The Top Fixed Interest Savings Discussion Area

SJMALBA

Not sue if already mentioned, but, Gatehouse have updated their fixes:
1 year, 18 month & 2 year - 5.65%
3, 4 & 5 year - 5.4%
1k min., monthly interest option.

https://www.gatehousebank.com/personal/savings/fixed-term-deposits

Krakkkers

I am going to have about £2500 a month free cash to put into interest paying accounts over the next couple of years, so i can for example open 24 fixed rate accounts with the same or multiple banks?

happybagger

Yes, if they offer them at the time and have a min opening balance of 2500 or less.
If not, you could deposit into n Easy Access account, currently many are paying just over 4% anyway, for a short while and add a few monthly amounts together then open a fixed rate.

Doctor_Who

Krakkkers said:

I am going to have about £2500 a month free cash to put into interest paying accounts over the next couple of years, so i can for example open 24 fixed rate accounts with the same or multiple banks?

Yes, subject to the account T&Cs (e.g. minimum opening amount). Also, they can't be ISAs, you can only open and fund one cash ISA per year. I have ~14 fixed term accounts with various providers.

Krakkkers

Ok, so there is no fundamental reason why i could not have a dozen fixed rate accounts at Fordmoney for example.

Doctor_Who

Krakkkers said:

Ok, so there is no fundamental reason why i could not have a dozen fixed rate accounts at Fordmoney for example.

If they allow it in their T&Cs then there is no reason why not. You may get better rates by shopping around.

happybagger

Thumbs_Up said:

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?

Post a cheque?
Find a different provider?
Call the provider and open by phone?

Each to their own. I also use "modern technology" with online banking / applying, but I would never use a mobile-only platform.
Off topic to the thread title, except to say that most of the FRBs paying at or near top rates can be opened without a mobile

BooJewels

@Krakkkers - no reason why you can't - but as already mentioned, many fixes, especially those with the best rates, often have minimum opening balances of more than that.  Then there's funding windows - some are closed to additional deposits after anything between 5 days and 30 days - so if you're canny with timing you can span more than one month for depositing.  Some limit how many you can hold, or the maximum total balance with them.

So as already suggested, you might be best to put your monthly amount into easy access savings, then fund a new fix periodically when you've accumulated a bit more.  You'll probably have to go via a current account as many fixes only allow you to use one nominated current account for deposits and withdrawals. 

You're going to have to spend some time reading the T&Cs of a number of accounts.

happybagger

And be aware that the moment you open a "Smart Save" bond you will not be able to open another, until it matures, as they oddly only allow you to have one account (regardless of balance)

Secret2ndAccount

A._Badger said:

BooJewels said:

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.

I think you will find that the banks are using multiple parameters to check your id:
What ip address is the data coming from - is that your usual location?
What version of the app, or which browser release are you using?
What time of day are you logging in - is this consistent with a pattern?
Which screen do you go to first? How long do you take to tap from screen to screen?

I was told by one bank that they were scoring 29 parameters to weigh up whether the person on the other end was the person they were expecting. Too many inconsistencies and you get selected for extra security checks.