The Top Fixed Interest Savings Discussion Area

SickGroove

So, I applied for the recent Vanquis 1 year fix but had to send them a bank statement to verify my nominated account. I've sent it but as I already have an account with Atom I'm thinking of just going with them again for the 1 year fix.

Couple of questions…

Do I need to tell Vanquis to just cancel my recent application?

It's the new Atom 1 year fix still likely to be around next Wednesday?

t1redmonkey

if you apply for a fixed term account, you're not under any obligation to actually deposit money into it. so you don't need to tell them. you might get some automated emails reminding you to deposit, but you can just ignore them.

Thumbs_Up

https://forums.moneysavingexpert.com/discussion/comment/80029230#Comment_80029230

My Vanquis 1 year fix letter just dropped through letter box 5 minutes ago. Looks like i won't go with them now. Just don't fund it and they will cancel bond after 30 days.

Millyonare

Isbank, via the Raisin app, is paying 5% fixed for 1 year.

intalex

https://forums.moneysavingexpert.com/discussion/comment/80029230#Comment_80029230

You could open it today and get until 9pm next wednesday to fund it…

refluxer

https://forums.moneysavingexpert.com/discussion/comment/80029230#Comment_80029230

Generally, Atom's fixed rate accounts do tend to be reasonably stable and their rates have been available for weeks in recent months. Unlike the banks fighting for the number one spot at the moment, they don't mess about by repeatedly withdrawing/reissuing their accounts and applying 0.01% increases each time.

Just be aware that Atom have a 7 day (5 working day) funding window so if you do choose one of their accounts, I wouldn't open one too far in advance of your funds being available, just in case any transfers are blocked by your nominated bank.

EthicsGradient

https://forums.moneysavingexpert.com/discussion/comment/80029207#Comment_80029207

You appear to be quoting the Raisin page on what happens if a bank fails and the FSCS procedure starts:

"Compensation limits are per person per firm, not per deposit. Be aware that if you have other deposits with this bank (or banking group) then the £85,000 protection applies only to eligible deposits up to this limit.

Timescales for the return of your money can vary between different banks and banking groups. This bank holds funds under a trust model. Funds held under a trust model can take up to three months to be returned, but in most cases will be returned sooner than this.’ and vice versa."

https://www.raisin.co.uk/bank/isbank/

The same wording is used for several other banks, eg Investec, which is a FTSE 250 company. If the bank were to fail towards the end of the fixed term, and you had a definite need for the money (eg you know you need it in 13 months' time), then I guess this might be a concern.

andyhicks88

It's the top rate that i dare say won't be beaten, at least by much, and offers interest the way i wanted it paid as per my post on the last page....yet something is stopping me going for this, i feel wary about it for some reason. Has anyone has experience with Isbank?

Steve_xx

andyhicks88 said:

It's the top rate that i dare say won't be beaten, at least by much, and offers interest the way i wanted it paid as per my post on the last page....yet something is stopping me going for this, i feel wary about it for some reason. Has anyone has experience with Isbank?

What is it that you are wary about?

andyhicks88

Steve_xx said:

andyhicks88 said:

It's the top rate that i dare say won't be beaten, at least by much, and offers interest the way i wanted it paid as per my post on the last page....yet something is stopping me going for this, i feel wary about it for some reason. Has anyone has experience with Isbank?

What is it that you are wary about?

No idea? Just a feeling? I hate taking the plunge with fixed rates at the best of times even with banks and systems I know and trust so signing up to Raisin, which is new to me and had pretty poor reviews on here, and then despoiting with a bank I've never heard of (even though I know is legit and covered ect), is making be a bit wobbly somehow!