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Fixed savings accounts

liverbearofdeal
Posts: 8 Forumite

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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Comments
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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.
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liverbearofdeal said: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!
*And, to my shame, never left a five star review on TrustPilot.3 -
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.1 -
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.0 -
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’ name2 -
liverbearofdeal said: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
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.2 -
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.
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".
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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.0
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liverbearofdeal said: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!0
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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.
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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