Fixed savings accounts

Hi, I'm looking to put some money into a 1 year fixed account. I always look on reviews from trustpilot etc first, and what I've found is that a lot of the smaller online banks offering the top interest rates all have 1-star reviews from people who had real problems trying to access their funds on maturity. Is this a common problem? Would I be better off getting a slightly less interest rate from a more reliable bank? I would be really grateful to hear other peoples views and experiences. Thanks!
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  • Bigwheels1111
    Bigwheels1111 Posts: 2,960 Forumite
    1,000 Posts Third Anniversary Name Dropper
    As of today, Atom 1 year fixed is 6.05% the best rate available.
    They are great.
    Last 2 years Ive have fixed rate accounts with them and an easy access.
    All paid out on time with no issues.
    Would highly recommend them.

  • wmb194
    wmb194 Posts: 4,593 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    edited 6 August 2023 at 9:01PM
    Hi, I'm looking to put some money into a 1 year fixed account. I always look on reviews from trustpilot etc first, and what I've found is that a lot of the smaller online banks offering the top interest rates all have 1-star reviews from people who had real problems trying to access their funds on maturity. Is this a common problem? Would I be better off getting a slightly less interest rate from a more reliable bank? I would be really grateful to hear other peoples views and experiences. Thanks!
    TrustPilot is the worst place to look when trying to assess financial services companies as for the most part they only attract complaints and not compliments. Including Atom multiple times over many years, I've used lots of the smaller players and had no problems* so far - are there any in particular you have in mind?

    *And, to my shame, never left a five star review on TrustPilot.
  • BooJewels
    BooJewels Posts: 3,002 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    I'm relatively new to fixed savings accounts and started reading here for many months before I committed to any.  I can't recall anyone ever saying they didn't get their funds at maturity.

    I haven't had any mature yet, but will this autumn - as I understand it, they will usually send you a reminder about a month before maturity, giving you several options as to how you'd like to proceed when the time comes.  Without specific instruction, some accounts may default to the funds being locked away for the same period again in a similar fix, some may default to an easy access savings account, possibly one paying minimal interest.

    I suspect if people are saying that they can't get at their funds at maturity, it's most likely that they didn't heed the request for instruction in time and it got locked away again.

    I largely disregard Trust Pilot reviews, although do read them for entertainment occasionally.
  • jaypers
    jaypers Posts: 1,016 Forumite
    1,000 Posts Third Anniversary Photogenic Name Dropper
    BooJewels said:
    I'm relatively new to fixed savings accounts and started reading here for many months before I committed to any.  I can't recall anyone ever saying they didn't get their funds at maturity.

    I haven't had any mature yet, but will this autumn - as I understand it, they will usually send you a reminder about a month before maturity, giving you several options as to how you'd like to proceed when the time comes.  Without specific instruction, some accounts may default to the funds being locked away for the same period again in a similar fix, some may default to an easy access savings account, possibly one paying minimal interest.

    I suspect if people are saying that they can't get at their funds at maturity, it's most likely that they didn't heed the request for instruction in time and it got locked away again.

    I largely disregard Trust Pilot reviews, although do read them for entertainment occasionally.
    Not aware of any accounts where it will automatically be locked away again. At worst, it could end up in a very poorly paying account. 
  • VNX
    VNX Posts: 414 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    edited 6 August 2023 at 10:45PM
    Ignore reviews.

    as long as the institution is FSCS you don’t need to worry 

    best thing to do it open an account with one of the highest paying bonds, if you like their website/app go ahead if not open another it’s all down to personal choice but don’t worry all of the top paying bond institutions are fine 

    don’t fall into the trap of going with a worse rate with a ‘well known’ name 
  • jimjames
    jimjames Posts: 18,503 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Hi, I'm looking to put some money into a 1 year fixed account. I always look on reviews from trustpilot etc first, and what I've found is that a lot of the smaller online banks offering the top interest rates all have 1-star reviews from people who had real problems trying to access their funds on maturity. I
    Trustpilot is of no use for assessing whether a financial company is a good option for your money. LCF had a 100% rating there from people who clearly had no clue saying what a great company they were. Until they stopped paying out and people realised they'd been conned and lost their money. 

