The Top Fixed Interest Savings Discussion Area

Noneforit999

pedrodelgado said:

Noneforit999 said:

Ted_E_Bear said:

jak22 said:

Timing of fixes is always quite tricky but on the other hand it's not a competition to get the perfect highest interest rate. Everyone's situation is different and for many it's just a way of fixing an amount of monthly income they're happy with - 5% for 2 or 3 years isnt near inflation but it might be comparable to dividend income for example.

Some will have been putting amounts into 1yr fixes as rates rise and may have done better than variables that way - current easy access rates arent that great at less that BoE base rate - and some might be wondering if fixes might not go much higher right now.

Assuming the BofE raises base rate by 0.5% in December, it's demoralising to think I'm locking away for 2 years at less than 1.5% above base rate, and that fixed rates are already being cut. Last week, the market expectation was that UK base rate would go to 5%, and based on that, I was hoping for at least 7% fixed rates next year, but that seems impossible now.

I am thinking I lock a third of our savings away now for a year, then wait until Jan/Feb to see what happens and if nothing drastic changes, lock another third away for a year. Last third will be easy access. 

If ,by consensus, we think interest rates are dropping long term, if you can do without your savings or at least a good proportion of them, why not lock in 5% now for 5yrs? 

5 years is a long time.

3 years ago my wife and I were just married and going on our honeymoon.

Fast forward three years, we have a 2 year old and are in the process of buying a bigger house.

A year or two is about right for us. Who knows what is round the corner. 

Krakkkers

In 5 years you will have been married 8 years and your 2 year old will be 7

Patr100

SJMALBA said:

Patr100 said:

Authenticate your Nominated Account
Your Nominated Account must be authenticated before it can be used for withdrawals.
If you've received your Authentication Code in the post, please authenticate your Nominated Account.

Just tried to send a £1 test payment to Charter - suspect it will be rejected but will wait and see.

However looks like  we also have to wait for the post to "authenticate" the nominated account, though we won't  be able to withdraw, apart from monthly interest - seems strange we have to go  through more hoops when we are already invited to deposit from the same nominated account?

When I did a £1 test with Charter, it was rejected, and an email sent informing you of such, which confirms the details are correct, so you can then proceed with the 'proper' deposit (this was last year, so things may have changed? but I'm guessing not...).

Yes, also the payee details are at least set up in my First Direct app so even if rejected the first time , I wont have to keep re-entering the details.

Noneforit999

Krakkkers said:

In 5 years you will have been married 8 years and your 2 year old will be 7

Indeed but we might have another child at that point, my wife might be on maternity for 9 months etc
She or myself may have lost their jobs.
We may decide to re do the kitchen or bathroom or garden.

There are a million reasons why locking in for 5 years might not be the best option for all. 

Krakkkers

Yes, just joking, everybody's circumstances are different.
I have some money in easy access, some in a 2 year fix and the bulk in 2 5 year fixes.

Ted_E_Bear

RG2015 said:

Opened a Ford Money 1 year fixed saver a week ago at 4.30% but was holding off funding it in the hope of an increase.

Just had an email to say it has been increased to 4.45%.

Rates there are still poor. I've previously had most of my fixed rates with Ford Money, but they've been uncompetitive for months. Charter's rate still considerably higher for 2 year fixed.

Ted_E_Bear

Ted_E_Bear said:

Assuming the BofE raises base rate by 0.5% in December, it's demoralising to think I'm locking away for 2 years at less than 1.5% above base rate, and that fixed rates are already being cut. Last week, the market expectation was that UK base rate would go to 5%, and based on that, I was hoping for at least 7% fixed rates next year, but that seems impossible now.

I am thinking I lock a third of our savings away now for a year, then wait until Jan/Feb to see what happens and if nothing drastic changes, lock another third away for a year. Last third will be easy access. 

This is what I'd been planning to do, but with rates dropping, I think we're going to be in a position next year of either rising base rates due to sticky inflation, with fixed rates no higher than base rate, or falling base rate and falling fixed rates.

RG2015

Ted_E_Bear said:

RG2015 said:

Opened a Ford Money 1 year fixed saver a week ago at 4.30% but was holding off funding it in the hope of an increase.

Just had an email to say it has been increased to 4.45%.

Rates there are still poor. I've previously had most of my fixed rates with Ford Money, but they've been uncompetitive for months. Charter's rate still considerably higher for 2 year fixed.

Interesting, although I only want a 1 year account.

Ford Money's 1 year account is 4.45% higher than Charter's

DaveyCee

Could somebody quickly clarify something for me please......?

When a fixed account application refers to your 'Initial deposit', does that mean I need to deposit the minimum amount required during the application process or within the 14 days deposit window after opening the fixed account?

Thanks
D

alternate

DaveyCee said:

Could somebody quickly clarify something for me please......?

When a fixed account application refers to your 'Initial deposit', does that mean I need to deposit the minimum amount required during the application process or within the 14 days deposit window after opening the fixed account?

Thanks
D

Usually you don't need to deposit anything during application.  Sometimes they don't fully open the account if you don't pay anything in (or meet any minimum deposit) within the window.

Usually if an account says "initial deposit: it means you can make additional deposits during the window.  A rare few still require one deposit only.