The Top Fixed Interest Savings Discussion Area

SickGroove

DavidAC said:

I opened an Oxbury 2 year yesterday after a big struggle with my old phone. The interest is paid annually.

• Accounts cannot be opened with balances below £1,000

• Interest is calculated daily

• Interest will be paid annually with reference to the date of receipt of your first deposit and credited to your savings

account

• Where we pay interest annually, your AER and gross rate will be the same

• All our interest rates are available at www.oxbury.com

I opened a Vanquis 2 year at 5.9% before their rate went down and have not funded this or Oxbury yet. Trying to decide which one to fund. What are peoples opinions of these two savings providers, I have not used either before? 

I'm in the same boat...

Prefer monthly interest paid away but my two main accounts which I've had for years can't be used as my nominated account with Vanquis... I've had to use the HSBC Advance account which I only opened last week but was accepted straight away!

I'm concerned their fraud team will see me transfer a large lump sum from my main account into HSBC then send it straight on to Vanquis...

BigBlueSky

I'm not seeing the Oxbury at 6%.  In fact I can't see any mention of fixes on their website ?

janusdesign

SickGroove said:

janusdesign said:

SickGroove said:

It states I have 14 days to fund my 2 year fixed rate account, so as my main current fix doesn't mature til 17/11, can I make multiple deposits up until the 14 days or does it all need to be deposited in one go?

multiple deposits within that 14 day window will be fine with Oxbury.

SickGroove said:

Finally, as the interest is compounded & paid after the two years...a 68K deposit will generate considerable interest...

you might want to double-check with Oxbury about the interest being paid upon maturity as the product summary for the 2-yr fix says that the interest is paid ANNUALLY... and I think my previous multi-year fix interest with them was paid annually rather than all at maturity.

• Interest will be paid annually with reference to the date of receipt of your first deposit and credited to your savings account
  

with the interest being paid into the fixed-rate account and therefore inaccessible to you, it's questionable whether you would *need* to declare it next year - but that's a whole other can of worms being discussed on many other threads here! 

possibly if you wanted to avoid a tax issue in 25/26, you could just declare next year's interest when paid.

So if interest paid annually on their 2 year fix, it will initially get paid November 24 so will be included in 24/25 tax year then it's compound & then get paid again November 25 so will be included in 25/26 tax year?

IE the big lump sum over the 2 year period is split between 2 tax years right?

I've never needed to do a HMRC self assessment form, so I'd rather then just work it out...I just need to make sure my tax year interest isn't over 10K right?

https://forums.moneysavingexpert.com/discussion/comment/80392403/#Comment_80392403

the way to think of it is that, if the 24/25 interest is paid back into the fixed-rate account and so you cannot therefore access it, then you do not need to declare it in that tax year; whereas if that interest were paid to your nominated account (can't remember if Oxbury offer that option), you can access the interest and so you would declare it in 24/25.

if Oxbury are paying the interest back into the fixed account, then I suspect you're looking at declaring both years interest in 25/26 - i'm guessing that will be close to £8.5k if you're depositing £68k.

with regards to the £10k figure, if your interest amount is over 10k in a tax year, then you will have to submit a self-assessment... it's no big deal though, you can do it online and you would have until the end of January 2027 to do it.

ToastLady

BigBlueSky said:

I'm not seeing the Oxbury at 6%.  In fact I can't see any mention of fixes on their website ?

It's only available to existing customers now. I noticed today that they have removed fixed savers from the website, am sure they were there yesterday. No idea how long this will still be available for existing customers, so you might want to move quickly if you want this one.

You can get round that by opening their easy access or notice account, then you'll have access to the fixed saver. There's a discussion about this already on this thread. https://forums.moneysavingexpert.com/discussion/6332491/the-top-fixed-interest-savings-discussion-area/p333

BooJewels

I think you could have hit on the explanation there @JamesRobinson48 - you are right in thinking that my maturity date is after 22nd November - it's actually 28th and as you say, they allow you to make changes and add funds up to 21 days after that - so effectively, I'd be securing that rate until 19th December - by which time, they might already have plans in place to reduce their fix rates.   

Nor had I spotted that the slightly higher fix on their web site had a cut off date of 22nd November - after which a new issue may well be lower - before my maturity.  They've already lowered their 3 year rate since I looked a few days ago - because that had been the same rate at 5.25% which was vaguely of interest, but it's now 4.75% AER.

It's moot, as I've already pre-empted the maturity and lent myself the funds to open a new fix at 6% about 6 weeks ago - these released funds will earn over 5% in EA until I buy a little car in the New Year (and eye watering 'new driver' insurance) - providing my driving instructor doesn't fall out with me before then!

