Seeking a best buy table for fixed rate bonds that also shows penalty interest for early withdrawal.

dj_air_eye

I'm looking for a best buy table for fixed rate bonds (1-5 years) that also shows penalty interest for early withdrawal.
How do I contact MSE to ask if they could include that information or does anyone know a different website that has that info?
I know I can individually read all the T&Cs but it's time consuming.

Thank You

ColdIron

ISAs allow early withdrawal with a penalty but very very few non-ISAs do. Best you assume it can't be done so a table wouldn't be very useful

dj_air_eye

ColdIron said:

ISAs allow early withdrawal with a penalty but very very few non-ISAs do. Best you assume it can't be done so a table wouldn't be very useful

I bank with Nationwide so I thought as a starter I'd check their T&Cs for their 1 year fixed rate bond (Non ISA) and they do indeed allow withdrawals (full balance only) with 90 days loss of interest. So I'm assuming a few others might do too.
A table would be very useful.

Regards

Daliah

Seems you'd pay a hefty price to have this option, even if you don't exercise it and don't have to pay the early closure fine. The There are at least a dozen accounts which don't have the early closure option (other than in case of death of the account holder) and which pay better interest than Nationwide does. 

As has already been said,   very very few fixed term non-ISA account allow early closure, and non allow partial withdrawals. The only other one apart from Nationwide that I am aware of which allows early closure is Saga/Marcus. Thus the default assumption should be that fixed means fixed. Adding the information to a table would just occupy precious screen acreage for very little if not no benefit to the vast majority of savers.

dj_air_eye

Daliah said:

Seems you'd pay a hefty price to have this option, even if you don't exercise it and don't have to pay the early closure fine. The There are at least a dozen accounts which don't have the early closure option (other than in case of death of the account holder) and which pay better interest than Nationwide does. 

As has already been said,   very very few fixed term non-ISA account allow early closure, and non allow partial withdrawals. The only other one apart from Nationwide that I am aware of which allows early closure is Saga/Marcus. Thus the default assumption should be that fixed means fixed. Adding the information to a table would just occupy precious screen acreage for very little if not no benefit to the vast majority of savers.

I only used Nationwide as an example to see how common it was to allow early access not because I intended to invest with them.
Obviously I would do the maths and decide whether I was prepared to accept a lower rate for the freedom of withdrawing my money.
In a rapidly rising interest rate environment this is a very useful option to have. I'm not sure what 1-5  year fixed rates were this time last year but I wouldn't be at all surprised if having fixed it would be far more beneficial to withdraw and pay the penalty interest and re-invest especially the longer you fixed.

Daliah

As I said, just Nationwide and  Saga/Marcus (even worse rates than Nationwide).
 

refluxer

@dj_air_eye In recent times, I've had fixed rate accounts with banks who regularly make the top tables such as Atom, OakNorth, Shawbrook, Ford Money and Paragon and none of them allow early withdrawals. The only exception they make is for death, critical illness and particular financial hardship (eg, bankruptcy).

You actually hit very lucky by choosing the Nationwide because they are one of the very few who do allow early withdrawals but, while some of the Nationwide's rates aren't too bad by high-street bank or building society standards, they are still way behind the current leading rates. It's likely that any bank who offers an early withdrawal option will set their interest rate accordingly - ie. substantially lower than the competition who don't offer that option. It's probably no coincidence that I've just been offered exactly the same rate as their 1 Year Fixed Rate Bond for a 1 Year Cash ISA (2.75%), where withdrawals with a penalty are always allowed.

With just a couple of exceptions, the scenario you're talking about is therefore only really applicable to Cash ISAs and doing what you suggest would simply add a permanent column of 'no's to the end of the fixed rate savings accounts table.

wmb194

dj_air_eye said:

ColdIron said:

ISAs allow early withdrawal with a penalty but very very few non-ISAs do. Best you assume it can't be done so a table wouldn't be very useful

I bank with Nationwide so I thought as a starter I'd check their T&Cs for their 1 year fixed rate bond (Non ISA) and they do indeed allow withdrawals (full balance only) with 90 days loss of interest. So I'm assuming a few others might do too.
A table would be very useful.

Careful, only Nationwide's branch opened savings bonds allow early withdrawals with a penalty. Its online bonds offer no early access. 

"Only when your term ends. There is no option to close a Fixed Rate Online Bond early to access your money.​"

https://www.nationwide.co.uk/savings/fixed-rate-online-bond/

Moneyfacts, for one, appears to have the data you're looking for. Find it by selecting, "view further details" beside an entry. The screenshot below shows data for a branch opened Nationwide savings bond.

Daliah

refluxer said:

 It's probably no coincidence that I've just been offered exactly the same rate as their 1 Year Fixed Rate Bond for a 1 Year Cash ISA (2.75%)

Not a bad rate but you can get better........................