The Top Fixed Interest Savings Discussion Area

jak22

The Charter site now has a banner saying its 1 (4.55%) and 2 yr (4.95%) are available for existing customers when logged in.

Mee

refluxer said:

Looks like Ford Money have pulled their 1 year Fixed Saver @ 4.45% and both Secure Trust and Close Brothers have done the same with theirs (were 4.40%)

I note the reference to new customers and hoping applications made prior to withdrawal will be honoured:

"

Due to unprecedented demand, we have taken the decision to remove our Fixed Saver 1 Year product from sale to new customers at this present time."

andyhicks88

Regarding this new customers thing....is a way around it to just open some other account like an EA with them and then you can still get the better rates or doesn't that usually work?

BarGin

I've only been following the easy access thread but I'm now considering a one year fix. To save me reading through rather a lot of pages, can someone suggest an account paying a good rate that would send interest monthly to a nominated account please?

kidwell25

I'm looking at 5 year fixes, and am happy to receive all the interest at the end of the fix. It looks like Close Bros (5.05%) require interest to be "paid away" each year. Am I right in thinking I'd therefore be getting a better rate with Secure Trust Bank at 5% which allows for compounding? 

Band7

BarGin said:

I've only been following the easy access thread but I'm now considering a one year fix. To save me reading through rather a lot of pages, can someone suggest an account paying a good rate that would send interest monthly to a nominated account please?

You can always look up the most current rates yourself. Nearly al offer monthly interest. https://moneyfacts.co.uk/savings-accounts/1-year-fixed-rate-bonds/?quick-links-first=false

Band7

kidwell25 said:

I'm looking at 5 year fixes, and am happy to receive all the interest at the end of the fix. It looks like Close Bros (5.05%) require interest to be "paid away" each year. Am I right in thinking I'd therefore be getting a better rate with Secure Trust Bank at 5% which allows for compounding? 

It would depend on how much interest you can get on the paid-away interest but you'd probably be better off if you can compound it at 5%, and it's simpler to manage if it all stays in one account

Millyonare

Band7 said:

kidwell25 said:

I'm looking at 5 year fixes, and am happy to receive all the interest at the end of the fix. It looks like Close Bros (5.05%) require interest to be "paid away" each year. Am I right in thinking I'd therefore be getting a better rate with Secure Trust Bank at 5% which allows for compounding? 

It would depend on how much interest you can get on the paid-away interest but you'd probably be better off if you can compound it at 5%, and it's simpler to manage if it all stays in one account

Don't forget tax (if applicable).

The amount of tax you pay (or will pay) will determine ultimately the best account.

kidwell25

Millyonare said:

Band7 said:

kidwell25 said:

I'm looking at 5 year fixes, and am happy to receive all the interest at the end of the fix. It looks like Close Bros (5.05%) require interest to be "paid away" each year. Am I right in thinking I'd therefore be getting a better rate with Secure Trust Bank at 5% which allows for compounding? 

It would depend on how much interest you can get on the paid-away interest but you'd probably be better off if you can compound it at 5%, and it's simpler to manage if it all stays in one account

Don't forget tax (if applicable).

The amount of tax you pay (or will pay) will determine ultimately the best account.

Thanks for the advice. Outside of ISAs (which I max out every year) I've around £120k in various savings accounts so will generate well above the £500 threshold per annum in either scenario I think so I'm not sure that's a consideration (unless I'm missing something obvious?)

alternate

Band7 said:

kidwell25 said:

I'm looking at 5 year fixes, and am happy to receive all the interest at the end of the fix. It looks like Close Bros (5.05%) require interest to be "paid away" each year. Am I right in thinking I'd therefore be getting a better rate with Secure Trust Bank at 5% which allows for compounding? 

It would depend on how much interest you can get on the paid-away interest but you'd probably be better off if you can compound it at 5%, and it's simpler to manage if it all stays in one account

Depends on how much you are saving.  Pay away is simpler if you are putting the full 85k and don't want to risk your interest.