    Instead check threads on here for the banks you are interested in, there's likely to be some good feedback and comments on their processes which might help you decide between options.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • BooJewels
    BooJewels Posts: 3,002 Forumite
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    edited 7 August 2023 at 9:24AM
    jaypers said:
    BooJewels said:
    I'm relatively new to fixed savings accounts and started reading here for many months before I committed to any.  I can't recall anyone ever saying they didn't get their funds at maturity.

    I haven't had any mature yet, but will this autumn - as I understand it, they will usually send you a reminder about a month before maturity, giving you several options as to how you'd like to proceed when the time comes.  Without specific instruction, some accounts may default to the funds being locked away for the same period again in a similar fix, some may default to an easy access savings account, possibly one paying minimal interest.

    I suspect if people are saying that they can't get at their funds at maturity, it's most likely that they didn't heed the request for instruction in time and it got locked away again.

    I largely disregard Trust Pilot reviews, although do read them for entertainment occasionally.
    Not aware of any accounts where it will automatically be locked away again. At worst, it could end up in a very poorly paying account. 
    I've read a LOT of T&Cs lately and knew I'd definitely read it and knew it wasn't an account I took up, for some other reason.  Recognise Bank default to a "Notice Account where you will continue to earn interest at a variable rate" - presumably that will lock it out of your reach for at least 30 days, if you haven't give maturity instructions.

    Aldermore have in their T&C"If you do not advise us of your maturity instructions at least two days before the maturity date, your account will roll into another Fixed Rate Account of the same term or similar term".
  • another recomendation for atom, have several accounts with them very easy to set up and use and no problems when paying out. have just tried to open an account with cynergy, total ballache, eneded up being blocked out, had to call and when she tried to start again and get sms codes sent it all failed, luckily i hadnt paid anything in yet so i took it as a warning to avoid.
  • Albermarle
    Albermarle Posts: 26,963 Forumite
    10,000 Posts Sixth Anniversary Name Dropper
    Hi, I'm looking to put some money into a 1 year fixed account. I always look on reviews from trustpilot etc first, and what I've found is that a lot of the smaller online banks offering the top interest rates all have 1-star reviews from people who had real problems trying to access their funds on maturity. Is this a common problem? Would I be better off getting a slightly less interest rate from a more reliable bank? I would be really grateful to hear other peoples views and experiences. Thanks!
    As said withdrawal problems seem to be generally rare, but starting up a new account can be easier with some providers than others.
  • soulsaver
    soulsaver Posts: 6,491 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 7 August 2023 at 12:58PM
    BooJewels said:
    jaypers said:
    BooJewels said:
    I'm relatively new to fixed savings accounts and started reading here for many months before I committed to any.  I can't recall anyone ever saying they didn't get their funds at maturity.

    I haven't had any mature yet, but will this autumn - as I understand it, they will usually send you a reminder about a month before maturity, giving you several options as to how you'd like to proceed when the time comes.  Without specific instruction, some accounts may default to the funds being locked away for the same period again in a similar fix, some may default to an easy access savings account, possibly one paying minimal interest.

    I suspect if people are saying that they can't get at their funds at maturity, it's most likely that they didn't heed the request for instruction in time and it got locked away again.

    I largely disregard Trust Pilot reviews, although do read them for entertainment occasionally.
    Not aware of any accounts where it will automatically be locked away again. At worst, it could end up in a very poorly paying account. 
    I've read a LOT of T&Cs lately and knew I'd definitely read it and knew it wasn't an account I took up, for some other reason.  Recognise Bank default to a "Notice Account where you will continue to earn interest at a variable rate" - presumably that will lock it out of your reach for at least 30 days, if you haven't give maturity instructions.

    Aldermore have in their T&C"If you do not advise us of your maturity instructions at least two days before the maturity date, your account will roll into another Fixed Rate Account of the same term or similar term".

    For completeness, they give 21 day notice before maturity, then 14 day notice & then, from the terms:

    "You’ll have a 14-day cooling off period to close this new account without penalty if you don’t want it, after which the account will be subject to the terms and conditions as shown in this section, including those for taking money out or closing the account"
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