The Top Fixed Interest Savings Discussion Area

artyboy

ForumUser7 said:

artyboy said:

Is there any good search resource for fixed rate accounts that can be opened from age 16 rather than 18? Moneyfacts is a bit hit and miss because even using the children's account search, it still showed accounts that were 18+ when you looked at them in detail...

Best I can see right now is a 1 year with Coventry for 5.65% but not sure if I'm missing anything better.

Did you go into full search and set child’s age to 16?

Yep, and the top accounts it gave me were for Kent Reliance, that then turned out to be 18+ when you looked at their terms...

ForumUser7

artyboy said:

ForumUser7 said:

artyboy said:

Is there any good search resource for fixed rate accounts that can be opened from age 16 rather than 18? Moneyfacts is a bit hit and miss because even using the children's account search, it still showed accounts that were 18+ when you looked at them in detail...

Best I can see right now is a 1 year with Coventry for 5.65% but not sure if I'm missing anything better.

Did you go into full search and set child’s age to 16?

Yep, and the top accounts it gave me were for Kent Reliance, that then turned out to be 18+ when you looked at their terms...

NLA now anyway by the looks of things. I opened a Coventry BS FRB when I was under 18 - so I know they accept applications from 16+, but I never opened any others. I backed out of it in the cooling off period anyway.

SavingsBoo

After a week or so of decision paralysis I have just put £5k into My Community Bank 1 year fix at 6.03%.  After the palaver of trying to open the Newcastle BS easy access (but not so easy to open) account it was really straightforward and quick, the instructions for deposit were nice and clear and the deposit went through straightaway. 

I did open a Charter 1 year fix on Friday but was struggling to log in ... so that is still unfunded.  I've got another £15k in my best easy access account from a recently matured fix so fingers crossed for another good fix to appear this week.  If not I think I can still add to the MCB within 14 days.

soulsaver

artyboy said:

Is there any good search resource for fixed rate accounts that can be opened from age 16 rather than 18? Moneyfacts is a bit hit and miss because even using the children's account search, it still showed accounts that were 18+ when you looked at them in detail...

Best I can see right now is a 1 year with Coventry for 5.65% but not sure if I'm missing anything better.

Al Rayan is age 'over 16..'  
So 16 years and a day? May have to test it or call or email?
6.01% aer for a 1 year fix. 
Longer term savings | Islamic banking | Sharia compliant & ethical (alrayanbank.co.uk)

BooJewels

I knew I'd seen one specifying 16+ on my travels - Yorkshire Building Society - not top rates, but are least available.

Futuristic

Allica have already decreased their 12-24m by 0.2% after having increased on Friday, cooler cpi print coming? Or just high demand?

Frogletina

artyboy said:

Is there any good search resource for fixed rate accounts that can be opened from age 16 rather than 18? Moneyfacts is a bit hit and miss because even using the children's account search, it still showed accounts that were 18+ when you looked at them in detail...

Best I can see right now is a 1 year with Coventry for 5.65% but not sure if I'm missing anything better.

I've just had an email from Coventry offering a Loyalty Bond for 5.90% for members since January 2022

artyboy

soulsaver said:

artyboy said:

Is there any good search resource for fixed rate accounts that can be opened from age 16 rather than 18? Moneyfacts is a bit hit and miss because even using the children's account search, it still showed accounts that were 18+ when you looked at them in detail...

Best I can see right now is a 1 year with Coventry for 5.65% but not sure if I'm missing anything better.

Al Rayan is age 'over 16..'  
So 16 years and a day? May have to test it or call or email?
6.01% aer for a 1 year fix. 
Longer term savings | Islamic banking | Sharia compliant & ethical (alrayanbank.co.uk)

Ah yes, I spotted that, and if it were my decision then it would be the obvious choice. But others in my family have less faith in 'expected profit rate' than I do. Not worth that discussion yet again...

BooJewels said:

I knew I'd seen one specifying 16+ on my travels - Yorkshire Building Society - not top rates, but are least available.

Agreed, they are below what Coventry are offering to the masses... but... 

Frogletina said:

artyboy said:

Is there any good search resource for fixed rate accounts that can be opened from age 16 rather than 18? Moneyfacts is a bit hit and miss because even using the children's account search, it still showed accounts that were 18+ when you looked at them in detail...

Best I can see right now is a 1 year with Coventry for 5.65% but not sure if I'm missing anything better.

I've just had an email from Coventry offering a Loyalty Bond for 5.90% for members since January 2022

That is a really good spot, especially as she has a Coventry JISA so hopefully that would make her eligible. It does have a 20k limit, but I guess she could just put the rest in the lower paying 5.65% bond

VNX

Futuristic said:

Allica have already decreased their 12-24m by 0.2% after having increased on Friday, cooler cpi print coming? Or just high demand?

Interesting, I know medium term rates on fixed rate bonds are very likely to increase from where we are and I also appreciate each institution has its own aims and objectives but i find it interesting that Allica have slightly reduced their rate, smartsave seem to have lost their desire to be table topping almost immediately by adding 0.01%, And Charter pulled their existing bonds after three days.

I know charter will bring out new bonds soon but interesting all the same.

of course it’s all very individual based on circumstances and when one has monies available to fix but for me with monies are free now in Tandem EA and the longer I wait I’m losing in the short term so I think I will lock away next week, give other institutions the next four days to see what they do then lock in. 

Those with bonds maturing between Aug and Dec May be best placed as they can lock in on (probably 6.5% +) but as I say it’s all very individual based in circumstances.

Alex9384

It's nice of Shawbrook to offer a 7 year bond, but why would anyone fix their money for 7 years at just 3.36% if you can fix that money for only 5 years elsewhere and get even higher return? In fact, top 4 year bonds at the moment give nearly the same return as Shawbrook's 7 year bond. So what's the point?