The Top Fixed Interest Savings Discussion Area

xflare

Two interest rate rises in the last few months and still banks are not passing this on to savers.

PixelPound

xflare said:

Two interest rate rises in the last few months and still banks are not passing this on to savers.

Unlike EAS fixed tends to be based on expected rates over the fix. So unless something changed to make it look like base rate was going to continue to increase why would rates increase? 

Sg28

xflare said:

Two interest rate rises in the last few months and still banks are not passing this on to savers.

Rates are expected to peak 5.75% down from 6.25% so no suprise fixes aren't rising.

refluxer

It looks like Atom and Kent Reliance have dropped the rates on their 1 year accounts in recent days and Allica have lowered all of theirs, so it will be interesting to see if this trend continues with other banks.

2010

Recognise Bank 2yr fixed rate 6.1%

https://www.recognisebank.co.uk/savings/personal-savings/2-year-fixed-rate-account-issue-1/

gele

Yes. Just noticed this on moneyfacts. Also have a 3 yr at 6.05% which matches the Coventry offer for my bond maturing on 31/08

codetown2

gele said:

Yes. Just noticed this on moneyfacts. Also have a 3 yr at 6.05% which matches the Coventry offer for my bond maturing on 31/08

Is this offer public? I would be interested as I have a coventry bs account. But have not seen anything above 6%

gele

The recognise bank is 'public' but the Coventry one has been offered only to customers who have a fixed bond maturing this month

Lumphammer2

I can't see anything in the Recognise terms and conditions regarding withdrawal penalties - just 'no withdrawals'.  Have I missed it?

Also, generally, is there any difference between a fixed rate savings account and a savings 'bond'?

refluxer

Lumphammer2 said:

I can't see anything in the Recognise terms and conditions regarding withdrawal penalties - just 'no withdrawals'.  Have I missed it?

Also, generally, is there any difference between a fixed rate savings account and a savings 'bond'?

No, you haven't missed anything - it's normal for fixed savings accounts to not allow withdrawals. There are one or two exceptions but those banks don't usually offer the best rates. If there's a chance you might need access to the money, then you'll need to choose a different type of account.

Generally speaking (for the types of savings account we're talking about), a fixed rate savings account is exactly the same as a fixed rate bond.