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

Millyonare

subjecttocontract said:

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

It is always good to get into a regular savings habit and pick the very best % rate, no matter how big or small the sum. So many people (millions) leave hundreds of billions lying around in duff accounts (0-1%) and waste tens of billions in what is basically free cash. With careful planning, £4.16 is enough to feed a family of 2-4 people for 2-3 days. That is 5-10% of free food for 1 whole month. Every little helps, as they say.

dosh37

cbenne20 said:

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?

Yes of course.

bostonerimus

If you have money to save then save it now. You are losing out on interest payments by waiting and you don't know if any interest rate rise will compensate for the interest you lose. If you want to get a bit more sophisticated about saving look into a 5 year saving account ladder.

fourmarks

Millyonare said:

subjecttocontract said:

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

It is always good to get into a regular savings habit and pick the very best % rate, no matter how big or small the sum. So many people (millions) leave hundreds of billions lying around in duff accounts (0-1%) and waste tens of billions in what is basically free cash. With careful planning, £4.16 is enough to feed a family of 2-4 people for 2-3 days. That is 5-10% of free food for 1 whole month. Every little helps, as they say.

I'm intrigued to learn how to feed 4 people for 3 days with £4.16p. The only careful planning I can think of to achieve that goal would have been to have bought a large stock of non-perishable foodstuffs in around 1911.  I may be wrong of course.