Shawbrook 6 month fixed 2%

SAC2334

Any advice on the Shawbrook 6 month  fixed  at 2% yearly /1.98 % monthly interest.
 No mention of this in Martins Banking and Saving section 

ColdIron

What sort of advice are you after?

SAC2334

ColdIron said:

What sort of advice are you after?

Maybe just general advice on how interest rises are predicted to go in the next 6 months .Things seem to be changing often now . 2 % is higher than Chase Bank which I have too much in over the £85k protected so I m thinking of moving it to Shawbrook 6 months until November ..pro s and cons etc.

P1Fanatic

Presumably quite a new offer and / or MSE don't have a category for sub 1yr fixed. If your happy to fix your funds away for 6 months and already have over FSCS protected in another account then surely its a no brainer.

CheekyMikey

SAC2334 said:

Thanks. I ve just opened an account this morning and started moving money from Chase Bank.
 Its all gone ok .  One message saying we are getting high volumes of applications  so maybe I m not the only one to go for a 6 monthly fix .My first £10 k transfer took a couple of hours to get through to Shawbrook from my nominated bank . All ok so far.
I prefer the monthly interest myself at 1.98% to help with my weekly budgeting 

Why is monthly interest of use when you can’t access it until after the 6 month term is up anyway?

SJMALBA

CheekyMikey said:

SAC2334 said:

Thanks. I ve just opened an account this morning and started moving money from Chase Bank.
 Its all gone ok .  One message saying we are getting high volumes of applications  so maybe I m not the only one to go for a 6 monthly fix .My first £10 k transfer took a couple of hours to get through to Shawbrook from my nominated bank . All ok so far.
I prefer the monthly interest myself at 1.98% to help with my weekly budgeting 

Why is monthly interest of use when you can’t access it until after the 6 month term is up anyway?

For people on low incomes, every little boost to that income, as often as possible, helps?

(when paid to your nominated account, which is an option with the Shawbrook account)

Deanbrid

Monthly interest is of great use for some of us, it helps with monthly regular expenditure. Yes your capital is locked away for 6 months but you can opt to have the interest paid monthly direct to your nominated account. 

ranciduk

Don’t make the same mistake I made

i assumed I would get 2% interest at maturity - cos I’m a fool

Obviously you only get 1% , as it’s only 6 months 

soulsaver

ranciduk said:

Don’t make the same mistake I made

i assumed I would get 2% interest at maturity - cos I’m a fool

Obviously you only get 1% , as it’s only 6 months 

You get 2% per annum, irrespective of how long it's in there.

CheekyMikey

Deanbrid said:

Monthly interest is of great use for some of us, it helps with monthly regular expenditure. Yes your capital is locked away for 6 months but you can opt to have the interest paid monthly direct to your nominated account. 

Ah, fair dos, I thought you couldn’t access any funds for the duration

SAC2334

CheekyMikey said:

Deanbrid said:

Monthly interest is of great use for some of us, it helps with monthly regular expenditure. Yes your capital is locked away for 6 months but you can opt to have the interest paid monthly direct to your nominated account. 

Ah, fair dos, I thought you couldn’t access any funds for the duration

Yes, they give the option to pay interest monthly to your nominated account .