The Top Fixed Interest Savings Discussion Area

Mushy

I signed up for the fixed 2 year bond at Vanquis on last Wednesday morning when it was still 6.2%. I received my login details on Saturday and I've just logged into my account but the 2 year bond rate stated on the account is showing 6.03%. I'm going to call them on Monday but was wondering if anyone else who signed up for the same product is seeing the same?

wmb194

Mushy said:

I signed up for the fixed 2 year bond at Vanquis on last Wednesday morning when it was still 6.2%. I received my login details on Saturday and I've just logged into my account but the 2 year bond rate stated on the account is showing 6.03%. I'm going to call them on Monday but was wondering if anyone else who signed up for the same product is seeing the same?

That's correct. It's 6.03% gross, 6.2% AER i.e. it becomes 6.2% with the monthly compounding of the interest at the gross rate.

Mushy

Thanks wmb194. Mild panic over. You've just saved me a phone call.

SJMALBA

For those who, like me, are new Vanquis customers, did you receive more than one item of 'snail mail'?
Yesterday, I received a letter from them, but it's just about authenticating my nominated account (which, strangely, starts off by saying 'we have received your instruction to add a new nominated account...), by logging into you online account, but I don't yet have a user ID? A separate letter, still to come?

Rudyson

A nice surprise from Kent Reliance: one of the options for my maturing 1yr bond is renewing into a new 1yr bond at 6.16%, compared to their normal rate of 6.01%

Mushy

SJMALBA said:

For those who, like me, are new Vanquis customers, did you receive more than one item of 'snail mail'?
Yesterday, I received a letter from them, but it's just about authenticating my nominated account (which, strangely, starts off by saying 'we have received your instruction to add a new nominated account...), by logging into you online account, but I don't yet have a user ID? A separate letter, still to come?

Yes, I received two separate letters yesterday. One with the user id and the other for authenticating my nominated account. It could be that your other letter is late although a little odd since I'd have thought they'd be posted at the same time from the same place. 

karimkhimji

Next interest rate decision aug 3rd, should I wait then and put 80k in Chip or get 6% now 1 year fixed, please let me know your thoughts as I think they will go up half a point 

ForumUser7

karimkhimji said:

Next interest rate decision aug 3rd, should I wait then and put 80k in Chip or get 6% now 1 year fixed, please let me know your thoughts as I think they will go up half a point 

Providers usually bake in rises, but if it rises more than they expected it may not be fully baked in.

What you could do is put funds in chip, and open a FRB with a long funding timescale that will pass you over 3rd august and a little beyond, and then observe. Do not fund it until you're sure it is a good one to go for and that there is no better offer at the time. If a better offer comes out, just ignore the old FRB and your application should lapse. You'll need to read the ts and cs and account summary box usually to confirm the funding timescale.

https://moneyfactscompare.co.uk/savings-accounts/fixed-rate-bonds/?quick-links-first=false

Old_Slaphead

Mushy said:

SJMALBA said:

For those who, like me, are new Vanquis customers, did you receive more than one item of 'snail mail'?
Yesterday, I received a letter from them, but it's just about authenticating my nominated account (which, strangely, starts off by saying 'we have received your instruction to add a new nominated account...), by logging into you online account, but I don't yet have a user ID? A separate letter, still to come?

Yes, I received two separate letters yesterday. One with the user id and the other for authenticating my nominated account. It could be that your other letter is late although a little odd since I'd have thought they'd be posted at the same time from the same place. 

Yes concur with Mushy. 2 separate Vanguard letters received same day ie yesterday.

refluxer

karimkhimji said:

Next interest rate decision aug 3rd, should I wait then and put 80k in Chip or get 6% now 1 year fixed, please let me know your thoughts as I think they will go up half a point 

I was under the impression that expectations had cooled a little with that recent inflation news and a 0.25% rise was looking more likely ?

One option is to split the money into chunks, so you could fix some of it now and take out more fixes further down the line if fixed rates continue to rise.

Personally, I was holding out for further rises but was then a little perturbed to see those Vanquis rates disappear and rates fall back slightly.

Whatever you do though, it's obviously a gamble !