The Top Fixed Interest Savings Discussion Area

charlie12525

SJMALBA said:

Vanquis 2 Year @ 4.6% (Like Charter, they also offer the option of monthly interest, @ 4.51%).

https://www.vanquissavings.co.uk/2-year-fixed-rate-bonds/

I reinvested my maturing Vanquis fixed rate bond into a 2 year bond at 4.5% only a couple of days ago. Noticed yesterday that they had upped the rate to 4.6% for a 2 year bond. There is no mention of a cooling off period in the T&Cs. I guess I am now locked in at the lower rate?

wmb194

charlie12525 said:

SJMALBA said:

Vanquis 2 Year @ 4.6% (Like Charter, they also offer the option of monthly interest, @ 4.51%).

https://www.vanquissavings.co.uk/2-year-fixed-rate-bonds/

I reinvested my maturing Vanquis fixed rate bond into a 2 year bond at 4.5% only a couple of days ago. Noticed yesterday that they had upped the rate to 4.6% for a 2 year bond. There is no mention of a cooling off period in the T&Cs. I guess I am now locked in at the lower rate?

Yes, you're locked in. It's common for savings bonds not to have cooling off periods.

jak22

Atom 2, 3, and 5 Yr fixes 4.65% (4.55% monthly)

refluxer

Investec now at 4.60% for a 1 year fixed rate : https://savings.investec.com/fixed-rate-saver

t1redmonkey

Rates slowly creeping back to where they were at the height of the mini budget fallout.  From memory here's where they peaked last year if anyone is interested:

5 year - 5.1% [Gatehouse Bank]
4 year - 5.05%  [Gatehouse Bank]
3 year - 5% [Vanquis]
2 year - 5% [Vanquis]
1 year - 4.75% [Dudley BS]

RG2015

t1redmonkey said:

Rates slowly creeping back to where they were at the height of the mini budget fallout.  From memory here's where they peaked last year if anyone is interested:

5 year - 5.1% [Gatehouse Bank]
4 year - 5.05%  [Gatehouse Bank]
3 year - 5% [Vanquis]
2 year - 5% [Vanquis]
1 year - 4.75% [Dudley BS]

Which pretty much proves that fixed rates are based on the expectation of future rate movements and that is currently upward.

It is now almost guaranteed that base rate will be increased in May. This will probably not result in fixed rates increasing as the increase is already built in.

However easy access rates will likely start creeping up a bit.

Expotter

refluxer said:

Investec now at 4.60% for a 1 year fixed rate : https://savings.investec.com/fixed-rate-saver

And 4.7% for 2 Years via Raisin

https://www.raisin.co.uk/term-deposit/inv002-investec-2-year-fixed-term-deposit/?#bank-product-details

SJMALBA

Small increases to Charter's fixed rate bonds (5k min.):

1 Year - 4.56% (up from 4.5%)
18 Month - 4.58% (up from 4.54%)
2 Year - 4.61% (up from 4.57%)

All have monthly interest option.

https://chartersavingsbank.co.uk/Products/FixedRateBond

Rollinghome

And baby steps by Al Rayan to 4.62% fixed 1 year. £5k min. https://www.alrayanbank.co.uk/savings/12-month-fixed-term-deposit

Though further down the page it says:  "What is the expected profit rate? 4.55% (gross per annum)". Which I assume is a clerical error in their haste to keep up.

Other terms
36 Month Fixed Term Deposit     £5,000     4.75%
24 Month Fixed Term Deposit     £5,000     4.72%
18 Month Fixed Term Deposit     £5,000     4.65%
All quoting the previous rate (?) further down. Or are they now quoting the AER?

Edit. Looks like they are now giving the AER, the first figure, and the quarterly applied rate.  If so, could be clearer.  4.55% quarterly would return 4.628% AER.

charlie12525

wmb194 said:

charlie12525 said:

SJMALBA said:

Vanquis 2 Year @ 4.6% (Like Charter, they also offer the option of monthly interest, @ 4.51%).

https://www.vanquissavings.co.uk/2-year-fixed-rate-bonds/

I reinvested my maturing Vanquis fixed rate bond into a 2 year bond at 4.5% only a couple of days ago. Noticed yesterday that they had upped the rate to 4.6% for a 2 year bond. There is no mention of a cooling off period in the T&Cs. I guess I am now locked in at the lower rate?

Yes, you're locked in. It's common for savings bonds not to have cooling off periods.

I phoned Vanquis today. It turns out that they do have a 14 day cooling off period which is not mentioned in their T&Cs. I was advised to open a new 2 year bond and then phone them back and they would transfer my old account to the new account with the better interest rate.