Best bank for fixed rate savings

dgcymraeg

Has anyone used the recommended top fixed rate banks-Cynergy, Ford Money or  Hampshire Bank and how easy was it to open account online-also was the service good ?

Rusty190

I've recently opened an on line account with Hampshire Trust Bank.
I found the system very easy to use and postal paperwork sent out confirming the account was received quickly.
I am a complete novice with this sort of stuff so would suggest, if I can do it, anyone can.
Given that, to date, the only "service" I've had from the bank is the opening of the account, I can't really comment further regarding service.

I can say that in comparison with NS and I, it was a joy!
Good luck.

eskbanker

Rusty190 said:

Given that, to date, the only "service" I've had from the bank is the opening of the account, I can't really comment further regarding service.

This goes with the territory when using fixed term accounts - you only need to open it and fund it and then (on maturity) withdraw and close, so the relevance of 'service' is rather different when compared with, say, a current account.

EthicsGradient

I've used Cynergy - service is fine, I first opened an easy access account with them a few years ago, so their procedure may have changed; since then it's been very easy to open new accounts and transfer money between accounts. They use a colour pattern on your screen as part of identification, so you either need a smartphone, or you have to ask them to send you a gizmo which does it internally.

RG2015

Ford Money is easy to open and manage online. You can only transfer to and from a single designated current account.

Also transfers are not faster payments and can take up to 1 working day. This is because they are not a clearing bank and use Barclays for transactions.

Confirmation of payment is to FCE Bank plc, which is their holding company, Ford Credit Europe. It does though have full UK FSCS cover of £85,000.

Albermarle

Everything pretty smooth with Ford Money, no need for smartphone ID etc .

ZeroSum

Weirdly Atom are now paying more on their 1 year than higher term fixes 

RG2015

ZeroSum said:

Weirdly Atom are now paying more on their 1 year than higher term fixes 

Usually means they are expecting rates to come down for the period in question. That, and they want some money quickly.

ZeroSum

RG2015 said:

ZeroSum said:

Weirdly Atom are now paying more on their 1 year than higher term fixes 

Usually means they are expecting rates to come down for the period in question. That, and they want some money quickly.

On a similar note, I noticed that nationwides cheapest mortgage was the 5 year fix.

whatleytom87

RG2015 said:

ZeroSum said:

Weirdly Atom are now paying more on their 1 year than higher term fixes 

Usually means they are expecting rates to come down for the period in question. That, and they want some money quickly.

This, the current yield curve is slightly negative over the terms, meaning current expectation of BoE BR increases to a plateau, reducing in summer of 2023. Mortgage pricing in particular is reflecting that. Slightly against market norms for Savings at the moment, but expect to see more of that in the future depending on BR outlook.