ToastLady

BooJewels said:

I think you could have hit on the explanation there @JamesRobinson48 - you are right in thinking that my maturity date is after 22nd November - it's actually 28th and as you say, they allow you to make changes and add funds up to 21 days after that - so effectively, I'd be securing that rate until 19th December - by which time, they might already have plans in place to reduce their fix rates.   

Nor had I spotted that the slightly higher fix on their web site had a cut off date of 22nd November - after which a new issue may well be lower - before my maturity.  They've already lowered their 3 year rate since I looked a few days ago - because that had been the same rate at 5.25% which was vaguely of interest, but it's now 4.75% AER.

It's moot, as I've already pre-empted the maturity and lent myself the funds to open a new fix at 6% about 6 weeks ago - these released funds will earn over 5% in EA until I buy a little car in the New Year (and eye watering 'new driver' insurance) - providing my driving instructor doesn't fall out with me before then!

Best of luck with your driving and new car.
Glad that I am not the only one who borrows from EA funds whilst waiting on a FS maturing. Just done it again today. Swore last time for NSI bonds was the last.

BooJewels

ToastLady said:

BooJewels said:

I think you could have hit on the explanation there @JamesRobinson48 - you are right in thinking that my maturity date is after 22nd November - it's actually 28th and as you say, they allow you to make changes and add funds up to 21 days after that - so effectively, I'd be securing that rate until 19th December - by which time, they might already have plans in place to reduce their fix rates.   

Nor had I spotted that the slightly higher fix on their web site had a cut off date of 22nd November - after which a new issue may well be lower - before my maturity.  They've already lowered their 3 year rate since I looked a few days ago - because that had been the same rate at 5.25% which was vaguely of interest, but it's now 4.75% AER.

It's moot, as I've already pre-empted the maturity and lent myself the funds to open a new fix at 6% about 6 weeks ago - these released funds will earn over 5% in EA until I buy a little car in the New Year (and eye watering 'new driver' insurance) - providing my driving instructor doesn't fall out with me before then!

Best of luck with your driving and new car.
Glad that I am not the only one who borrows from EA funds whilst waiting on a FS maturing. Just done it again today. Swore last time for NSI bonds was the last.

Thank you - it's early days yet, but it took me a long while to decide I was actually ready to learn, then a year to find an instructor who would take me on and until he had a vacancy.  It's going to be a lot of hard work, but now I've overcome the hardest bit which was starting in the first place, I shall see it through.

I've only been in the black and able to consider savings products for a short while, so was a tad skittish at first about locking money away and have been keeping more in EA than I really need to.  Even allowing for being a bit extravagant and budgeting for the driving, I could probably re-fix these funds.  I keep thinking "I've another one maturing in February, just how much do I need before then?"  I'm already gaining by cashing it in, as the EA rate is almost 2% more than the maturing fix was.

DavidAC

SickGroove said:

DavidAC said:

I opened an Oxbury 2 year yesterday after a big struggle with my old phone. The interest is paid annually.

• Accounts cannot be opened with balances below £1,000

• Interest is calculated daily

• Interest will be paid annually with reference to the date of receipt of your first deposit and credited to your savings

account

• Where we pay interest annually, your AER and gross rate will be the same

• All our interest rates are available at www.oxbury.com

I opened a Vanquis 2 year at 5.9% before their rate went down and have not funded this or Oxbury yet. Trying to decide which one to fund. What are peoples opinions of these two savings providers, I have not used either before? 

I'm in the same boat...

Prefer monthly interest paid away but my two main accounts which I've had for years can't be used as my nominated account with Vanquis... I've had to use the HSBC Advance account which I only opened last week but was accepted straight away!

I'm concerned their fraud team will see me transfer a large lump sum from my main account into HSBC then send it straight on to Vanquis...

Not having much luck with Oxbury. Registered yesterday, logged out and back in to check it all worked. Just tried logging in today. After entering user name almost immeadietly it says 'Please complete log in on your registered device'. My registered device is connected to the internet and running the Oxbury app, no message appears. The Check now just times out. I selected help on the app and sent a message to them, got gonfirmation on my PC so the app is definitely connected to the internet.

RosieRooBear

@DavidAC, I had a problem with Oxbury where I couldn’t log in to my account, kept getting the same message as you, so frustrating. Sent message and eventually spoke to the technical team. Turned out that the clock on the two devices needs to be within the same minute otherwise you can’t log in. The clock on my phone was out by two minutes and as soon as I adjusted it I could log in. Maybe check your clocks on both devices 😊   

RedImp_2

subjecttocontract said:

6.01% if you are a 20% taxpayer = 4.8%.
If you are a 40% taxpayer you get = 3.6%
Inflation will take what's left, and more.

Actually using the 68k they were talking about on 1 year basis equivalent rate is 5.1% after tax (basic rate)