The Top Fixed Interest Savings Discussion Area

loansome

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 - 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!).

This is great thank you. I was thinking a nominated account would be better have separation from the Recognise account and to not go over the £85k protection. I know i'd miss out on some compound interest but i think over 2 years it's negligible

JGB1955

Just to be aware - the next 'year' is 366 days.  Some of my accounts are paying on 366, others on 365.

SVts

Hampshire Trust Bank9 Month Bond (Issue 8)

If I open an account today can I continue to fund the account when my main funds become available in six weeks time?

Barkin

No. The funding window is 14 days. 

It's in the account t's&c's document.... 

mlc2009

Do all the monthly interest option accounts usually let you pay away the interest to a separate account ?

refluxer

mlc2009 said:

Do all the monthly interest option accounts usually let you pay away the interest to a separate account ?

I would imagine that most (if not all) do but, as always, you need to read the Summary Box or T&Cs of the account you're interested in to be sure - it's usually clearly stated.

bristolleedsfan

Has anyone had Al Rayan Bank renewal rates very recently, late last year when not competing for new customer business ( like now they are not)  Al Rayan Bank offered renewal rates that were better than market leading.

SVts

Barkin said:

No. The funding window is 14 days. 

It's in the account t's&c's document.... 

This nearly caught me out! Thank you.

BooJewels

mlc2009 said:

Do all the monthly interest option accounts usually let you pay away the interest to a separate account ?

As @Refluxer said, you really need to read the individual terms for the account - some pay monthly into the fix, some pay it into an associated account with the same organisation and some will only pay it into your nominated current account.  Some fixes offer all these options and will allow you to even change the arrangements mid term, some have one default option that can't be changed.  So it really pays to read the small print.

Barkin

I find it very strange that anybody would open, or think about opening, an account WITHOUT reading the T's&C's!

Maybe it's just me...