Pick an account now, or wait for new tax year?

necronom

I have a 2 year fixed rate account about to end, and I was wondering if it would be best to open the best account I can find at the moment, or wait a week to see if better account are available in the new tax year.
Does anyone know what usually happens around this time, or is it totally unpredictable?

wmb194

necronom said:

I have a 2 year fixed rate account about to end, and I was wondering if it would be best to open the best account I can find at the moment, or wait a week to see if better account are available in the new tax year.
Does anyone know what usually happens around this time, or is it totally unpredictable?

Just take the best rate. Apart from any particular desperation from any institution that's hard to predict, as far as I've ever noticed they're usually determined by interest rate expectations rather than any change in the calendar and expectations at the moment are that they will fall.

jimexbox

Fixed rate accounts will have a funding window. So you will normally have 14 days to fund or it will be closed. 

necronom

Thanks, I'll have a look around now.  I've just noticed it's my 5Yr one that runs out first, on 14th April, so if I open one now I should be able to just move it straight in.

Albermarle

necronom said:

Thanks, I'll have a look around now.  I've just noticed it's my 5Yr one that runs out first, on 14th April, so if I open one now I should be able to just move it straight in.

Your current provider should contact you with options for when April 14th arrives. This will probably include a new fixed rate offer, that may or may not be competitive. It is not always necessary to move providers to get a decent rate ( although often it is )
In fact they should have contacted you already ?

necronom

Yes, that's why I'm looking for other options.  I've decided to put some into one of their 1 year fixed accounts, then most of the rest into a new ISA for the new ISA year.  I'll have to find a good one if I can.  I'm hoping the new tax year gives us some decent ISA, since I would expect a lot of people would want to use their allowance as soon as possible, so the banks will have to compete for the money (assuming they actually want it).