Fixed rate saver

Albermarle

I opened a fixed rate bond on Sat at 2.35% and can see todays rate is 2.75% , as it is within 14 days should I cancel it and open the new 2.75% one

Probably you need to do this, but have a look at the small print. It might say something about uprating the interest rate if it changes during the 14 day period( or something along those lines) . Not all providers have the same rules.

On Saturday you were happy with 2.35% and now you will get 2.75%, you are now thinking about cancelling it altogether. Not much logic in that.

Despite what many think, savings rates are not directly linked to the BoE rate, so even if it goes up there is no guarantee that savings rates will follow.

Pompeydave1967

Mary_Alice said:

I opened a fixed rate bond on Sat at 2.35% and can see todays rate is 2.75% , as it is within 14 days should I cancel it and open the new 2.75% one or just cancel it and sit on it until the next BOE rise? this is a new world to me ???

Firstly see if you can cancel it , I doubt very much unless you have a cooling off period.
Where have you fixed ? Rates seem low.

wiseonesomeofthetime

Enufsed said:

I opened a fixed rate saver in July 2021 and it matures July 2024.

The interest rate is 1.2%. With interest going up now is it worth me closing this account and opening a one year fixed paying 3.2%?

As others have said, it is unlikely you will be able to close it, however, just to make you feel better, I must have had a "moment" last year as I fixed for five years in an account offering 1.5% !!!

Only £1k, and it was for a defined purpose in five years time, but really 🤦‍♂️🤣🤣

Pompeydave1967

wiseonesomeofthetime said:

Enufsed said:

I opened a fixed rate saver in July 2021 and it matures July 2024.

The interest rate is 1.2%. With interest going up now is it worth me closing this account and opening a one year fixed paying 3.2%?

As others have said, it is unlikely you will be able to close it, however, just to make you feel better, I must have had a "moment" last year as I fixed for five years in an account offering 01.5% !!!

Only £1k, and it was for a defined purpose in five years time, but really 🤦‍♂️🤣🤣

wiseonesomeofthetime said:

Enufsed said:

I opened a fixed rate saver in July 2021 and it matures July 2024.

The interest rate is 1.2%. With interest going up now is it worth me closing this account and opening a one year fixed paying 3.2%?

As others have said, it is unlikely you will be able to close it, however, just to make you feel better, I must have had a "moment" last year as I fixed for five years in an account offering 1.5% !!!

Only £1k, and it was for a defined purpose in five years time, but really 🤦‍♂️🤣🤣

I fixed with Atom but only for a year last September @ 1.5% - good at the time but glad it finishes in a weeks time !

kaMelo

Mary_Alice said:

I opened a fixed rate bond on Sat at 2.35% and can see todays rate is 2.75% , as it is within 14 days should I cancel it and open the new 2.75% one or just cancel it and sit on it until the next BOE rise? this is a new world to me ???

No need to cancel anything, just don't put any money into the account and after fourteen days the account will close itself.
There is nothing to stop you opening another account now at the new improved rate of 2.75%.and put your money in there, or, wait it out and see if rates increase whilst storing the money in a high interest easy access account whilst you wait. 

Pompeydave1967

Fingers crossed op didn’t put £1000’s in…also did we ever find out which bond as 2.75% does seem low let alone 2.35% on Saturday.

kaMelo

Pompeydave1967 said:

Fingers crossed op didn’t put £1000’s in…

I just assumed they'd opened the account and not funded it yet, on reflection the poster doesn't say either way.
Yes, lets hope they haven't already funded it.

Mary_Alice

Pompeydave1967 said:

Fingers crossed op didn’t put £1000’s in…also did we ever find out which bond as 2.75% does seem low let alone 2.35% on Saturday.

It was with Nationwide, I popped in today and I do have a 14 day cooling off period so I used the right to cancel it. I did fund it with 20,000 so that will go back into the triple saver until I decide what to do. I fixed it after advice from a relative. I know there are higher ones available but I prefer high st as like today I an go in for advice as I am not that tech savvy.  NW have got a 3.10 % fixed saver but it is for 3 years , i don't intend to use it by then but 3 years sounds like a long time. Thanks for all the comments. I think I will just wait and see what else is available. I also bank with the Principality so I will check there as well

phillw

Mary_Alice said:
I know there are higher ones available but I prefer high st as like today I an go in for advice as I am not that tech savvy.  NW have got a 3.10 % fixed saver but it is for 3 years , i don't intend to use it by then but 3 years sounds like a long time.

What advice? Are they regulated? Or did they just tell you what products they have?

Three years is a long time, I'd be very surprised if 3.10% is good within three years.

Bigwheels1111

Mary_Alice said:

Pompeydave1967 said:

Fingers crossed op didn’t put £1000’s in…also did we ever find out which bond as 2.75% does seem low let alone 2.35% on Saturday.

It was with Nationwide, I popped in today and I do have a 14 day cooling off period so I used the right to cancel it. I did fund it with 20,000 so that will go back into the triple saver until I decide what to do. I fixed it after advice from a relative. I know there are higher ones available but I prefer high st as like today I an go in for advice as I am not that tech savvy.  NW have got a 3.10 % fixed saver but it is for 3 years , i don't intend to use it by then but 3 years sounds like a long time. Thanks for all the comments. I think I will just wait and see what else is available. I also bank with the Principality so I will check there as well

I would stick the cash in say Al Ryan 2.1% easy access or Gatehouse bank at 2% for a month or two.
I am holding my cash until January or February in easy access.
I know I’m getting half what I could get with a fixed, but 4% should be around the corner.
Possibly 5% by new year, Well I can hope.