The Top Fixed Interest Savings Discussion Area

auser99

Think we're all waiting for NS@I to do something!

It was mid March there was an article saying they had a massive total fund target to reach and would surely have to as a minimum increase the ISA interest rate, with a smaller chance of either increasing the fixed bonds or even re-introducing some tax free certificates.

Yet late April here we are, nothing. And 4% bonds look pretty lowly compared to the top of the market rates now.

auser99

EthicsGradient said:

VNX said:

Just for information you can only have one savings bond with Smartsave I had looked at having a one and a two year but was told can only have one  

This is so unusual that I had to check, and it's right:

"Can I have more than one savings account?

Our customers can only have one SmartSave savings account at a time."

Your questions answered with our FAQs - SmartSave (smartsavebank.co.uk)

Very odd, and could be quite aggravating (I opened a 3 year one with them last year, so there's no point in me thinking about another account with them for 2 years). I think it could be important enough for MSE to put it as a caveat when they list them in their best-paying accounts (currently, SmartSave are top for 1, 2 and 3 year accounts). Anyone know the best way of bringing an MSE staff member's attention to it?

A very important point this one.
Especially when so many are into their laddering and splitting accounts out!

Haven't seen anyone else do such a thing? But I'm relatively new to looking into all this stuff properly.

jimexbox

VNX said:

jimexbox said:

PloughmansLunch said:

I'm twiddling my thumbs before committing anything fixed (have only ever used easy access/regular savers until now) and hoping that the NS&I guaranteed income bonds increase to the better side of 4%

I opened a one year fixed rate bond last November. Its slightly nerve racking locking money away for the first time.

If you open an oxbury one year fixed rate at 4.54% with 1k, which is the minimum. You can open an existing customer one year bond at 4.75%.

Thanks for this just to clarify if you open a one year bond with the one k minimum you then have access to the existing customer bonus rates?

I opened the standard rate fixed bond 10 days ago, so two week window is still open. I deposited 5k as I wasn't aware of the existing customer bond. Which was at 4.57% last week, so I wasn't too fussed. When it was raised to 4.75% I opened this bond, not funded it yet.

Drop oxbury an email to check you can do this with a 1k deposit, don't see why you can't. Responded to my emails quickly. 

Desk

Thumbs_Up said:

Al Rayan - Fill your boots.

1 year - 4.75%

2 year - 4.85%

3 year - 4.90%

I'm not sure if this is already understood, but I see in the details Al Ryan are saying that this is the return based on sums being reinvested.

For example, for 36 months it states, 'Expected profit rate - 4.82%', 'When profit is re-invested - 4.90%'.

I'm not sure I've seen another bank promoting profits/expected profits on the basis of compounded reinvestment like this?

Desk

PloughmansLunch

jimexbox said:

VNX said:

jimexbox said:

PloughmansLunch said:

I'm twiddling my thumbs before committing anything fixed (have only ever used easy access/regular savers until now) and hoping that the NS&I guaranteed income bonds increase to the better side of 4%

I opened a one year fixed rate bond last November. Its slightly nerve racking locking money away for the first time.

If you open an oxbury one year fixed rate at 4.54% with 1k, which is the minimum. You can open an existing customer one year bond at 4.75%.

Thanks for this just to clarify if you open a one year bond with the one k minimum you then have access to the existing customer bonus rates?

I opened the standard rate fixed bond 10 days ago, so two week window is still open. I deposited 5k as I wasn't aware of the existing customer bond. Which was at 4.57% last week, so I wasn't too fussed. When it was raised to 4.75% I opened this bond, not funded it yet.

Drop oxbury an email to check you can do this with a 1k deposit, don't see why you can't. Responded to my emails quickly. 

I can confirm that the second the account is funded with £1k you can then apply for an existing customer bond at the higher rate. You have to sign out then back in again in order to register your mobile phone/app.

dingling68

BooJewels said:

Sea_Shell said:

* Issue 88 @4.54% lasted all of 8 days.     Onwards and upwards, so can't complain. 

I wonder when the peak will be? 

I'm hoping around late May / early June, when I have some money coming in and I can pop it away for a while.  

Me too 

t1redmonkey

Desk said:

Thumbs_Up said:

Al Rayan - Fill your boots.

1 year - 4.75%

2 year - 4.85%

3 year - 4.90%

I'm not sure if this is already understood, but I see in the details Al Ryan are saying that this is the return based on sums being reinvested.

For example, for 36 months it states, 'Expected profit rate - 4.82%', 'When profit is re-invested - 4.90%'.

I'm not sure I've seen another bank promoting profits/expected profits on the basis of compounded reinvestment like this?

Desk

I think this is fairly normal.  It's just their way of saying the interest rate is higher when you keep the interest in the bond rather than having it paid out to an external bank account.

CheekyMikey

Bigwheels1111 said:

Steve_xx said:

Harryo said:

Steve_xx said:

Well yes, that's worth considering I guess. So then, if you put 21k into the 4.75% account, that would just about use up your £1000 personal allowance. It depends how much money you have saved.

And also how much income you have. If it is between £12750 and £17500 then you can earn up to £5000 interest tax free at best from the additional Starting Savings Rate. If it is below £12750 then you can make use of your normal Personal Allowance.

I think, that to be able to take advantage of the 5% starting rate, that your income (from work and/or pensions) needs to be below £12570. 

The way I read it is that if you earn say £14k it deducts £1,430 from the starter rate leaving £3,570.
I could be wrong.

You are not wrong, but you also get the £1000 personal allowance so you can actually earn £4570 of interest before paying any tax 

VNX

Oaknorth one year bond up to 4.7pc 

VNX

Allica bank joining the party with a one year bond at 4.72 and a two year bond at 4.71