The Top Fixed Interest Savings Discussion Area

Malchester

Took out a 5 year fixed rate ISA with West Brom BS at 2%. I knew that penalties for withdrawal were not as high as others. Just queried with them about transfer out and what penalty I would suffer. Surprisingly they came back and said immediate withdrawal 180 days loss of interest (low for a 5 year fixed rate ISA account) but give 180 days notice and it is penalty free! Have given notice and will transfer ISA on 24 January 2023. This will give time for rates to settle maybe a bit.

RG2015

Malchester said:

Took out a 5 year fixed rate ISA with West Brom BS at 2%. I knew that penalties for withdrawal were not as high as others. Just queried with them about transfer out and what penalty I would suffer. Surprisingly they came back and said immediate withdrawal 180 days loss of interest (low for a 5 year fixed rate ISA account) but give 180 days notice and it is penalty free! Have given notice and will transfer ISA on 24 January 2023. This will give time for rates to settle maybe a bit.

Sounds too good to be true. Have you seen this in the terms & conditions?

Malchester

RG2015 said:

Malchester said:

Took out a 5 year fixed rate ISA with West Brom BS at 2%. I knew that penalties for withdrawal were not as high as others. Just queried with them about transfer out and what penalty I would suffer. Surprisingly they came back and said immediate withdrawal 180 days loss of interest (low for a 5 year fixed rate ISA account) but give 180 days notice and it is penalty free! Have given notice and will transfer ISA on 24 January 2023. This will give time for rates to settle maybe a bit.

Sounds too good to be true. Have you seen this in the terms & conditions?

I know when I opened the account the rules over withdrawals were much less strict than most others. The accounts available now are not so generous. I have the information in a secure message that I can give 180 days notice and withdraw or transfer without penalty. The message also said they would write to me to confirm the notice period and when my funds will be available to transfer. I can then, nearer the time, arrange a transfer.

Patr100

Charter Savings Bank now at 2.83% (£5000 min deposit)
Annual or monthly interest.

tunde10

Olinda99 said:

Investec 90 day at 2.1%

Just got this account. Very good rate for 3 months which will coincide with the period my old fixed savers with poor rates mature.

I have a question, To give notice, do i go to close account section? I don't see any clear option to give notice otherwise.

Speculator

Malchester said:

Took out a 5 year fixed rate ISA with West Brom BS at 2%. I knew that penalties for withdrawal were not as high as others. Just queried with them about transfer out and what penalty I would suffer. Surprisingly they came back and said immediate withdrawal 180 days loss of interest (low for a 5 year fixed rate ISA account) but give 180 days notice and it is penalty free! Have given notice and will transfer ISA on 24 January 2023. This will give time for rates to settle maybe a bit.

Gave 6 month notice on mine last month. Should get my £20K penalty free just before xmas.

janusd

tunde10 said:

Olinda99 said:

Investec 90 day at 2.1%

Just got this account. Very good rate for 3 months which will coincide with the period my old fixed savers with poor rates mature.

I have a question, To give notice, do i go to close account section? I don't see any clear option to give notice otherwise.

you should just need to press the blue "Withdraw" button on the dashboard - doing so, it should revolve to give you the option of where to transfer to and the amount you want to transfer... I assume if you enter the entire balance, the account will be closed after the notice period (but that's just a guess).

Patr100

OakNorth Bank crept up to 2.85% (min £1)
paid on maturity.

I expect it will be worth holding on for a few weeks after Thurs BoE rate set.

janusd

Union Bank of India (UK) Ltd Fixed Rate Deposit 1-Yr fix @ 3.20%... quaintly old-fashioned in that you need to open the account in branch or by post.

refluxer

janusdesign said:

Union Bank of India (UK) Ltd Fixed Rate Deposit 1-Yr fix @ 3.20%... quaintly old-fashioned in that you need to open the account in branch or by post.

Wow - that's one heck of an outlier, rate-wise.