The Top Fixed Interest Savings Discussion Area

Patr100

Castle Trust Bank offering 4.80 for 2 years.
Min £1000

Ted_E_Bear

Devonjem said:

Regarding Charter, my 4.95% 2 year fix was showing 4.60%.  Spoke to them this morning - they said it was a mistake and they would change it to the proper rate and backdate the interest.

Same here. I'm keeping a very careful eye on Charter. They don't instill me with confidence.

billy2shots

I think I know the answer to this but here goes. 

I 'opened' a 1 year fix yesterday. 
At the end of the process I was asked to send in a bank statement as evidence of linked account (stupidly used a recently opened one). 

Presumably I haven't locked in yesterday's rate and any changes could hit me until my evidence is checked and passed?

refluxer

billy2shots said:

I think I know the answer to this but here goes. 

I 'opened' a 1 year fix yesterday. 
At the end of the process I was asked to send in a bank statement as evidence of linked account (stupidly used a recently opened one). 

Presumably I haven't locked in yesterday's rate and any changes could hit me until my evidence is checked and passed?

Which bank are we talking ? If they acknowledged and accepted your application subject to receiving those documents, then you should get the rate stated at the time of your application in theory, surely ?

Patr100

billy2shots said:

I think I know the answer to this but here goes. 

I 'opened' a 1 year fix yesterday. 
At the end of the process I was asked to send in a bank statement as evidence of linked account (stupidly used a recently opened one). 

Presumably I haven't locked in yesterday's rate and any changes could hit me until my evidence is checked and passed?

It wont be your fault if the verification process takes a few days from application - if the rate changed suddenly you would have a good case for arguing - ie from the date of the email confirmation -
Sometimes you can still fund accounts before you get online access or linked account is verified (as I found with Charter).
Also your fix wont pay out til a month at least (for monthly interest paid out if available  ) so the linked account won't be required for a set period which could be a year away.

billy2shots

refluxer said:

billy2shots said:

I think I know the answer to this but here goes. 

I 'opened' a 1 year fix yesterday. 
At the end of the process I was asked to send in a bank statement as evidence of linked account (stupidly used a recently opened one). 

Presumably I haven't locked in yesterday's rate and any changes could hit me until my evidence is checked and passed?

Which bank are we talking ? If they acknowledged and accepted your application subject to receiving those documents, then you should get the rate stated at the time of your application in theory, surely ?

It's Aldermore. 

I used a recently opened account to link to which I'm sure is why I need to send proof. 

refluxer

billy2shots said:

refluxer said:

Which bank are we talking ? If they acknowledged and accepted your application subject to receiving those documents, then you should get the rate stated at the time of your application in theory, surely ?

It's Aldermore. 

I used a recently opened account to link to which I'm sure is why I need to send proof. 

Yes, that could be the reason why they need further proof. I'm having to send proof of my bank account to Charter for a Fixed Rate ISA I recently applied for and, as far as I'm concerned, I should get the rate I applied for once they've approved the documents I send them.

refluxer

Smart Save are back with a fixed rate savings account after having none available for the last week or so.

4.46% puts them in the top table for a 1 year fix - https://smartsavebank.co.uk/1-year-fixed-rate-saver/

Cas63

How come 1 year fixed interest rates are going down? A week ago you could get 4.6% now the best is 4.45%. Surely banks should be increasing savings rates not decreasing them!

happybagger

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.

I'd been looking at this in case my tax situation changes, I see that the Vanquis and Charter accounts do allow you to change the interest instructions during the life of the bond