The Top Fixed Interest Savings Discussion Area

Krakkkers

Can I put around £2500 a month into one or more fixed rate accounts every month?

Thumbs_Up

I have embraced modern technology my elder brother has not. It takes me 15 minutes to apply and be accepted for a savings bond. My brother books an appointment with a bank that’s not local anymore and has to wait for the appointment. I’m happy, I guess he’s happy, horses for courses and all that. But when that no so local bank closes then what?

Catplan

Krakkkers said:

Can I put around £2500 a month into one or more fixed rate accounts every month?

Just put 2500 into monaeyfactscompare website and nothing currently available so probably need to stick with EA for such amounts.

Doctor_Who

Krakkkers said:

Can I put around £2500 a month into one or more fixed rate accounts every month?

You typically can't add more money to a fixed rate account once it is open, but you can open more than one account with most providers (not with Smartsave apparently).

ForumUser7

Krakkkers said:

Can I put around £2500 a month into one or more fixed rate accounts every month?

Catplan said:

Krakkkers said:

Can I put around £2500 a month into one or more fixed rate accounts every month?

Just put 2500 into monaeyfactscompare website and nothing currently available so probably need to stick with EA for such amounts.

I got 364 results - https://moneyfactscompare.co.uk/savings-accounts/fixed-rate-bonds/?id=null&business-type=16&activity-type=null&investment-amount=2500&investment-type=1&account-types=1&interest-paid-frequencies=null&terms=null&account-opening-methods=null&account-management-methods=null&notice-periods=null&include-notice-period=true&include-term=true&age=21&has-withdrawal-restrictions=2&existing-customers-only=2&is-shariaa=2&joint-account-only=2&quick-links-first=false

pecunianonolet

A._Badger said:

BooJewels said:

badger09 said:

JGB1955 said:

Just gone to the 'dark side' with an Atom 1 year FRB, monthly interest, 5.7%.  Pleasantly surprised how easy it was - apart from having to provide facial recognition .... do they know I was still in my dressing gown?  Do I care?!  Having said that, I have Starling and Marcus accounts... just seemed 'scary' trusting them with my £20K.  As a side note, Nationwide had no problems moving them money over (another of my 'angsts').  All done and dusted by breakfast time.

You do realise that you’ll have to wear that dressing gown every time you want to log in now😘

BooJewels said:

JGB1955 said:

Just gone to the 'dark side' with an Atom 1 year FRB, monthly interest, 5.7%.  Pleasantly surprised how easy it was - apart from having to provide facial recognition .... do they know I was still in my dressing gown?  Do I care?!  Having said that, I have Starling and Marcus accounts... just seemed 'scary' trusting them with my £20K.  As a side note, Nationwide had no problems moving them money over (another of my 'angsts').  All done and dusted by breakfast time.

I mentioned a couple of pages back that there was some reason why I didn't use Atom - that might have been it - I didn't have my face on.

I struggled with facial recognition on Atom app. It didn’t like me wearing my glasses, despite the fact that I was wearing them when I set it up. Problem was, when I took them off, I couldn’t see clearly enough to get my face in the right place on the screen. Now I just use fingerprint, but you can also use a passcode or voice ID. 

I tend to avoid apps that need a fingerprint as I have Reynauds and my fingers aren't good on a screen, so my fingerprint thing doesn't work reliably.  Hence I'm reluctant to use organisations that only have apps - I can't trust my fingers on screen devices and prefer using a computer for important stuff with money.

Likewise. In fact I refuse to use apps at all for large sums of money. What happens if your phone is broken, lost or stolen? As for voiceprints or fingerprints, they can forget it,. The security risk is ridiculously high.

Use a dedicated phone for it you keep at home most of the time or install banking apps in a secure folder or fully encrypt your phone? Lost my work phone once in a taxi and was able remotely block it, leave a message to pop up for anyone who would try to use it and located it. Location service was accurate enough that I could locate the house of the Uber driver from where I picked up the phone the next day (driver was honest and reported to Uber before I even realised the loss). 

I use fingerprint wherever possible. I can't remember passwords for all the many accounts, their respective app pins, all the various security questions, ID's and whatever else they ask. Using the same for all would be stupid too.

