Fixed Cash ISA's and rising interest rates 18 May 2022 at 11:25AM in ISAs & tax-free savings 2 replies 211 views

Al__Bundy

I have a fixed rate cash ISA maturing very soon and I'm wondering whether to go for a 1, 2 or 3 year fixed rate deal next.

What is the general consensus on interest rates, are they likely to go up again this year?

Ideally I don't want to go for a lower rate 1 year when 3 year ones pay better but at the same time I don't want to lock into 3 years at present rate if it's likely to go up again significantly soon.

masonic

The Bank of England base rate is currently 1% and predicted to go up this year. There is no consensus on how much. HTH

Albermarle

Some posters on the site are only fixing for 6 months where possible. If there is a consensus, then probably it is not to fix for more than one year. Only hindsight will show if this is the right decision or not . On the other hand any minor difference in interest rates is not going to stop 9% inflation eating at your savings ....