The Top Fixed Interest Savings Discussion Area

wmb194

janusdesign said:

are Newcastle BS unusual in not showing monthly interest, when paid to an external account, on their statements or transactions?

for the first two months of a 1-Year fix (maturing this November), the interest was paid back into the account - and those monthly interest payments appear on the statements.... but then as base rates increased, I had the monthly interest paid back to my nominated account... it's those payments that do not show up on the statements (but are getting included in the certificate of interest total amount).

when I queried this with Newcastle BS, they said "I can confirm the reason that you cannot see the interest payments on your transactions is because these payments don’t actually hit your account balance."... i'm fairly sure that every other fix i've ever had has first paid the interest into the account first and then transferred that amount externally... weird!

Yes, I've noticed this as well and I'm sure it wasn't the case in the past, years ago when I had other Newcastle fixed rate savings bonds and in my experience has never been the case with other providers.

becky_rtw

soulsaver said:

becky_rtw said:

Arghh we just got our lump sum yesterday and were about to call the bank this morning to out it into the direct saver to drop into the bond 😂 typical.

Any suggestions for income bonds? Not sure if we should wait for NS&I and just easy access it in the direct savers until then? 

It may work in your favour depending on your tax position: If you will have to pay tax on savings interest you can do a lot better than the NSI (taxed 6.2% is a smidge under 5%).
In an ISA - 5.7% is equal to over 7.3% taxed at BR & 9.5% (!) at HR...

No tax for me as no other earnings and although decent interest won't have to worry about tax for a few years.

But definitely a good option for others. I'll need to wait until end of year 1 of my other 5 year fix that is compounding to see how that will be treated as it might leave me a liability in year 5 if not reported every year, but maybe not as we're likely to spend some of the capital over the next few years so will reduce the interest paid out on the rest. 

Anyway used those recommendations and just have to fund over the next few days. Cheers again. 

pokemaster

Loughborough BS Two Year Fixed Rate Bond - Issue 130

5.90%

Interest Yearly

Matures 30.11.25

Source: Money Facts

Bobblehat

Looks like Smartsave have pulled their 1 Year Fix at 6.11% today, replacing it with a 5.99%!

Frequentlyhere

Just a random big-up to Aldermore for offering me a 3 year fix at 6.2% for a savings renewal. That's a good way to retain a customer!

refluxer

Frequentlyhere said:

Just a random big-up to Aldermore for offering me a 3 year fix at 6.2% for a savings renewal. That's a good way to retain a customer!

That's impressive, as they've lowered their rates today. Their 3 year fixed is now 5.45% so 6.20% sounds almost too good to be true !

Frequentlyhere

refluxer said:

Frequentlyhere said:

Just a random big-up to Aldermore for offering me a 3 year fix at 6.2% for a savings renewal. That's a good way to retain a customer!

That's impressive, as they've lowered their rates today. Their 3 year fixed is now 5.45% so 6.20% sounds almost too good to be true !

I think I was just fortunate that they set their renewal rates 1 month before the account finishes, so the higher rate reflects the world nearly a month ago (though it was still a best buy for a 3 year term even then just about).

refluxer

Frequentlyhere said:

refluxer said:

Frequentlyhere said:

Just a random big-up to Aldermore for offering me a 3 year fix at 6.2% for a savings renewal. That's a good way to retain a customer!

That's impressive, as they've lowered their rates today. Their 3 year fixed is now 5.45% so 6.20% sounds almost too good to be true !

I think I was just fortunate that they set their renewal rates 1 month before the account finishes, so the higher rate reflects the world nearly a month ago (though it was still a best buy for a 3 year term even then just about).

Ah yes - that would explain it. Did you have to submit your maturity instructions a month ago to actually secure the rate ? 

Frequentlyhere

refluxer said:

Frequentlyhere said:

refluxer said:

Frequentlyhere said:

Just a random big-up to Aldermore for offering me a 3 year fix at 6.2% for a savings renewal. That's a good way to retain a customer!

That's impressive, as they've lowered their rates today. Their 3 year fixed is now 5.45% so 6.20% sounds almost too good to be true !

I think I was just fortunate that they set their renewal rates 1 month before the account finishes, so the higher rate reflects the world nearly a month ago (though it was still a best buy for a 3 year term even then just about).

Ah yes - that would explain it. Did you have to submit your maturity instructions a month ago to actually secure the rate ? 

Good question, I don't know. I set my instructions about 3 weeks ago, however I did amend them as recently as a few days ago and it still appeared to be the same offer. So I suspect once the renewal rate is set, it stays set (but can't say for 100% sure).

Gers

Beehive Money - 1 Year Bond Issue 8 has now been withdrawn from sale. I got an email to say that my funding window closes on 11 October.