50% of my potential fixed pot end of November. If something very attractive turns up, I'll drop the lot in a year fixed.