The Top Fixed Interest Savings Discussion Area

VNX

charlie12525 said:

Alex9384 said:

Anyone has experience with United Trust Bank? Are they any good?
I mean, their rates are good, but anything else to be aware of?

Bear in mind that UTB do not have a cooling off period on their fixed rate bonds. Once funded you are locked in.
With Vanquis, for example, you have 14 days to cancel and get a refund. Useful in times like these with increasing rates daily!

Vanquis has the longest funding period I think, it’s 30 days too many 14 day funding windows / cooling off periods aro7nd too

Ocelot

Alex9384 said:

Anyone has experience with United Trust Bank? Are they any good?
I mean, their rates are good, but anything else to be aware of?

I do know that their fixed rate ISAs have a fairly high penalty rate if you transfer them early, but haven't had any dealings with them.

alternate

Alex9384 said:

Btw, what happens when you open a new saving account, you tell them you're going to invest XX sum of money, they give you 14 days to pay in the money, but you eventually don't pay in anything? Is it considered some sort of a breach of contract or something like that?
Will you be able to open another one in the next 1-2 months (maybe with a higher rate) and they will have no problem with it? Or does it just depend on the bank? Can they refuse to open another saver because of that?

Nothing.  You are not committing, just stating how much you intend to invest.  You can invest more, less or nothing*.  No contract is formed until you deposit funds.

To my knowledge no bank has ever cared either way.  They just close the unused account.  They will take your money today or tomorrow, whenever.

*One exception I can think of is Raisin marketplace, where you can only invest the exact amount you specified at application - but you can cancel at any time until you actually add the funds to your account.

intalex

Atom 1y - 5.40% AER
Atom 2y, 3y, 5y - 5.30% AER
With monthly interest option

Alex9384

alternate said:

Nothing.  You are not committing, just stating how much you intend to invest.  You can invest more, less or nothing*.  No contract is formed until you deposit funds.

To my knowledge no bank has ever cared either way.  They just close the unused account.  They will take your money today or tomorrow, whenever.

*One exception I can think of is Raisin marketplace, where you can only invest the exact amount you specified at application - but you can cancel at any time until you actually add the funds to your account.

That's good to know. Thanks!

Pompeydave1967

intalex said:

Atom 1y - 5.40% AER
Atom 2y, 3y, 5y - 5.30% AER
With monthly interest option

Excellent,I was complaining yesterday about atoms poor response especially EA but these new fixed rates are better .

Frequentlyhere

I like to think the other banks are just s**thousing Smartsave at this point, seeing just how far they can push them with their 0.01% increases.

However, they are currently lagging - languishing - at a lowly 5.38%. Which is of course genuinely a problem for them as they need lots of brand new customers each time. So I'm sure 5.41% will not be long in the works. 

On another note, just wow. I've had a 1 year Atom account mature today, I remember being pretty chuffed it was at 2.6% last year. I don't think I'd have believed you if you told me that next year would be more than double that.

Pompeydave1967

Frequentlyhere said:

I like to think the other banks are just s**thousing Smartsave at this point, seeing just how far they can push them with their 0.01% increases.

However, they are currently lagging - languishing - at a lowly 5.38%. Which is of course genuinely a problem for them as they need lots of brand new customers each time. So I'm sure 5.41% will not be long in the works. 

On another note, just wow. I've had a 1 year Atom account mature today, I remember being pretty chuffed it was at 2.6% last year. I don't think I'd have believed you if you told me that next year would be more than double that.

I’m also looking forward to my atom fixes maturing in august / sept / oct .All around 3.15 - 4.2 %.
Hopefully higher than current 5.4% 1 year but I’m looking longer this time - maybe 3 poss 5 years fixed. 

jaypers

Atom rates looking very good. Shame that they have completely abandoned their Easy Access offering though. Was hoping they would have also increased that too by now. 

janusdesign

VNX said:

charlie12525 said:

Alex9384 said:

Anyone has experience with United Trust Bank? Are they any good?
I mean, their rates are good, but anything else to be aware of?

Bear in mind that UTB do not have a cooling off period on their fixed rate bonds. Once funded you are locked in.
With Vanquis, for example, you have 14 days to cancel and get a refund. Useful in times like these with increasing rates daily!

Vanquis has the longest funding period I think, it’s 30 days too many 14 day funding windows / cooling off periods aro7nd too

 the Al Rayan window is 60 days.