The Top Fixed Interest Savings Discussion Area

Patr100

Moneyfacts is currently  listing a Zopa2 Year Fixed Term Savings 5.66% with monthly paid interest but the Zopa app/site  is telling me all money (including interest) is locked in, til end of term.

https://savings.zopa.com/onboarding/new/summary?fixedTermSaverOption=depfixed24

Barkin

Patr100 said:

Moneyfacts is currently  listing a Zopa2 Year Fixed Term Savings 5.66% with monthly paid interest but the Zopa app/site  is telling me all money (including interest) is locked in, til end of term.

https://savings.zopa.com/onboarding/new/summary?fixedTermSaverOption=depfixed24

Moneyfacts also says:

Interest Paid - Monthly

Interest Payment - Interest must be compounded

Patr100

With the latest inflation figures out , looking at what's available for monthly interest as income, I've just opened a 2 year Gatehouse at 5.75% - min deposit £1000 but have 30 days to fund it - my Atom cash won't  be available til next week.
Probably the best I can get for monthly interest, the way rates are likely to go for fixed terms.

SickGroove

Patr100 said:

With the latest inflation figures out , looking at what's available for monthly interest as income, I've just opened a 2 year Gatehouse at 5.75% - min deposit £1000 but have 30 days to fund it - my Atom cash won't  be available til next week.
Probably the best I can get for monthly interest, the way rates are likely to go for fixed terms.

I think the 2 year is 5.70% not 5.75% so would be 5.56% monthly…

I’ve split between ford 2 year & gatehouse 3 year just incase rates fall drastically in 2 years.

Ted_01

Somewhat frustrated with the Metro Bank fixed rate account. You pay money into a 'funding account' which is then transferred into the fixed rate account when the deposits reach the "minimum amount you've agreed to deposit", OR after a period of 30 days if the amount deposited is below the agreed minimum..

I agreed to deposit £65,000 but i've now changed my mind and want to put £35,000 in, and this is a problem because the agreed amount cant be changed, so if I put £35,000 in my fixed rate account wont be opened for 30 days. I phoned Metro Bank and they said the only way to change it is to go to one of their branches, which I dont want to do.

I could fund it just before the end of the 30 day period, but i want it opened asap, not in 30 days.

pecunianonolet

Ted_01 said:

Somewhat frustrated with the Metro Bank fixed rate account. You pay money into a 'funding account' which is then transferred into the fixed rate account when the deposits reach the "minimum amount you've agreed to deposit", OR after a period of 30 days if the amount deposited is below the agreed minimum..

I agreed to deposit £65,000 but i've now changed my mind and want to put £35,000 in, and this is a problem because the agreed amount cant be changed, so if I put £35,000 in my fixed rate account wont be opened for 30 days. I phoned Metro Bank and they said the only way to change it is to go to one of their branches, which I dont want to do.

I could fund it just before the end of the 30 day period, but i want it opened asap, not in 30 days.

Can you not just open another fix and use the amounts you want and leave the other one dormant so they'll close it automatically?

I am not going with them, only for donor current accounts for now, as they want branch visit for so many things. My next branch is ca 225 miles away so no.

Patr100

Just tried to set up an online payment to Gatehouse using exactly the details they supplied with my reference etc
but flagged up as non matching/possible scam  (also says it's to the business account not a  personal account, which is the opposite of other accounts I've transferred to, in my name )
I know they use Barclays as payment cover bank, but changing it to Barclays doesn't help.
I can force it through, but a token £1 may get rejected and min £1000 is a lot to chance it,
 anyone else had the same problem?

Ted_01

pecunianonolet said:

Can you not just open another fix and use the amounts you want and leave the other one dormant so they'll close it automatically?

I am not going with them, only for donor current accounts for now, as they want branch visit for so many things. My next branch is ca 225 miles away so no.

...So far I have made a half attempt at opening another one. I logged in and tried applying, and I received this message...

"You need at least £500 in your account for a deposit to open a Fixed Term Savings account"

..once I've put money in my funding account I'm not sure how the funding account would know which of the two new fixed rate accounts to then transfer in to, and therefore which 'minimum agreed deposit' to consider.

Of course I could try applying for another fixed rate account from scratch, ie without logging in first. But I cant bring myself to go through that process again without knowing for sure whether it would work.

All very difficult and uncertain, so I have given up for now, I might just wait till the end of the 30 day period and then put my cash in.

mebu60

Patr100 said:

Just tried to set up an online payment to Gatehouse using exactly the details they supplied with my reference etc
but flagged up as non matching/possible scam  (also says it's to the business account not a  personal account, which is the opposite of other accounts I've transferred to, in my name )
I know they use Barclays as payment cover bank, but changing it to Barclays doesn't help.
I can force it through, but a token £1 may get rejected and min £1000 is a lot to chance it,
 anyone else had the same problem?

Gatehouse for the name (so you know who your payee is) and business account. It's usually business where they bank through another organisation.

You have 30 days to deposit the minimum £1k so a £1 test should be accepted but if they reject and return it you know the details are correct. So I would continue and push it through. After triple checking the details. Again! 

SickGroove

Patr100 said:

Just tried to set up an online payment to Gatehouse using exactly the details they supplied with my reference etc
but flagged up as non matching/possible scam  (also says it's to the business account not a  personal account, which is the opposite of other accounts I've transferred to, in my name )
I know they use Barclays as payment cover bank, but changing it to Barclays doesn't help.
I can force it through, but a token £1 may get rejected and min £1000 is a lot to chance it,
 anyone else had the same problem?

I’ve set mine up with Starling no problem whatsoever…

You need to select business NOT personal account…

• Our account name: Gatehouse Bank plc
• * Please note that our above account is held with Barclays Bank plc

You then just put in their sort code & account number…your bank should then verify it as fine…

I’ve gotta send £30K tomorrow into their 3 year fix as need to send it all in one go apparently! 

I’d obviously prefer to send the 1K first but is states no further additions allowed.