The Top Fixed Interest Savings Discussion Area

janusd

Ted_01 said:

To avoid having to make one single large transfer to a new fixed rate account it was suggested here to also open a regular savings account with the same provider and then gradually transfer money to the savings accout and then do one big internal transfer to the new fix rate account. Has anyone actually done this, does it work with Tesco?

I've just opened a 3 year fix at 4.87% with Tesco, and I'm thinking of opening a savings account too to avoid the "one deposit only" difficulty. Tesco rules:

"You can only make one deposit and this must be received within the first 30 days of opening"

Why do they add this annoyance

Dudley BS confirmed that was an option to me - though not so much a regular saver, but an instant access account paying 0.45%... i'm filing that under too much hassle for now and still waiting for my £1 test deposit to be approved. (though rapidly becoming disillusioned with the delays in being able to fund the account).

Ted_01

cricidmuslibale said:

Ted_01 said:

To avoid having to make one single large transfer to a new fixed rate account it was suggested here to also open a regular savings account with the same provider and then gradually transfer money to the savings accout and then do one big internal transfer to the new fix rate account. Has anyone actually done this, does it work with Tesco?

I've just opened a 3 year fix at 4.87% with Tesco, and I'm thinking of opening a savings account too to avoid the "one deposit only" difficulty. Tesco rules:

"You can only make one deposit and this must be received within the first 30 days of opening"

Why do they add this annoyance

When you use the term “regular savings account” above, I presume that you’re referring to an easy access savings account rather than a regular saver, which the savings provider in question may not provide in the first place and, even if they do, is very unlikely to be suitable for the process that you’re describing above!

Oh yes sorry, I mean easy access saver

Ted_01

Ok, thanks for the replies, Tesco's 'Internet Saver Account' looks suitable. I'll probably leave it another week before opening the instant access account because I'm waiting to see what happens to interest rates next week after the BoE meeting.

Thumbs_Up

Ted_01 said:

Ok, thanks for the replies, Tesco's 'Internet Saver Account' looks suitable. I'll probably leave it another week before opening the instant access account because I'm waiting to see what happens to interest rates next week after the BoE meeting.

The maximum is £5 million, but just to let you know you can only transfer £100,000. So thanks for bringing this to my attention, like you I will wait for the next few weeks and see what’s what.  

Ted_01

Thumbs_Up said:

Ted_01 said:

Ok, thanks for the replies, Tesco's 'Internet Saver Account' looks suitable. I'll probably leave it another week before opening the instant access account because I'm waiting to see what happens to interest rates next week after the BoE meeting.

The maximum is £5 million, but just to let you know you can only transfer £100,000. So thanks for bringing this to my attention, like you I will wait for the next few weeks and see what’s what.  

I suppose if you needed to transfer more than £100,000 you could have several Tesco fixed rate accounts with £100,000 in each. I've got about £200,000 I'm planning to fix, but I was planning to stick to the 85,000 protected limit per bank, and probably divide it up into different length fixes, 1year, 2year, 3year. But its difficult deciding, and knowing when to pounce.

ColdIron

Ted_01 said:

I'll probably leave it another week before opening the instant access account because I'm waiting to see what happens to interest rates next week after the BoE meeting.

Don't forget that it can take 2 or 3 days before you can transfer out of a new IS. I'd open it well beforehand

Ted_01

ColdIron said:

Ted_01 said:

I'll probably leave it another week before opening the instant access account because I'm waiting to see what happens to interest rates next week after the BoE meeting.

Don't forget that it can take 2 or 3 days before you can transfer out of a new IS. I'd open it well beforehand

Thanks, I have now opened the Tesco Internet Saver. Opening it was easy, I didnt have to go through all the form-filling as they already had my details from the fixed rate account. Interest is paid annually on the Internet Saver which I thought unusual for an easy access account, but I wont be keeping more than a couple of £'s in there after I've done the transfering.

ColdIron

I've rarely had one for a few months let alone a year. I will be closing the last one (2.06% opened 18/10/2022) after only 1 week

They pay the interest on closure to a nominated account

nottsphil

intalex said:

TomDolan said:

looks like the Charter Savings 18month bond 4.45% has been pulled, not on website anymore but still available to existing Charter savings customers

Looks like all accounts but the 2-year fixed ISA have been taken off... I wonder if next batch will be lower or higher rates...

If they intended the next batch to be higher rates, why would they pull them off now?

mrbuster

I emailed Gatehouse ref funding window but will have to wait 4 days for response
but the product terms below do seem clear.
will be interesting to get their take on them.

How do I fund my account?

We will apply the profit rate shown on our website, or a higher rate if we have increased it, provided that you send us your deposit amount by bank transfer or cheque within 30 days of making your application. Funds sent to your account must be from your nominated account. Please be aware that if we have not received your deposit amount as cleared funds within 30 days of making your application, the account will not be opened and you will need to reapply.

It will be