If interest rates are going up should I hold off on opening a 1 year fix saving account?

cbenne20

If interest rates are rising should I hold off on opening a 1 year fix saving account incase better rates become available in the next month or so? 

I appreciate no one has a crystal ball and can say for certainty but would appreciate people’s opinions.

Many thanks 

km1500

yes you should hold off

jimexbox

I'm probably going to wait until February. 

Krakkkers

US setting their interest rates in 8 hours, may force a higher rate here.

[Deleted User]

Hi,

hold, BoE announcement tomorrow, then mini budget on Friday, wait, see what happens.

cbenne20

Brilliant advice thank you so much everyone.

I think I’ll go pop the money in an easy access savers for now 

Albermarle

Similar questions are asked regularly, so worth checking this and the ISA and savings sub forum for relevant threads.
eg  Wait for BOE Interest rates before opening fixed ISA — MoneySavingExpert Forum

cbenne20

Thank you 

Bigwheels1111

I believe the amount you have to save matters, 10k at 3% is £300.
On 100k it’s 3k.
I’m holding out until January or February as have quite a large sum and want a few  5 year fixed with annual payout.
To provide me an income.
so every 1% makes a huge difference.
Will settle for 2% easy access until then.

Bridlington1

I have opted for a series of regular savers instead. I am putting money into any regular saver that I can find that offers a higher interest rate than any of my easy access accounts and offers penalty-free withdrawals or early closure. 

Natwest/RBS's regular savers are of particular note. Both offer 5% variable on balances up to £1k, beating every other savings account I can find and are easy access. I have £1k in each and am skimming off the interest each month.

subjecttocontract

What all £4.16 of it ?
Wow, lucky you.