Is MSE always the best comparison sites? I have £85 to put in a three fix but ...

pw23

Before I pull the trigger and commit to a three-year fix at JN bank, I was wondering whether anyone had found a more competitive rates than 5.9%
- and from a bit of Google speculation, it seems that interest rates are predicted to only go down from here, but I know this is just a prediction

Is the MSE comparison here always the most competitive?
I have £85k to invest and I have seen the raisin website, which appear to offer the most competitive rates but I'm a bit unsure how secure my money would be there 

also, as the FSCS only protect you for 85K am I right in thinking as long as I don't get paid the interest until maturity at the end of three years, my money would be fairly safe till then?

35har1old

pw23 said:

Before I pull the trigger and commit to a three-year fix at JN bank, I was wondering whether anyone had found a more competitive rates than 5.9%
- and from a bit of Google speculation, it seems that interest rates are predicted to only go down from here, but I know this is just a prediction

Is the MSE comparison here always the most competitive?
I have £85k to invest and I have seen the raisin website, which appear to offer the most competitive rates but I'm a bit unsure how secure my money would be there 

also, as the FSCS only protect you for 85K am I right in thinking as long as I don't get paid the interest until maturity at the end of three years, my money would be fairly safe till then?

Which one are you not sure of why put it in 1 company as the company could pack in 2 years time and you would loose the value of the  interest payment in excess of £10000

gt94sss2

pw23 said:

Is the MSE comparison here always the most competitive?

No, it's not always the best comparison.

Also look at https://forums.moneysavingexpert.com/discussion/6332491/the-top-fixed-interest-savings-discussion-area and Moneyfacts among others

The former is currently discussing a provider who is offering just over 6% atm

ToastLady

Check https://savingschampion.co.uk/ and https://moneyfactscompare.co.uk/savings-accounts/

Personally I wouldn't put £85K into one bank, or bank group. As 35har1old says, you could lost the interest if the bank does go bust. If you are happy enough to do 2 years, you could get 6.01% at Oxbury with some of your stash, but you would have to open an easy access or notice account with them to get access to apply for the fixed saver. See link in post above P333 onwards.

masonic

pw23 said:

also, as the FSCS only protect you for 85K am I right in thinking as long as I don't get paid the interest until maturity at the end of three years, my money would be fairly safe till then?

If you put £85k into a 3 year fix and the bank were to fail at any point during the 3 year period, you would lose all of your paid and accrued interest, which would otherwise have been covered.

You should also note that JN Bank credits interest annually, it does not wait until maturity, but all three years interest would be taxable at maturity.

35har1old

ToastLady said:

Check https://savingschampion.co.uk/ and https://moneyfactscompare.co.uk/savings-accounts/

Personally I wouldn't put £85K into one bank, or bank group. As 35har1old says, you could lost the interest if the bank does go bust. If you are happy enough to do 2 years, you could get 6.01% at Oxbury with some of your stash, but you would have to open an easy access or notice account with them to get access to apply for the fixed saver. See link in post above P333 onwards.

I think the Oxbury offer has been withdrawn only showing easy excess and notice accounts at the moment 

ToastLady

35har1old said:

ToastLady said:

Check https://savingschampion.co.uk/ and https://moneyfactscompare.co.uk/savings-accounts/

Personally I wouldn't put £85K into one bank, or bank group. As 35har1old says, you could lost the interest if the bank does go bust. If you are happy enough to do 2 years, you could get 6.01% at Oxbury with some of your stash, but you would have to open an easy access or notice account with them to get access to apply for the fixed saver. See link in post above P333 onwards.

I think the Oxbury offer has been withdrawn only showing easy excess and notice accounts at the moment 

Have you opened an easy access or notice account with them and read the discussion in the link posted by  gt94sss2....see from P333 on that link?

janusdesign

35har1old said:

ToastLady said:

Check https://savingschampion.co.uk/ and https://moneyfactscompare.co.uk/savings-accounts/

Personally I wouldn't put £85K into one bank, or bank group. As 35har1old says, you could lost the interest if the bank does go bust. If you are happy enough to do 2 years, you could get 6.01% at Oxbury with some of your stash, but you would have to open an easy access or notice account with them to get access to apply for the fixed saver. See link in post above P333 onwards.

I think the Oxbury offer has been withdrawn only showing easy excess and notice accounts at the moment 

as previously stated, you need to open (though not necessarily fund) an easy access or notice account - once you have done that, they you can login and access the offers only accessible to existing customers...I just checked and they are still both available to existing customers... though for how long, who knows.

ua8

janusdesign said:

35har1old said:

ToastLady said:

Check https://savingschampion.co.uk/ and https://moneyfactscompare.co.uk/savings-accounts/

Personally I wouldn't put £85K into one bank, or bank group. As 35har1old says, you could lost the interest if the bank does go bust. If you are happy enough to do 2 years, you could get 6.01% at Oxbury with some of your stash, but you would have to open an easy access or notice account with them to get access to apply for the fixed saver. See link in post above P333 onwards.

I think the Oxbury offer has been withdrawn only showing easy excess and notice accounts at the moment 

as previously stated, you need to open (though not necessarily fund) an easy access or notice account - once you have done that, they you can login and access the offers only accessible to existing customers...I just checked and they are still both available to existing customers... though for how long, who knows.

thanks for the info would you know if the funding window is like the others 90 days ?

friolento

ua8 said:

janusdesign said:

35har1old said:

ToastLady said:

Check https://savingschampion.co.uk/ and https://moneyfactscompare.co.uk/savings-accounts/

Personally I wouldn't put £85K into one bank, or bank group. As 35har1old says, you could lost the interest if the bank does go bust. If you are happy enough to do 2 years, you could get 6.01% at Oxbury with some of your stash, but you would have to open an easy access or notice account with them to get access to apply for the fixed saver. See link in post above P333 onwards.

I think the Oxbury offer has been withdrawn only showing easy excess and notice accounts at the moment 

as previously stated, you need to open (though not necessarily fund) an easy access or notice account - once you have done that, they you can login and access the offers only accessible to existing customers...I just checked and they are still both available to existing customers... though for how long, who knows.

thanks for the info would you know if the funding window is like the others 90 days ?

You have 14 days to fund these accounts.

Albermarle

masonic said:

pw23 said:

also, as the FSCS only protect you for 85K am I right in thinking as long as I don't get paid the interest until maturity at the end of three years, my money would be fairly safe till then?

If you put £85k into a 3 year fix and the bank were to fail at any point during the 3 year period, you would lose all of your paid and accrued interest, which would otherwise have been covered.

You should also note that JN Bank credits interest annually, it does wait until maturity, but all three years interest would be taxable at maturity.

Is there a word missing from that sentence, as it does not seem to quite make sense?