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Are banks going to increase interest rates on Term Deposits.

2

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  • Albermarle
    Albermarle Posts: 28,950 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    Current top fixed for 1 year is 4.25%, worth holding to see increase? — MoneySavingExpert Forum

    Similar thread and links in it to other similar threads.
  • brucefan_2
    brucefan_2 Posts: 232 Forumite
    Ninth Anniversary 100 Posts Name Dropper Combo Breaker


    This is the money market fund that I am using:

    https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/r/royal-london-short-term-money-market-class-y-income
    I've never really managed to get my head round 'Money Market Funds'

    If it's not too much trouble, would you mind explaining please how you use it as part of your overall strategy?

    Many thanks!
    David
    £6000 in 2023
  • sevenhills
    sevenhills Posts: 5,938 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 11 February 2023 at 10:04PM
    Barclays have a two year, up to £5,000 @ 5.12% fix
  • ColdIron
    ColdIron Posts: 10,010 Forumite
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    sevenhills said:
    Barclays have a two year, up to £5,000 @ 5.12% fix
    It's not fixed term and is a variable rate
  • ForumUser7
    ForumUser7 Posts: 2,523 Forumite
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    sevenhills said:
    Barclays have a two year, up to £5,000 @ 5.12% fix
    This is the rainy day saver right? If so, is the rate definitely for 2 years only? I didn’t think it was one of those that expired and dropped after a certain period of time
    If you want me to definitely see your reply, please tag me @forumuser7 Thank you.

    N.B. (Amended from Forum Rules): You must investigate, and check several times, before you make any decisions or take any action based on any information you glean from any of my content, as nothing I post is advice, rather it is personal opinion and is solely for discussion purposes. I research before my posts, and I never intend to share anything that is misleading, misinforming, or out of date, but don't rely on everything you read. Some of the information changes quickly, is my own opinion or may be incorrect. Verify anything you read before acting on it to protect yourself because you are responsible for any action you consequently make... DYOR, YMMV etc.
  • GeoffTF
    GeoffTF Posts: 2,240 Forumite
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    I have about £50K in the money market fund growing at about 3.8% p.a currently. £5 to trade on iWeb. Risk is 1 on the KIID scale. I also have a few thousand in an easy access account to cover small emergencies. The risk is negligible in the context of a seven figure portfolio. I will need cash to fill my ISA and SIPP allowances. I also want ready cash to snap up investment bargains when I see them, or meet bigger emergencies like needing a new car. (My car is 12 years old now and sellers want nearly as much for an equivalent car as I paid when it was one year old.)
  • sevenhills
    sevenhills Posts: 5,938 Forumite
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    ColdIron said:
    sevenhills said:
    Barclays have a two year, up to £5,000 @ 5.12% fix
    It's not fixed term and is a variable rate
    It's confusing, it states two years on the left.


  • RG2015
    RG2015 Posts: 6,082 Forumite
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    edited 12 February 2023 at 8:45AM
    sevenhills said:
    ColdIron said:
    sevenhills said:
    Barclays have a two year, up to £5,000 @ 5.12% fix
    It's not fixed term and is a variable rate
    It's confusing, it states two years on the left.


    I think the 2 may refer to the footnote number.
  • skray
    skray Posts: 29 Forumite
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    Qyburn said:
    skray said:Not Sure. I was checking at NSE website only - 1 year rate still hovering around 4.15 mark same as before latest interest rate rise. For Cash ISA only Virgin Money increased from 3.8 to 4%. Barclays still at 4% same as before.

    Virgin already had a One Year ISA at 4.25% and that one hasn't been increased. 
    It is for existing customers only.
  • Qyburn
    Qyburn Posts: 3,745 Forumite
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    skray said:
    Qyburn said:
    skray said:Not Sure. I was checking at NSE website only - 1 year rate still hovering around 4.15 mark same as before latest interest rate rise. For Cash ISA only Virgin Money increased from 3.8 to 4%. Barclays still at 4% same as before.

    Virgin already had a One Year ISA at 4.25% and that one hasn't been increased. 
    It is for existing customers only.
    Correct but you can open a current account and immediately open the ISA. However the point is that increasing the non-exclusive rate by 0.2% may not be anything to do with the base rate change. 
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