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The Top Fixed Interest Savings Discussion Area

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  • 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
    wmb194 Posts: 4,914 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    edited 19 April 2023 at 8:47PM
    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
    jak22 Posts: 400 Forumite
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    Atom 2, 3, and 5 Yr fixes 4.65% (4.55% monthly)
  • RG2015
    RG2015 Posts: 6,051 Forumite
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    edited 20 April 2023 at 12:31PM
    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.
  • SJMALBA
    SJMALBA Posts: 1,064 Forumite
    1,000 Posts Third Anniversary Photogenic Name Dropper
    edited 20 April 2023 at 5:15PM
    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
    Rollinghome Posts: 2,729 Forumite
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    edited 20 April 2023 at 7:10PM
    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.
  • wmb194 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.
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