Fixed Rate Savings ISA / Notice Account

slenderkitten

Hi,

I'm looking into fixed rate savings account.

I'm not sure what i should do I have heard the interest rate will drop towards the end of the year so i'm keen to get a good deal now in preparation for this, I can deposit about £1,000 into it, and regularly put a smaller amount into it and don't mind if I don't have access to it as i have cash elsewhere.

Any product suggestions with the highest % rate?

ColdIron

Few fixed rate/fixed term accounts allow addition deposits beyond a small initial funding window

slenderkitten

ColdIron said:

Few fixed rate/fixed term accounts allow addition deposits beyond a small initial funding window

I've heard about Shawbrook been bandied around a lot recently, anyone here use them?  Also should i go for the longest period as i've seen 5 year fixed rates or is it better to go for 2 or a 3 in case better rates come along?

soulsaver

Rates? Sorry, no crystal ball...

But on the paying in:
Shawbrook, Kent Reliance, Lloyds and Bath BS all have fixes that you can 'top up' during the term.

ETA and Barclays, apparently. Whilst I've looked at and used 3 (soon 4) of the above, I'm blind on Barclays. 

slenderkitten

soulsaver said:

Rates? Sorry, no crystal ball...

But on the paying in:
Shawbrook, Kent Reliance, Lloyds and Bath BS all have fixes that you can 'top up' during the term.

Is that a regular amount you can save into it, I was wondering if it was just initial deposit then you cannot deposit anymore? 

refluxer

slenderkitten said:

soulsaver said:

Rates? Sorry, no crystal ball...

But on the paying in:
Shawbrook, Kent Reliance, Lloyds and Bath BS all have fixes that you can 'top up' during the term.

Is that a regular amount you can save into it, I was wondering if it was just initial deposit then you cannot deposit anymore? 

As mentioned above, most fixed rate ISA providers only allow deposits (new subscriptions) to be paid in within a certain funding window (typically 1 month max). 

Those specific ISA providers, however, do allow deposits (up to the annual ISA limit) to be paid in at any time through-out the duration of the fixed rate period, so you can spread your deposits over that time if you want to pay in gradually. Barclays are another ISA provider who allow this.

As any fixed rate period of 1 year or more is going to span over multiple different tax years, this has the added advantage of being able to pay next year's allowance into the same ISA which could be beneficial if rates fall between now and then. If you were looking to open one of these fixed rate ISAs now, then this would obviously be of most benefit to fixed rate periods of 2+ years, as you'd only get around a 1 month on the current rate if your 2025-26 allowance was added on 6th April 2025.

soulsaver

slenderkitten said:

soulsaver said:

Rates? Sorry, no crystal ball...

But on the paying in:
Shawbrook, Kent Reliance, Lloyds and Bath BS all have fixes that you can 'top up' during the term.

Is that a regular amount you can save into it, I was wondering if it was just initial deposit then you cannot deposit anymore? 

Maybe worth reading the terms to find out if any don't fit your particular needs and returning here if there is anything you don't understand.

slenderkitten

refluxer said:

slenderkitten said:

soulsaver said:

Rates? Sorry, no crystal ball...

But on the paying in:
Shawbrook, Kent Reliance, Lloyds and Bath BS all have fixes that you can 'top up' during the term.

Is that a regular amount you can save into it, I was wondering if it was just initial deposit then you cannot deposit anymore? 

As mentioned above, most fixed rate ISA providers only allow deposits (new subscriptions) to be paid in within a certain funding window (typically 1 month max). 

Those specific ISA providers, however, do allow deposits (up to the annual ISA limit) to be paid in at any time through-out the duration of the fixed rate period, so you can spread your deposits over that time if you want to pay in gradually. Barclays are another ISA provider who allow this.

As any fixed rate period of 1 year or more is going to span over multiple different tax years, this has the added advantage of being able to pay next year's allowance into the same ISA which could be beneficial if rates fall between now and then. If you were looking to open one of these fixed rate ISAs now, then this would obviously be of most benefit to fixed rate periods of 2+ years, as you'd only get around a 1 month on the current rate if your 2025-26 allowance was added on 6th April 2025.

I asked shawbrook they say the fixed rate isa can be paid into so i'm going to look into those a bit more