The Top Fixed Interest Savings Discussion Area

Steve_xx

SickGroove said:

Reinvest maturing Ford fix into another 2 year fix with them @ 4.25% or stick it all onto my Zopa 4.75% then fix elsewhere when that rate considerably drops?

I'm not in the rush for the money & have been getting the interest paid away from my current Ford fix. 

I'm maxed out on this year's cash ISA allowance btw

Cheers

There's a 2 year fix with First save at 4.45%.

If bank rate reduces next month, and I reckon it's likely to, then the current 2 year fixes will reduce too. So do you take a slight hit now by going to FirstSave, or a likely being hit by stalling? Id opt for FirstSave now.

Janie2008

SickGroove said:

Reinvest maturing Ford fix into another 2 year fix with them @ 4.25% or stick it all onto my Zopa 4.75% then fix elsewhere when that rate considerably drops?

I'm not in the rush for the money & have been getting the interest paid away from my current Ford fix. 

I'm maxed out on this year's cash ISA allowance btw

Cheers

Or put it in the best available 2 year fix with firstsave at 4.45%. If interest rates drop in December the rate at Zopa will be similar. I don't think this rate will hang around long so would need opening ASAP. 

refluxer

SickGroove said:

Reinvest maturing Ford fix into another 2 year fix with them @ 4.25% or stick it all onto my Zopa 4.75% then fix elsewhere when that rate considerably drops?

I'm not in the rush for the money & have been getting the interest paid away from my current Ford fix. 

I've also just had a bond mature (Oxbury for 2 years at 6.01% - those were the days) and have gone for a 2 year fixed rate with DF Capital at 4.41%. I've not used them before but their account opening process was quick and straight-forward (no extra ID or nominated bank account proof needed for me) and their banking site looks slick.

They're a UK-based bank (HQ is in Manchester) who lend to UK businesses which is all good, but the main benefit for me is that they're one of the few fixed rate account providers currently at the top of the 'best buy' tables who have the option of having the interest on 2+ year fixes paid at maturity rather than annually, which is advantageous to me on this occasion.

SickGroove

Janie2008 said:

SickGroove said:

Reinvest maturing Ford fix into another 2 year fix with them @ 4.25% or stick it all onto my Zopa 4.75% then fix elsewhere when that rate considerably drops?

I'm not in the rush for the money & have been getting the interest paid away from my current Ford fix. 

I'm maxed out on this year's cash ISA allowance btw

Cheers

Or put it in the best available 2 year fix with firstsave at 4.45%. If interest rates drop in December the rate at Zopa will be similar. I don't think this rate will hang around long so would need opening ASAP. 

Do you need to send off ID / nominated bank account details etc or is FirstSave ready to just open online without any additional details needed? 

Can you do a £1 test payment & then transfer in the balance one the £1 appears?

Also, do they have an app?

Cheers

Janie2008

SickGroove said:

Janie2008 said:

SickGroove said:

Reinvest maturing Ford fix into another 2 year fix with them @ 4.25% or stick it all onto my Zopa 4.75% then fix elsewhere when that rate considerably drops?

I'm not in the rush for the money & have been getting the interest paid away from my current Ford fix. 

I'm maxed out on this year's cash ISA allowance btw

Cheers

Or put it in the best available 2 year fix with firstsave at 4.45%. If interest rates drop in December the rate at Zopa will be similar. I don't think this rate will hang around long so would need opening ASAP. 

Do you need to send off ID / nominated bank account details etc or is FirstSave ready to just open online without any additional details needed? 

Can you do a £1 test payment & then transfer in the balance one the £1 appears?

Also, do they have an app?

Cheers

I don't know tbh. I would suggest df capital as suggested or I opened an account with secure trust this week which required no checks. Secure trust have an app but minimun is £1000. You have nothing to lose by trying though.. Try the highest paying and see what they require. 

intalex

Just opened a FirstSave 2 year bond as an option, account opened promptly without ID check, and welcome letter states initial deposit must be made within 10 working days and further deposits allowed over 10 calendar days from the initial deposit date. Can't spot it anywhere, but I would assume initial deposit may have to be the minimum balance of £1,000.

This works nicely for me to redirect proceeds from a maturing Vanquis 3-year fix, whilst giving me enough time to see what next week's budget throws up...

refluxer

intalex said:

Just opened a FirstSave 2 year bond as an option, account opened promptly without ID check, and welcome letter states initial deposit must be made within 10 working days and further deposits allowed over 10 calendar days from the initial deposit date. Can't spot it anywhere, but I would assume initial deposit may have to be the minimum balance of £1,000.

Fixed rate accounts that require a minimum amount for the first deposit are rare in my experience and the odd bank I've come across who do insist on this usually spell it out fairly clearly in the terms (eg. Atom say "The initial deposit into your account must be at least £50")

If there isn't a similar statement on your terms, I would guess that a £1,000 initial deposit shouldn't be necessary and you should be free to make smaller payments if you want to.

Personally, the only scenario in which I would fire off a £1000 initial deposit would be if the bank was known to me and the payment details passed a CoP check. In the majority of cases though, I always send a £1 test deposit first, regardless. I like to do this because you then get to know how long a payment takes to be credited (as some banks can take a while), when gives some peace of mind if there's a delay when you then send larger payments.

intalex

It's been a while for me but I do recall the £1 attempts that would get bounced for being "insufficient", but I'd get an email (to my registered email address) to confirm this, which gave me comfort that the pipeline was set up fine and I could use the saved payee to make further payments.

But I think the email wasn't as prompt (possibly came through next day) and I actually want to transfer in the £1000 and have the account opened on 01/12 so that my interest will always be paid on the 1st of the month thereafter (like an income), so I will probably attempt a single £1000 transfer and be careful of details I use.

DRS1

intalex said:

Just opened a FirstSave 2 year bond as an option, account opened promptly without ID check, and welcome letter states initial deposit must be made within 10 working days and further deposits allowed over 10 calendar days from the initial deposit date. Can't spot it anywhere, but I would assume initial deposit may have to be the minimum balance of £1,000.

This works nicely for me to redirect proceeds from a maturing Vanquis 3-year fix, whilst giving me enough time to see what next week's budget throws up...

That is interesting.  When I looked I thought they said you would need a passport/DL to open an account.

20122013

intalex said:

It's been a while for me but I do recall the £1 attempts that would get bounced for being "insufficient", but I'd get an email (to my registered email address) to confirm this, which gave me comfort that the pipeline was set up fine and I could use the saved payee to make further payments.

But I think the email wasn't as prompt (possibly came through next day) and I actually want to transfer in the £1000 and have the account opened on 01/12 so that my interest will always be paid on the 1st of the month thereafter (like an income), so I will probably attempt a single £1000 transfer and be careful of details I use.

May I ask what you did so you get your interest paid on the 1st of each month? as I would like to do the same please.