The Top Fixed Interest Savings Discussion Area

Pompeydave1967

Can’t believe atoms rates at the moment , have recently gone down…yet again. Very uncompetitive.
As above said decent app , great to use but clearly don’t want anyone’s business. 

Thumbs_Up

Ref Atom,the app has been updated, so now if you want you can close the account via the app.

Edit- just realized this is the Fixed savings thread, of course i was referring about the easy access accounts, sorry. 

Cosmic_Life

NS&I treatment of fixed rate bond interest.  This is on the "Your Guaranteed Growth Bonds statement" for last TAX year

Important change to how your Bond earns interest for income tax purposes.
For our 2, 3 and 5-year Guaranteed Growth Bonds that are purchased or renewed on or after 1 May 2019, all
interest will be treated as being received in the year in which the Bond matures. This is different to how interest
was treated for previous issues, where interest was treated as being received annually.

There seems to have been a change introduced May 2019 which probably applies to all NS&I bonds but you need to check to see what it says on your statement to be sure.

Ocelot

metrobus said:

SickGroove said:

Patr100 said:

My Atom 4.27% one year is due expiring  in a week or two so I am monitoring rates via Moneyfacts etc and here if anyone has any other suggestions?
I like to have monthly income so looks like the 6% Oxbury is less attractive - assuming it is still available by then for existing account holders - currently looks like Metro 5.91% is a contender -  
veering again towards 1 year  as I still have a year to  go on two other 2 year accounts in RCI and Charter.
We moan about recent fix rate falls but I have to remind myself not that long ago we were getting less than one percent for 12 month fixes ( albeit that inflation was lower back then)

I'm in the same position with Atom & like you, prefer to have monthly interest paid away...

Been looking at a few options, Vanquis & Oxbury initially (but they don't do monthly interest paid away) so have plumped for the Ford Money 2 year fix as can't see rates being higher in a year or so... personally wouldn't touch Metro as heard nothing but bad things...

Do Atom offer loyalty rates to those with maturing fixed rate bonds or is it just bonds that are on general sale?

They didn't even offer me a new account, just put the proceeds into a holding account paying 0.1%.

Patr100

Am I mistaken or did Ford just cut their rate from 5.75% to 5.65%?

https://www.fordmoney.co.uk/savings-products/fixed-saver

cricidmuslibale

Patr100 said:

Am I mistaken or did Ford just cut their rate from 5.75% to 5.65%?

https://www.fordmoney.co.uk/savings-products/fixed-saver

No, sadly you're not mistaken. A few weeks ago Ford Money were offering 6.05% annual interest (5.89% monthly interest) on 1 year, 18 month and 2 year fixed rate savers but they've been cutting the 1 year and 2 year interest rate regularly since then, by 0.10% each time. The 18 month fixed rate saver became no longer available when the first interest rate cut from 6.05% to 5.95% was made.

RG2015

Patr100 said:

Am I mistaken or did Ford just cut their rate from 5.75% to 5.65%?

https://www.fordmoney.co.uk/savings-products/fixed-saver

If you already have a Ford Money account, log in and you can still get 5,75% AER on 1 year and 2 year fixed accounts.

Be quick though as it will probably be gone tomorrow. 

Patr100

RG2015 said:

Patr100 said:

Am I mistaken or did Ford just cut their rate from 5.75% to 5.65%?

https://www.fordmoney.co.uk/savings-products/fixed-saver

If you already have a Ford Money account, log in and you can still get 5,75% AER on 1 year and 2 year fixed accounts.

Be quick though as it will probably be gone tomorrow. 

no good to me, not with Ford yet.

wmb194

cricidmuslibale said:

On the subject of a very recent interest rate reduction, I'm really surprised and rather shocked tbh by how large an interest rate cut NS&I have made when replacing Issue 5 of their Green Savings Bonds with Issue 6 today! I fully expected them to bring out a new issue with a slightly reduced interest rate around about now because the 5.70% interest rate for Issue 5 was becoming more and more attractive with only JN Bank's 5.90% above it for 3 year fixed rate savings as of yesterday. What I did not expect at all was the massive interest cut from 5.70% to 3.95% for Issue 6; that is a very sizeable 1.75% reduction indeed, relatively speaking! In fact the new 3.95% interest rate is actually 30.7% lower than the previous 5.70% interest rate!

Does anyone know why NS&I have reduced this interest rate on Green Savings Bonds by so very much, please? With this huge interest rate reduction they have gone overnight from being a relative attractive product to save money into to a very unappealing prospect indeed for most savers, and I very much doubt that any sensible saver will place any of their hard earned money into this new Issue 6!

Why? It was reported that it recently raised £7bn+. I guess it's met its target and now it's back to business as usual. NS&I being the market leader or close to the top is rare and always temporary. Gilt yields have moved lower and the Treasury just doesn't need or want to pay so much: three year gilts are roughly 4.2% so are now in the ball park of the 3.95% three year Green Savings Bond.

https://www.yieldgimp.com/

jaypers

Today’s inflation figures are certainly good news for the equities markets so far. Going to be interesting on the effects on savings rates now. My personal view is that fixed rate deals are going to reduce more over next few days in anticipation on timing of base rate reductions.