Hodge Bank

fuzzzzy

https://forums.moneysavingexpert.com/discussion/comment/81941051#Comment_81941051

Hhhmmm. In my experience there are those providers who provide an interest rate on a maturing account which is not particularly competitive but not too bad, and those who provide an absolutely dismal rate. I could be wrong but have the feeling Hodge came into that latter category.

To be fair to Hodge they were very upfront in e-mails that the maturity holding account is a very low interest account, their lowest interest rate account, and is not intended for long term use. However in the case of an ISA maturing if you do not want to withdraw your money, or take up another Hodge product then you have no option but to organise a transfer out in advance and hope nothing goes wrong so that your money does not end up at a very poor rate for up to 3 weeks. That to me is a potential negative, and if in the future I was deciding between Hodge and another provider who I have experienced better maturity rates with, then it might influence me on who to go with.

That said, the OP is not considering an ISA so maturity holding account interest rates are unlikely to be a problem.

fuzzzzy

https://forums.moneysavingexpert.com/discussion/comment/81941155#Comment_81941155

Yes I agree. I would rather funds rolled into an easy access account on maturity than another fixed term account by default.

Chloe_G

I've held accounts with Hodge (formerly Julian Hodge) on and off for years with no problems.

mills112

update - I opened an account and it seems to have gone smoothly so far. Not yet put any money in as I have 14 days to do that. I decided to go for the monthly interest so I get the interest before the new additional tax on savings interest.

Dizzycap

https://forums.moneysavingexpert.com/discussion/6661673/hodge-bank

I've never had any issue with Hodge Bank from depositing to withdrawing upon maturity. Maturity instructions / options are available a month before bond / Isa maturity; which can be altered anytime upto the day before maturity, and funds are reinvested / repaid to your nominated account within 1 working day. The only downside, as already stated in the above comments, is if you don't give Hodge maturity instructions, funds are placed into a new fixed rate account / bond which is usually at a much lower rate of interest.

thunderroad88

https://forums.moneysavingexpert.com/discussion/comment/81951502#Comment_81951502

Just to clarify, if you do not give Hodge maturity instructions (and they give you a month’s warning so if you don’t then it’s entirely on you) then your funds are moved into a temporary holding account paying a low interest rate until you give them instruction…it is NOT another fixed period account so you aren’t tied into a low rate.