The Top Fixed Interest Savings Discussion Area

BooJewels

The detail was quoted a couple of pages back, but it's 10 days to initially fund, then a further 10 days after your initial payment to continue funding.  I opened one earlier but not sent any funds yet.

1socrates1

I fixed my money earlier for 3.5% interest for 1 year and 3.75% for 2 years at HSBC. Now that Banks have been forced to increase their rates, should we be given the option to dissolve the fixes created recently and be able to fix at their better rates without incurring any penalty? 

SpanishBlue

1socrates1 said:

I fixed my money earlier for 3.5% interest for 1 year and 3.75% for 2 years at HSBC. Now that Banks have been forced to increase their rates, should we be given the option to dissolve the fixes created recently and be able to fix at their better rates without incurring any penalty? 

Of course not.

Had interest rates gone down instead of up, would you have expected your bank not to honour your fix and lower your rate?

1socrates1

The point is that the Bankers are being shown to be corrupt fat cats and having their hands forced. Therefore I thought it might be a good time to be able to do this Anyway it is just a mental exercise.

Malchester

BooJewels said:

necronom said:

If anyone else here has the problems I have opening accounts, then avoid FirstSave, as like some others, it won't let me join as I don't have photo ID.

I was thinking about that after you'd asked, as I've just opened a FirstSave fix and it asked for driving licence or passport details - even though it said it was optional, I wondered if it would make a difference if you didn't supply the details.

I opened a First Save account and ignored the 'optional' driving licence/ passport questions and account opened immediately OK.

Doctor_Who

1socrates1 said:

I fixed my money earlier for 3.5% interest for 1 year and 3.75% for 2 years at HSBC. Now that Banks have been forced to increase their rates, should we be given the option to dissolve the fixes created recently and be able to fix at their better rates without incurring any penalty? 

If rates were falling and the banks contacted you saying they were cancelling your 1/2/5 year fixed rate account would you be very happy about that? Of course you wouldn't. You enter in to a contract when you take out a fixed term account. Apart from fixed rate ISAs and a few fixed rate bonds that can be cancelled with a penalty, there are only minimal reasons (death being one) why the contract can be broken. I have 2 year fixes coming to an end soon.....they pay 1.7%, at the time that was a good rate.

wmb194

1socrates1 said:

I fixed my money earlier for 3.5% interest for 1 year and 3.75% for 2 years at HSBC. Now that Banks have been forced to increase their rates, should we be given the option to dissolve the fixes created recently and be able to fix at their better rates without incurring any penalty? 

I doubt HSBC offered the best rates when you fixed: there were other options.

BooJewels

Malchester said:

BooJewels said:

necronom said:

If anyone else here has the problems I have opening accounts, then avoid FirstSave, as like some others, it won't let me join as I don't have photo ID.

I was thinking about that after you'd asked, as I've just opened a FirstSave fix and it asked for driving licence or passport details - even though it said it was optional, I wondered if it would make a difference if you didn't supply the details.

I opened a First Save account and ignored the 'optional' driving licence/ passport questions and account opened immediately OK.

Yet @necronom wasn't able to open an account without valid details.

auser99

1socrates1 said:

I fixed my money earlier for 3.5% interest for 1 year and 3.75% for 2 years at HSBC. Now that Banks have been forced to increase their rates, should we be given the option to dissolve the fixes created recently and be able to fix at their better rates without incurring any penalty? 

Would be nice wouldn't it.
But alas that's the risk!

I dare say a load of us jumped in to fixed rates in the spring that now look well off.

auser99

wmb194 said:

1socrates1 said:

I fixed my money earlier for 3.5% interest for 1 year and 3.75% for 2 years at HSBC. Now that Banks have been forced to increase their rates, should we be given the option to dissolve the fixes created recently and be able to fix at their better rates without incurring any penalty? 

I doubt HSBC offered the best rates when you fixed: there were other options.

Some people are only comfortable with high street banks they can get into in the flesh and won't use online.
I know my folks are in that boat.