The Top Fixed Interest Savings Discussion Area

Who_invited_her

So I have a large chunk of money in an easy access account which I want to move into 1 year fixed accounts. Is the best strategy to divide it into say 8 equal pots and open the highest rate fixed saver available each month for 8 months? Or maybe I should spread it over 12 months but that means some of it will sit in the easy access account for quite a while. I have an emergency fund, money put aside for an ISA and want to save not invest.

Daliah

You could move some of your money into Notice accounts whilst you are building your 1 year fixed accounts ladder. There’s a separate thread about these accounts, and you can find the latest rates on  https://moneyfacts.co.uk/savings-accounts/best-notice-accounts/

Who_invited_her

Daliah said:

You could move some of your money into Notice accounts whilst you are building your 1 year fixed accounts ladder. There’s a separate thread about these accounts, and you can find the latest rates on  https://moneyfacts.co.uk/savings-accounts/best-notice-accounts/

Good idea thanks. This made me consider a 6 month fix for a chunk of it so I have opened a 6 month fix with Atom at 2.65% which beats the notice accounts at the moment. I can then look at an ISA and other fixed rate savings for each of us at that point. So the savings ladder is a good idea in principle? And yes I am aware of the effect of inflation but investing doesn’t suit for a number of reasons so I will have to take the hit.

MrPG

UTB 15 month bond at 4.25% - 14 days to fund so I'll see how they perform getting their online offer sorted. 
I was looking for an 18 month so this is attractive to me.

TomDolan

Investec have a new fixed rate, 4.15% AER One Year Fixed Rate Saver @ Investec - Min Deposit £5000

https://savings.investec.com/fixed-rate-saver

refluxer

Secure Trust Bank now @ 4.2% for 1 Year (maturity is 9th Nov 2023 so it's just over 13 months I guess) - minimum deposit is £1000 and interest is paid on 31st December and on maturity.

https://www.securetrustbank.com/savings/fixed-rate-bonds/1-year-fixed-rate-bond

averageguy11

Atom Bank 4.11% option for interest monthly or upon maturity 

biscan25

averageguy11 said:

Atom Bank 4.11% option for interest monthly or upon maturity 

I went for this. Went for annual interest by accident That will cost me a bit.

rl1

biscan25 said:

averageguy11 said:

Atom Bank 4.11% option for interest monthly or upon maturity 

I went for this. Went for annual interest by accident That will cost me a bit.

Could you please explain why it will cost you. I have never understood the difference. 

gordie82

rl1 said:

biscan25 said:

averageguy11 said:

Atom Bank 4.11% option for interest monthly or upon maturity 

I went for this. Went for annual interest by accident That will cost me a bit.

Could you please explain why it will cost you. I have never understood the difference. 

Missing out of the compounded interest earned during those months.