“Renewing” fixed saver accounts

astiwt

I opened a 1 yr fixed saver account (3.40% gross) and a 2yr fixed saver (3.60%) in Nov 2023. The rates for these accounts are now 5.35% and 5.40% respectively. The charges for closing early are the equivalent of 90 days and 180 days gross interest. Is there an online calculator that will work out if it’s to my benefit to close the existing accounts and open new ones?

friolento

You are way ahead of your and everyone else's time - November 2023

Unless it's an ISA, it's very unusual that you can close a fixed term account early. There is an ISA calculator which might give you some pre-tax idea - though you would most likely not make much, if any profit with the numbers you have shared. https://www.moneysavingexpert.com/savings/isa-switch-calc/

Bigwheels1111

The ISA calculator is ok but not the best.
I take it you on about an isa as Fixed Savings won’t let you out.
Anyway, Say you have 20k in each isa
3.4% 1 years interest £680, 90 day   cost £167.67
3.6% 1 years interest £720, 180 day cost £355.07

You could move the 90 day as cost could be recovered but I think I would hold it until maturity.
It depends on how much you have saved.

The new rates you have stated are not terrible but not at or near the top, look here for todays best rates.
Also rates should change once or twice in the next 2 week due to boe base rate rises.
Select rate order.

https://moneyfactscompare.co.uk/isa/fixed-rate-isas/?quick-links-first=false

I’m with Virgin for my isa, they make it easy to change your isa to a new rate within the 14 day cooling off period.
A 2 minute job.
I’ve switch from 5.2% to 5.5% to 5.55% all in the last 3 weeks.
I have time to switch before or after base rate rise.
Also I could extend my switch time by changing to a 2 year isa and back again.
I call it the Virgin shuffle.