The Top Fixed Interest Savings Discussion Area

intalex

With a 60-day deposit window too, nice "option" to set up even if undecided...

dgpur

intalex said:

With a 60-day deposit window too, nice "option" to set up even if undecided...

Do you know if you can close that window early? I will have one deposit to make, and I’d like it to start earning ASAP.

refluxer

dgpur said:

intalex said:

With a 60-day deposit window too, nice "option" to set up even if undecided...

Do you know if you can close that window early? I will have one deposit to make, and I’d like it to start earning ASAP.

Deposits should earn interest from the date they're received - the window just gives you a set period of time in which to make multiple deposits, although it should be noted that there are one or two banks who will only allow you to make one deposit.

allegro120

Expotter said:

Al Rayan Bank 12 Month Fixed Term Deposit 4.5%. Min £5k and interest can be paid away or compounded.

https://www.alrayanbank.co.uk/savings/12-month-fixed-term-deposit

June last year I put £5k in AR 1 year fixed @2.33%.  It was good for the first couple of months, but soon fell behind Everyday Saver issue 3.  Now 2.33% is a joke, I shouldn't have done this

jak22

There were fixes at around 2.6% by the end of June when variables were around 1.3%, catching up by December, and even now still only around 3.2% - so it's possible many 1 year fixes could still average out better. 

But fixes increased rapidly - to over 5% for multi-year by November - so while rates are changing taking out a fix with a decent window and delaying funding might make sense - any accounts left unfunded seem to get automatically closed.

Fixes seem to be rising slightly again when it looked like they might've peaked last year - so it could be a plan to grab them when a 3 year is now at 4.68% and 5 year at 4.6% for example and then wait in case there are more increases.

alternate

allegro120 said:

Expotter said:

Al Rayan Bank 12 Month Fixed Term Deposit 4.5%. Min £5k and interest can be paid away or compounded.

https://www.alrayanbank.co.uk/savings/12-month-fixed-term-deposit

June last year I put £5k in AR 1 year fixed @2.33%.  It was good for the first couple of months, but soon fell behind Everyday Saver issue 3.  Now 2.33% is a joke, I shouldn't have done this

You go with what is best for the time.  That was a decent rate last year.

allegro120

jak22 said:

There were fixes at around 2.6% by the end of June when variables were around 1.3%, catching up by December, and even now still only around 3.2% - so it's possible many 1 year fixes could still average out better. 

But fixes increased rapidly - to over 5% for multi-year by November - so while rates are changing taking out a fix with a decent window and delaying funding might make sense - any accounts left unfunded seem to get automatically closed.

Fixes seem to be rising slightly again when it looked like they might've peaked last year - so it could be a plan to grab them when a 3 year is now at 4.68% and 5 year at 4.6% for example and then wait in case there are more increases.

Yes, by the time my application was approved and I was allowed to deposit the rate for 1 year fixed increased and I stupidly assumed that I will be getting the new rate..... well, learning from my own mistakes.  At least I was careful enough limiting my commitment to a small amount.

VNX

Has anyone ever found the expected profit accounts don’t deliver on their expectations? Sharia banks however good their rates are are often very similar or same as guaranteed savings returns 

Band7

VNX said:

Has anyone ever found the expected profit accounts don’t deliver on their expectations? Sharia banks however good their rates are are often very similar or same as guaranteed savings returns 

I can’t remember any failure to deliver the expected profit in the last decade. Should they be unable to deliver, you can terminate the account. You will get the expected profit up to the date of termination. All above board, no need to be concerned.

jak22

Gatehouse 1 yr 4.35% 18 month 4.37% 2,3,4 and 5 yr 4.4%