The Top Fixed Interest Savings Discussion Area

Rudyson

I've just gone to apply for Al Rayan's 12 month fix at 5.7%, and was given two options: 5.7% and 5.85%. Tough decision.

As far as I can see, I've successfully opened a 12 month fix at 5.85%, I can only assume it's because I'm an existing customer, I already have two fixes with them. I'll ring them in the morning to confirm, but if so, for existing AR customers, it's the best 12 month rate. There were similar dual options for 18, 24 and 36 months.

Patr100

Rudyson said:

I've just gone to apply for Al Rayan's 12 month fix at 5.7%, and was given two options: 5.7% and 5.85%. Tough decision.

As far as I can see, I've successfully opened a 12 month fix at 5.85%, I can only assume it's because I'm an existing customer, I already have two fixes with them. I'll ring them in the morning to confirm, but if so, for existing AR customers, it's the best 12 month rate. There were similar dual options for 18, 24 and 36 months.

Good rates but is the dual option anything to do with choosing  monthly interest vs annual ?

Rudyson

Patr100 said:

Rudyson said:

I've just gone to apply for Al Rayan's 12 month fix at 5.7%, and was given two options: 5.7% and 5.85%. Tough decision.

As far as I can see, I've successfully opened a 12 month fix at 5.85%, I can only assume it's because I'm an existing customer, I already have two fixes with them. I'll ring them in the morning to confirm, but if so, for existing AR customers, it's the best 12 month rate. There were similar dual options for 18, 24 and 36 months.

Good rates but is the dual option anything to do with choosing  monthly interest vs annual ?

No. Both accounts quoted quarterly and annual rates

soulsaver

Rudyson said:

I've just gone to apply for Al Rayan's 12 month fix at 5.7%, and was given two options: 5.7% and 5.85%. 

Possibly 5.85 compounded - 5.70 if paid away quarterly?

Rudyson

soulsaver said:

Rudyson said:

I've just gone to apply for Al Rayan's 12 month fix at 5.7%, and was given two options: 5.7% and 5.85%. 

Possibly 5.85 compounded - 5.70 if paid away quarterly?

soulsaver said:

Rudyson said:

I've just gone to apply for Al Rayan's 12 month fix at 5.7%, and was given two options: 5.7% and 5.85%. 

Possibly 5.85 compounded - 5.70 if paid away quarterly?

No, it was two separate a/cs. One at 5.85 (5.73 if paid quarterly), and the other 5.70 (less if paid away) There were also two separate a/cs for 18, 24 and 36 months.

It gets weird though: I've logged in this morning, and my a/c is indeed saying 5.85%, but when I phoned to ask if it was because i was an existing customer, the guy said no, the highest rate available is 5.7% annual. I thought it better at that point to say nothing more in case they investigate and change me back to 5.7%

AmityNeon

If you start a fresh application right now as a new customer, you'll be presented with the following options:

It's the best 1-year fix at the moment.

Rudyson

AmityNeon said:

If you start a fresh application right now as a new customer, you'll be presented with the following options:

It's the best 1-year fix at the moment.

That's exactly what I got

Alpine_Star

Some interesting stats published by FCA:

''From July 2023 to October 2023, both the volume of deposits held in bank and building society non-interest-bearing accounts and easy access accounts reduced by £11bn. Deposits held in fixed-term and notice accounts increased by £17bn.''

£17b in 3 months!

intalex

Alpine_Star said:

Some interesting stats published by FCA:

''From July 2023 to October 2023, both the volume of deposits held in bank and building society non-interest-bearing accounts and easy access accounts reduced by £11bn. Deposits held in fixed-term and notice accounts increased by £17bn.''

£17b in 3 months!

Interesting indeed, now that so much funds are "locked up" in fixes, banks have the opportunity to have the last laugh by raising their rates even higher than they did in that period ;-)

PragueAddick

I have a chunk of cash maturing at the end of the month and would like another 1yr fixed but with monthly interest. Thanks to @refluxer I checked the Moneysave link but options are scarce. I prefer names I know - not non-European banks.  Well, I know Zopa from P2P days, but I seem to recall a lot of complaints about them here. Then there is Saffron Building Society. That one OK? 
I have such deals with Charter Savings but am close to the 85k limit and anyway they don't feature on the list above 5% now. I have one with them which pays 5.86% (until August)

If I've missed a good one, would be pleased to get a heads-up. Thanks!