Catplan

ForumUser7 said:

Krakkkers said:

Can I put around £2500 a month into one or more fixed rate accounts every month?

Catplan said:

Krakkkers said:

Can I put around £2500 a month into one or more fixed rate accounts every month?

Just put 2500 into monaeyfactscompare website and nothing currently available so probably need to stick with EA for such amounts.

I got 364 results - https://moneyfactscompare.co.uk/savings-accounts/fixed-rate-bonds/?id=null&business-type=16&activity-type=null&investment-amount=2500&investment-type=1&account-types=1&interest-paid-frequencies=null&terms=null&account-opening-methods=null&account-management-methods=null&notice-periods=null&include-notice-period=true&include-term=true&age=21&has-withdrawal-restrictions=2&existing-customers-only=2&is-shariaa=2&joint-account-only=2&quick-links-first=false

That’s for a lump sum, I was going with regular deposits as Kramer’s asked can I put 2500 a month into one or more….. but it’s possible to open one a month… 

id be tempted to do it bimonthly 5k into a fixed rate every two months.

ForumUser7

Catplan said:

ForumUser7 said:

Krakkkers said:

Can I put around £2500 a month into one or more fixed rate accounts every month?

Catplan said:

Krakkkers said:

Can I put around £2500 a month into one or more fixed rate accounts every month?

Just put 2500 into monaeyfactscompare website and nothing currently available so probably need to stick with EA for such amounts.

I got 364 results - https://moneyfactscompare.co.uk/savings-accounts/fixed-rate-bonds/?id=null&business-type=16&activity-type=null&investment-amount=2500&investment-type=1&account-types=1&interest-paid-frequencies=null&terms=null&account-opening-methods=null&account-management-methods=null&notice-periods=null&include-notice-period=true&include-term=true&age=21&has-withdrawal-restrictions=2&existing-customers-only=2&is-shariaa=2&joint-account-only=2&quick-links-first=false

That’s for a lump sum, I was going with regular deposits as Kramer’s asked can I put 2500 a month into one or more….. but it’s possible to open one a month… 

id be tempted to do it bimonthly 5k into a fixed rate every two months.

Ah right, I thought OP was after a ladder strategy.

OP - you could perhaps open several fixed rate regular savers, but fixed rate bond latter strategy would likely be more competitive on the whole

Catplan

ForumUser7 said:

Catplan said:

ForumUser7 said:

Krakkkers said:

Can I put around £2500 a month into one or more fixed rate accounts every month?

Catplan said:

Krakkkers said:

Can I put around £2500 a month into one or more fixed rate accounts every month?

Just put 2500 into monaeyfactscompare website and nothing currently available so probably need to stick with EA for such amounts.

I got 364 results - https://moneyfactscompare.co.uk/savings-accounts/fixed-rate-bonds/?id=null&business-type=16&activity-type=null&investment-amount=2500&investment-type=1&account-types=1&interest-paid-frequencies=null&terms=null&account-opening-methods=null&account-management-methods=null&notice-periods=null&include-notice-period=true&include-term=true&age=21&has-withdrawal-restrictions=2&existing-customers-only=2&is-shariaa=2&joint-account-only=2&quick-links-first=false

That’s for a lump sum, I was going with regular deposits as Kramer’s asked can I put 2500 a month into one or more….. but it’s possible to open one a month… 

id be tempted to do it bimonthly 5k into a fixed rate every two months.

Ah right, I thought OP was after a ladder strategy.

OP - you could perhaps open several fixed rate regular savers, but fixed rate bond latter strategy would likely be more competitive on the whole

Could be a ladder strategy works in the current climate with weekly movement of rates. Hence why I said 5k every two months, reduces number of accounts and currently gets a slightly higher rate.

ToastLady

Catplan said:

Krakkkers said:

Can I put around £2500 a month into one or more fixed rate accounts every month?

Just put 2500 into monaeyfactscompare website and nothing currently available so probably need to stick with EA for such amounts.

Yes you can, so long as the fixed accounts allow it with their min opening balance.  I've got a couple of smaller fixed shares of £3000, which I took out as rates were the top at the time, but I was getting near to FSCS limits.
You might not get the highest rates e.g. Charter requires £5000, and some require £10000 opening balance.