The Top Fixed Interest Savings Discussion Area

ColdIron

DavidAC said:

I think their fixes are still available to existing customers. Better rates than currently in the MSE tables.

• Sorry but due to popular demand and to maintain our service standards, new applications of Fixed Term Savings will not be available until early in the New Year for new customers.

DavidAC

I did say EXISTING customers, that message is for NEW customers. 

auser99

DavidAC said:

I opened it online from a laptop. When you open the fixed account it opens an easy access funding account. You then deposit to the funding account. When you have deposited the amount you said on the application it opens the fixed and transfers the amount to it. At least that is what it says in the T&C.

If you are an existing Metro customer you can still get 1 year 5.66% and other terms. Fixed Term Savings Account | Savings | Metro Bank (metrobankonline.co.uk).

I already had an easy access account,  so for me the second I opened a fixed bond I had to fund it immediately. And unusually in my fixed bond experience elsewhere, no cooling off period.

DavidAC

When opened as a new customer is there any way to see what bond you applied for and the amount before funding it? I can remember but I would like confirmation. 

BillTee

Al Rayan 5.5% 1year. I don't see this mentioned anywhere on here - is there a reason for this? I think I had an EA with them previously.

refluxer

BillTee said:

Al Rayan 5.5% 1year. I don't see this mentioned anywhere on here - is there a reason for this? I think I had an EA with them previously.

It's a Sharia account so pays 'expected profit' rather than a rate of interest (which is guaranteed).

Sharia accounts get included on some comparison sites (eg. Moneyfacts) but not on others (eg. Savings Champion). Here on MSE, they get their own separate section in the comparison tables.

Patr100

I've now got a Gatehouse , which is sharia expected profit (as it was the best rate at the time). 
I just wondered , for those who do their own tax returns, do  you include the income under "interest received" , or under other income received?

wmb194

Patr100 said:

I've now got a Gatehouse , which is sharia expected profit (as it was the best rate at the time). 
I just wondered , for those who do their own tax returns, do  you include the income under "interest received" , or under other income received?

It's classified as interest.

gt94sss2

Patr100 said:

I've now got a Gatehouse , which is sharia expected profit (as it was the best rate at the time). 
I just wondered , for those who do their own tax returns, do  you include the income under "interest received" , or under other income received?

You treat expected profit as normal interest for tax purposes so under "interest received"

Patr100

wmb194 said:

Patr100 said:

I've now got a Gatehouse , which is sharia expected profit (as it was the best rate at the time). 
I just wondered , for those who do their own tax returns, do  you include the income under "interest received" , or under other income received?

It's classified as interest.

I'd assumed so , though calls out the semantic slight of hand that sharia accounts attempt to distinguish themselves under.