Hodge Bank

mills112

My tesco fixed rate bond matures next week and the new rate offered is 4.2% for a year.

I saw Hodge Bank on the MSE leader board offering 4.42% for a one year bond so I am thinking of moving my money to that rather than re-invest with Tesco Bank.

I have read the comments on Hodge Bank previously posted on here but wanted to ask if anyone has experience of the bank and can comment so I get fresh statements? Thanks.

I am planning on sticking £110k into the one year bond.

flaneurs_lobster

I know it's only £40-odd quid more but MBNA (part of Lloyds) have a 1 year bond paying 4.46%.

A._Badger

I've used Hodge Bank fairly recently and found them very professional and trouble free.

fuzzzzy

I just transferred out of a fixed term ISA with Hodge in January. Everything went smoothly and quickly and no problems. I found customer services easy to get through to and very helpful.

The only negative I remember was that if you don't give maturity instructions for a fixed term ISA the balance matures into a holding account with a very low interest rate. That should not be a problem with a non ISA account (unless you were to end up in hospital or something unable to action maturity instructions). My worry had been there would be problems with the transfer and my funds could have been held at a dismal rate for too long, but as I said it all went smoothly and just took 1 working day to transfer.

mills112

https://forums.moneysavingexpert.com/discussion/comment/81940800#Comment_81940800

MBNA has issues already as someone said they have to call them as there is no online facility so you can't even see your money credit. They sound like a very basic outfit, inundated with issues from the credit card problems and have no customer service at all, reading previous comments on the bank.

someone had a one year bond with them and at maturity he could not give the maturity instructions and had to wait for the money to mature and then move it. sounds like my co-op bond, which is always annoying when this happens as you could lose a few days before you can get the money out as you can't give advance instructions.

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/81940855#Comment_81940855

Fair enough, never used them - just reporting the greater rate. Not being able to see an account online would give me pause too.

mills112

https://forums.moneysavingexpert.com/discussion/comment/81940860#Comment_81940860

I never get online access for most of my bonds and was never an issue. However, in these days of advanced tech, most banks have online access, even the tiny weeny banks that no one has ever heard of, like recognise bank! So anyone without internet access now just slow lack of customer service and facilities.

Just a prominent indication of a poor bank, not worth investing in when you have so many to choose from that provide a proper internet account.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/81940854#Comment_81940854

The only negative I remember was that if you don't give maturity instructions for a fixed term ISA the balance matures into a holding account with a very low interest rate. 

There is nothing particularly unusual about that.

mebu60

https://forums.moneysavingexpert.com/discussion/comment/81940854#Comment_81940854

'The only negative I remember was that if you don't give maturity instructions for a fixed term ISA the balance matures into a holding account with a very low interest rate.'

Probably preferable to it rolling over into another fixed term bond that you can't access as a default.

wmb194

One year gilts are offering 4.4%. Stockbrokers like AJ Bell and Hargreaves Lansdown offer them. A large part of the returns on the lowish coupon TG27 will be tax free as it's trading below par and gilts don't attract CGT.

https://giltsyield.com/bond/

thunderroad88

Have had fixed rates and EA with Hodge for several years, never had any problems. Easy website to use, money withdrawals go through within a few hours.