Fixed term savings accounts.

Callum_J

Hello everyone.

looking for a bit of advice. I opened a one year fixed saver with Atom Bank over a year ago.
It’s now matured and shifted to a holding account. I’ll need to move it now to another fixed saver soon.

I wonder what would be for the best…… open one with, say Metro Bank, which I think is at about 5.8% for one year, or go for a two year fixed deal with a lower %?
Any thoughts much appreciated.

auser99

Metro also do 5.8% for 18months, so you could go for that instead.

Callum_J

auser99 said:

Metro also do 5.8% for 18months, so you could go for that instead.

That’s certainly an option.

refluxer

Rates are certainly heading down at the moment, but there's no telling what will happen in the future. Whenever I'm in a similar situation to yourself, I tend to split savings across multiple accounts with different durations but whether that's the right approach for you will depend on if and when you might need access to the money.

Albermarle

Callum_J said:

Hello everyone.

looking for a bit of advice. I opened a one year fixed saver with Atom Bank over a year ago.
It’s now matured and shifted to a holding account. I’ll need to move it now to another fixed saver soon.

I wonder what would be for the best…… open one with, say Metro Bank, which I think is at about 5.8% for one year, or go for a two year fixed deal with a lower %?
Any thoughts much appreciated.

You will only know for sure after two years....

allegro120

Callum_J said:

auser99 said:

Metro also do 5.8% for 18months, so you could go for that instead.

That’s certainly an option.

Nobody knows how it will go in future.  I've recently locked everything I wanted to lock at 6%, but if I was to choose between 12 and 18 months at the same rate I would go for 18 months.