The Top Fixed Interest Savings Discussion Area

gele

I'm liking the look of the fixes from Al Rayan. I haven't banked with them before. Is setting up an account fairly straightforward, quick and easy as a new customer. 

Band7

gele said:

I'm liking the look of the fixes from Al Rayan. I haven't banked with them before. Is setting up an account fairly straightforward, quick and easy as a new customer. 

It's nearly ten years ago that I opened my first Al Rayan account so the initial experience is a bit hazy now. I can't remember anything untoward but they are quite different to other banks so you should expect a bit of a learning curve. Nothing to worry about. 

gele

That last sentence has already worried me!    I just want to put my £5k in and forget about it. Will it work like that? The rate and 60 day funding window are what have drawn me to it as I wont have the funds until early May.

gele

I was more concerned about how complicated the opening process was really. 

janusdesign

gele said:

I was more concerned about how complicated the opening process was really. 

I opened an account with them in August and was able to fund it the same day... my recollection is that there were no hassles during the application process... if I were you, I would open the account - if you have 60 days to fund, then you have plenty of time to deposit or wait for better alternatives.

Band7

gele said:

I was more concerned about how complicated the opening process was really. 

Very straight forward - but since you are not an existing customer, you also have to register for app/online banking, not just for the savings account. Not sure whether this can now all be done online - it took a few days for me, with login credentials being sent by snail mail.

Just apply and see how it works for you. If you don't like it, you don't have to make any deposit at all.

Pompeydave1967

Just thinking if BOE meeting next week will have any affect on fixed rates ? Keen on doing a 3 yr fixed , money available Monday but should I wait until Friday ? 

jak22

Rates change all the time so it's easy to imagine a link with last or this month's BoE. Fixed rates ought to reflect where the banks see things in the future and they likely have already taken into account upcoming changes.

But there's also an element of competition - banks like to set rates fractionally above competitors to top the charts when they're ready to receive more applications rather than basing rates just on BoE changes.

Many fixed accounts have funding windows from one week to a month or even longer - and might allow multiple accounts to be opened that then just get closed if left unfunded - so opening one and delaying funding it for a little while is one solution. 

ranciduk

Question ...

I have been with one of the big banks for about five years and last year opened a couple of fixed saver accounts. I was in full employment when I opened them both 

in about 3 months I am planning to open another fixed saver with the same bank. However this time when I open the account , I will be doing so as someone who has taken early retirement and so has no income from wages (or benefits)

if my employment status comes up in the account application- are they likely to deal with me differently at all? If they think I have no money coming in could they turn me down, or maybe ask me for some sort of proof that I have money to fund the account ?

or am I just being paranoid!?

Band7

You are unlikely to be turned down for a savings account, anywhere, if you are an existing customer, or if you can be identified electronically.

You might get asked by any bank at any time about the source of your funds. It shouldn’t be hard to explain this satisfactorily if you haven’t acquired your funds illegally.

Banks know that people who are not employed can have savings. Relax 🧘‍♀️🧘‍♂️