The Top Fixed Interest Savings Discussion Area

Malchester

ranciduk said:

Malchester said:

Just noticed Shawbrook have a 6 month fixed rate of 2%. May be a good interim fix

Just about to post this

brilliant rate for just 6 months!

can someone tell me - if you open one of these with shawbrook, how long do they give you to make your deposits?

I was looking on their website but cannot see theanswer. Will look again. I guess probably 14 days but I don't know

ranciduk

Most banks give you about 14 days 

but I’m sure I remember reading once that shawbrook let you fund it as long as that issue is still open for funding?

meat_n2_reg

6 month fixed @ 2% Shawbrook seems ideal at the moment 

eskbanker

ranciduk said:

Most banks give you about 14 days 

but I’m sure I remember reading once that shawbrook let you fund it as long as that issue is still open for funding?

That's certainly the implication (and no specific funding window is listed, as it would need to be) but it doesn't seem to be spelt out explicitly in the account terms at https://www.shawbrook.co.uk/media/4753/6-month-fixed-rate-bond-2.pdf:

Please note that the Bank reserves the right to withdraw this product at any time. If the product is withdrawn from sale you will be able to put more money into your account for a further seven working days.

ranciduk

That’s good I guess

but how would you become aware that your account has suddenly been withdrawn?!

eskbanker

ranciduk said:

That’s good I guess

but how would you become aware that your account has suddenly been withdrawn?!

They specifically state that they won't notify this, so you'd just need to monitor on here and the Shawbrook site, but surely anyone looking for a 6 month fixed term account isn't planning on drip-feeding over an extended period anyway?

Malchester

Just opened a 6 month account with Shawbrook- no mention of timescale for deposits 

Thumbs_Up

You need to fund the account with a £1000 deposit, you can make additional deposits thereafter.This works for me. i'll sleep on it tonight.

Why do I read on here is good ideal to keep a savings account open even if you no longer fund it. I get it with a current account, but why with a savings account?

Notepad_Phil

Thumbs_Up said:

Why do I read on here is good ideal to keep a savings account open even if you no longer fund it. I get it with a current account, but why with a savings account?

I'll do it if the account is my only/last account with that provider - and the two main reasons why I'll do it: 1) as I'll already have an account with them, then I don't have to go through any security checks if a new account comes along from that provider that smashes the competition, 2) the provider may open a 'loyalty' account that only accepts people who already have an account with them.

Thumbs_Up

Notepad_Phil said:

Thumbs_Up said:

Why do I read on here is good ideal to keep a savings account open even if you no longer fund it. I get it with a current account, but why with a savings account?

I'll do it if the account is my only/last account with that provider - and the two main reasons why I'll do it: 1) as I'll already have an account with them, then I don't have to go through any security checks if a new account comes along from that provider that smashes the competition, 2) the provider may open a 'loyalty' account that only accepts people who already have an account with them.

Thank you. Account now opened.