The Top Fixed Interest Savings Discussion Area

Sea_Shell

As of just now, Raisin still have 3 providers offering 6% for 1 year, from £1000.

Gatehouse, QIB and Zenith.   First two are Sharia, if that's relevant to you.

Gatehouse also are offering 6% for 18 months. 

jaypers

Barclays have updated their Fixed Bonds. https://www.barclays.co.uk/savings/bonds/

5.30% 1 Year
5.35% 2 Year
5.50% 2 Year for Premier or Wealth Customers

What’s interesting is that you can take out 10% of your initial investment up to 3 times throughout the life of the bond on the 2 year options (not the 1 year). Might suit those who are reluctant to lock everything away.

loansome

Has anyone any experience with Recognise Bank?
They're advertising 2 Year Fixed Rate Account 6.10% Annually or 5.94% Monthly. Seems like a good deal better than most of the high street banks. However i am not familiar with Recognise, so slightly apprehensive

TomDolan

I have a 2yr fixed with Recognise Bank, no problems at all.

loansome

TomDolan said:

I have a 2yr fixed with Recognise Bank, no problems at all.

Ah thank you 🙏 wondering if you could answer a quick question please?

I've never had this type of account, i've always just been a regular current account type of person. It mentions interest is paid monthly, does that mean any interest on the savings in the account is actually paid out every month?

As an example if i were to max out the account with £85,000 @ 5.94% monthly  interest then Monthly Interest Payment=£420.75 (roughly) would i receive that as a payment every month in the same or nominated account?

pecunianonolet

loansome said:

TomDolan said:

I have a 2yr fixed with Recognise Bank, no problems at all.

Ah thank you 🙏 wondering if you could answer a quick question please?

I've never had this type of account, i've always just been a regular current account type of person. It mentions interest is paid monthly, does that mean any interest on the savings in the account is actually paid out every month?

As an example if i were to max out the account with £85,000 @ 5.94% monthly  interest then Monthly Interest Payment=£420.75 (roughly) would i receive that as a payment every month in the same or nominated account?

£85.000 * 0.0594 = £5049

£5049 / 365 days = £13.83 per day

13.83 * 30 days = £414.90 / month (assuming each month has 30 days for ease so a little less in February and a little more in other months. On a side note, it's not monthly interest, its annual interest paid monthly. Huge difference between both :-)

bristolleedsfan

loansome said:

TomDolan said:

I have a 2yr fixed with Recognise Bank, no problems at all.

Ah thank you 🙏 wondering if you could answer a quick question please?

I've never had this type of account, i've always just been a regular current account type of person. It mentions interest is paid monthly, does that mean any interest on the savings in the account is actually paid out every month?

As an example if i were to max out the account with £85,000 @ 5.94% monthly  interest then Monthly Interest Payment=£420.75 (roughly) would i receive that as a payment every month in the same or nominated account?

2 year fix is NLA, most providers let customers choose whether monthly interest is paid into fixed rate account or paid away to nominated account.

Product guide for 18 month fix says  "You can choose to have your interest paid into your 18 Month Fixed Rate Account, or another Recognise Savings Account that you hold (subject to any specific conditions of that Account and provided that it is not a Fixed Rate Account) or your Nominated Bank Account"

janusdesign

bristolleedsfan said:

loansome said:

TomDolan said:

I have a 2yr fixed with Recognise Bank, no problems at all.

Ah thank you 🙏 wondering if you could answer a quick question please?

I've never had this type of account, i've always just been a regular current account type of person. It mentions interest is paid monthly, does that mean any interest on the savings in the account is actually paid out every month?

As an example if i were to max out the account with £85,000 @ 5.94% monthly  interest then Monthly Interest Payment=£420.75 (roughly) would i receive that as a payment every month in the same or nominated account?

2 year fix is NLA, most providers let customers choose whether monthly interest is paid into fixed rate account or paid away to nominated account.

Product guide for 18 month fix says  "You can choose to have your interest paid into your 18 Month Fixed Rate Account, or another Recognise Savings Account that you hold (subject to any specific conditions of that Account and provided that it is not a Fixed Rate Account) or your Nominated Bank Account"

the 2-yr is still available - the weird thing about Recognise is that because all my accounts with them are closed, when i'm logged in i'm unable to open a new account...

You cannot apply for a new account as all your accounts are now closed.

If you want to apply for a new account, please visit our marketing website.

so basically, if you just go to their main site and open it that way, you should be able to open it without issue.

if you were going to max out at £85k, then I would recommend having the interest paid monthly into a nominated account - you could have the interest paid annually, but that would leave you past the FSCS limit, so best avoided (which is a mistake that I made a couple of years ago!).

bristolleedsfan

janusdesign said:

bristolleedsfan said:

loansome said:

TomDolan said:

I have a 2yr fixed with Recognise Bank, no problems at all.

Ah thank you 🙏 wondering if you could answer a quick question please?

I've never had this type of account, i've always just been a regular current account type of person. It mentions interest is paid monthly, does that mean any interest on the savings in the account is actually paid out every month?

As an example if i were to max out the account with £85,000 @ 5.94% monthly  interest then Monthly Interest Payment=£420.75 (roughly) would i receive that as a payment every month in the same or nominated account?

2 year fix is NLA, most providers let customers choose whether monthly interest is paid into fixed rate account or paid away to nominated account.

Product guide for 18 month fix says  "You can choose to have your interest paid into your 18 Month Fixed Rate Account, or another Recognise Savings Account that you hold (subject to any specific conditions of that Account and provided that it is not a Fixed Rate Account) or your Nominated Bank Account"

the 2-yr is still available - 

Yes it is available, was showing as not available at the time I posted

loansome

pecunianonolet said:

loansome said:

TomDolan said:

I have a 2yr fixed with Recognise Bank, no problems at all.

Ah thank you 🙏 wondering if you could answer a quick question please?

I've never had this type of account, i've always just been a regular current account type of person. It mentions interest is paid monthly, does that mean any interest on the savings in the account is actually paid out every month?

As an example if i were to max out the account with £85,000 @ 5.94% monthly  interest then Monthly Interest Payment=£420.75 (roughly) would i receive that as a payment every month in the same or nominated account?

£85.000 * 0.0594 = £5049

£5049 / 365 days = £13.83 per day

13.83 * 30 days = £414.90 / month (assuming each month has 30 days for ease so a little less in February and a little more in other months. On a side note, it's not monthly interest, its annual interest paid monthly. Huge difference between both :-)

Ahh thank you for the breakdown and the note on annual interest paid monthly, so my understanding is then using your calculations and assuming it's not a leap year for Feb would be

February would be £13.83 * 28 days = £387.24 if elected to receive interest payments on a monthly basis?