The Top Fixed Interest Savings Discussion Area

t1redmonkey

This is Money did an article on fixed rates earlier, also pointing out they seem to have stalled/are dropping: https://www.thisismoney.co.uk/money/saving/article-11416957/Are-fixed-savings-rates-stalling-No-new-best-buys-launched-week.html

ranciduk

Just taken a 3 year with TSB @ 4.88%

jaypers

Think I need to think about my strategy now that fixed deals seem to being pulled. I was going to open a new fixed every 3 months for a year. Recently opened the second of these with Charter. Possible options……
1) Got a few more days to put a bit more in my new Charter account.
2) Potentially open a 2 year fixed - TSB maybe?
3) Stick with the plan.

Decisions, decisions. 

jak22

It makes sense for multi-year rates to level off if banks think those rates match where the base rate will be in a couple of years - but it's less clear why there are fewer fixes available - unless they dont want more funds right now. If that is why then it's just a matter of time before more fixed deals appear again but maybe not at much higher rates.

So it might be worth extending the plan to include 2 year fixes (some will be braver than that if they're happy with a known 5% income for several years) - but maybe don't panic into settling for a less good rate just because there isn't so much choice right now.

If you have an existing Charter account and not maxed out the FSCS limit then it's worth checking to see if their 4.95% 2 year fix is available after logging in.

Patr100

Be careful with the Charter 2 year fixed. I opened it when it was 4.95% and it was withdrawn soon after
but could still log in and pay in - but I've just noticed the actual account interest rate is now showing at 4.60%!

Devonjem

Me too.  This account was still showing as an available 4.95% account (after logging in) at the same time I funded it, even though no longer appearing on their website.  I have asked them to clarify the rate change.

Patr100

Devonjem said:

Me too.  This account was still showing as an available 4.95% account (after logging in) at the same time I funded it, even though no longer appearing on their website.  I have asked them to clarify the rate change.

They currently aren't offering any other fixed rates  (apart from  ISAs) on their website so this 4.60 rate isn't available  to any one else at the moment it seems. Really sharp practice to cut the rate without informing us explicitly - I still have the original documentation - which they haven't updated to us and there is no cooling off period  with this account, you can't close it or change your mind  within 14 days.
I'm going to try to call them tomorrow before I add any more funds.

Devonjem

I think the issue for them is that while they removed the account from their main webpage, it still appeared as an option after logging in.  So at the time I funded it, the account was still available to be opened at 4.95% (albeit only by existing customers).

steveksullivan

Devonjem said:

I think the issue for them is that while they removed the account from their main webpage, it still appeared as an option after logging in.  So at the time I funded it, the account was still available to be opened at 4.95% (albeit only by existing customers).

Ah!!! This seems to be the same issue as I have flagged on the ISA sub-forum.

1 yr fixed rate ISA isn't on the main site, but still seems to be available if you 'log in' as an existing customer.....

Devonjem

Yes I think they have forgotten to remove these products to existing customers.  The 2yr 4.95% is still offered right now after logging in - I opened another one just now and have asked Charter to explain why they lowered the rate to 4.6% on the one I opened last week even though I can open a 4.95% today.