The Top Fixed Interest Savings Discussion Area

PowerSavingMode

janusdesign 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? 

with Oxbury, you can open a fix with a £1 test deposit, it's just that you need to get to £1k+ balance within that 14 day funding window - deposits with Oxbury are immediate in my experience.
never used Vanquis, but been with Oxbury for a few years - very helpful staff available via chat during the week and very quick to answer emails (often within minutes)... I would have no issue with opening another account with them.

I opened a few accounts with Oxbury yesterday, and another today (2 year fix @ 6.01%) — it was an incredibly quick and stress-free process. I've never banked with Oxbury before and time will tell how impressed I'll be when it comes to withdrawals, but so far I am very happy. I really like the website look and feel, too. Possibly my 'favourite' of all, so far. 

StayinAlive

I see that Castle Trust has a 1 year fixed at 5.80% (not listed on all comparison sites). Does anyone have any comments, good or bad, about Castle ie. ease of opening, management of account etc?

jaypers

refluxer said:

SickGroove said:

So, in the current climate, would you fix for 1, 2 or 3 years?

I've always adopted a 'savings ladder'-type of approach to my cash savings and prefer not to have all my eggs in one basket so, in the last few months, I've taken out different fixed rate accounts for all of those durations in an attempt to cover all bases and scenarios as best as I can.

Same here in recent months. Since June I’ve put smaller amounts into a combination of 1 year, 18 months and 2 years. Personally not doing longer than 2 year.

pokemaster

Metro Bank:

1 year Fixed Term Savings account

Annual 5.91% gross/AER* fixed

Monthly 5.76% Gross/ 5.91% AER*

18 months Fixed Term Savings account

Annual 5.91% gross/AER* fixed

Monthly 5.76% Gross/ 5.91% AER*

auser99

pokemaster said:

Metro Bank:

1 year Fixed Term Savings account

Annual 5.91% gross/AER* fixed

Monthly 5.76% Gross/ 5.91% AER*

18 months Fixed Term Savings account

Annual 5.91% gross/AER* fixed

Monthly 5.76% Gross/ 5.91% AER*

Don't suppose anyone knows for sure if Metro will quote the interest to HMRC on the 18month account at 12months (and then 18) or just at maturity?

DancingDragon

Santander 1yr bond 
 "select" customers only -  5.25% not the best and can only be funded by cheque. I don't even have a cheque book anymore 

DavidAC

On MSE JN Bank are showing as paying on maturity, on their site it states Please note: interest is paid annually into your fixed term saving account. Does this mean all interest is taxed in the tax year it matures, or each tax year interest is paid into the account? What are JN Bank like to deal with?

refluxer

DavidAC said:

On MSE JN Bank are showing as paying on maturity, on their site it states Please note: interest is paid annually into your fixed term saving account. Does this mean all interest is taxed in the tax year it matures, or each tax year interest is paid into the account? 

There's a thread on this exact issue here which is worth a read. In theory, the interest should only be subject to tax in the year it's accessible to you but, in practice, many banks report the interest for multi-year bonds to HMRC annually, which is where the problems start and confusion arises !  

DavidAC

NS& I Green Savings Bond

"We calculate the interest daily and add it to your Bond on each anniversary of your investment."
"Is the interest taxable? Yes, in the tax year your Bond matures"

I would have thought NS&I would know, so should the JN Bank fixed be taxed the same?
I want all the interest taxable in the year it matures because I expect to have retired with no other taxable income by then.

Ozzig

DavidAC said:

NS& I Green Savings Bond

"We calculate the interest daily and add it to your Bond on each anniversary of your investment."
"Is the interest taxable? Yes, in the tax year your Bond matures"

I would have thought NS&I would know, so should the JN Bank fixed be taxed the same?
I want all the interest taxable in the year it matures because I expect to have retired with no other taxable income by then.

As per the thread Refluxer pointed to, it depends on which tax advisor you speak to and possibly the wind direct that day.