Fixed Rate Savings

[SpokeyDokey]

Steadily moving upwards (at last) but probably more to come as Base Rate rises to tackle inflation:

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/#fixedsavings

 

[Sterlo]

I'm hanging on until the next review, I think it's towards the end of March, to see what happens. A lot of the rates didn't move much when the BOE rate went from 0.25 to 0.5% so hoping if it goes up again, they will pass more of it on to savers. The "experts" reckon the base rate could be around 1.25% by this time next year.

 

[vickster]

I've just opened a 2 year bond at 1.5%. One of my savings accounts has gone up from 0.3% to 0.5% today

 

[Joffey]

I'm hanging on until the next review, I think it's towards the end of March, to see what happens. A lot of the rates didn't move much when the BOE rate went from 0.25 to 0.5% so hoping if it goes up again, they will pass more of it on to savers. The "experts" reckon the base rate could be around 1.25% by this time next year.

Maybe even more when the true effects of the Russian sanctions hit us.

 

[SpokeyDokey]

I'm hanging on until the next review, I think it's towards the end of March, to see what happens. A lot of the rates didn't move much when the BOE rate went from 0.25 to 0.5% so hoping if it goes up again, they will pass more of it on to savers. The "experts" reckon the base rate could be around 1.25% by this time next year.

March 17th - they meet every 6 weeks, dates published online.

Savings rates are only going to go one way until inflation is sorted.

As a by-product that will cool the crazy house price rises down.

 

[vickster]

I'm sure there'll be plenty of multi million pound ex Russian owned properties for sale in K&C. Might be able to get a bargain to go with the football club purchase

 

[Sterlo]

I've just opened a 2 year bond at 1.5%. One of my savings accounts has gone up from 0.3% to 0.5% today

This is why I'm hanging on a bit longer, you can now get a 1 year @ 1.5% and a 2 year at 1.7%. Slightly annoyed, I opened a basic saving account at 0.67%, then they announced a new rate at 0.72%, great I thought but it's a new issue, mine's stayed at 0.67% . It seems to be the way they do it nowadays so they don't have to pass the best rates on to existing customers.

 

[vickster]

This is why I'm hanging on a bit longer, you can now get a 1 year @ 1.5% and a 2 year at 1.7%. Slightly annoyed, I opened a basic saving account at 0.67%, then they announced a new rate at 0.72%, great I thought but it's a new issue, mine's stayed at 0.67% . It seems to be the way they do it nowadays so they don't have to pass the best rates on to existing customers.

Can't you close and reopen, although unless you have millions, it won't make a lot of difference.

I'll see what happens on 17 March and in the week or two after as I might open a cash ISA (I have a feeling I have a fixed rate maturing this year)

 

[Sterlo]

Can't you close and reopen, although unless you have millions, it won't make a lot of difference.

I'll see what happens on 17 March and in the week or two after as I might open a cash ISA (I have a feeling I have a fixed rate maturing this year)

I did think about it but it barely seems worth it, it's the principal that annoyed me. I'd try and stick with fixed rate bonds if you can, cash ISA's seem to offering the lowest rates at the moment. Other than that, notice accounts give some freedom (best at the moment I think is 1.08% for 120 days notice). You've probably guessed I check them every day! I've had years of naff interest so I'm trying to make my money work better for me.

 

[vickster]

I did think about it but it barely seems worth it, it's the principal that annoyed me. I'd try and stick with fixed rate bonds if you can, cash ISA's seem to offering the lowest rates at the moment. Other than that, notice accounts give some freedom (best at the moment I think is 1.08% for 120 days notice). You've probably guessed I check them every day! I've had years of naff interest so I'm trying to make my money work better for me.

Cool, I don't have time to look daily. I've had regular savings accounts for a couple of years (Coventry BS seems best @1.15% and can put £500 in a month, most are lower), better than 'easy saver' accounts.

I'm not keen to tie all of my cash up but that said I spend rather less than I earn each month (just a few holidays to pay for this year ) and more now I've switched from a rather costly personal health insurance policy to a corporate one!

 

[Davos87]

There's a couple of banks on moneysaving expert offering 1.7% fixed for a year. Only have a 14 day window to lob all your moolah in before its locked for 12months. 3 times what I'm getting from my ISA at the minute. Might wait a little longer to see if they nudge up a smidge but looks a no brainer.

 

[SpokeyDokey]

There's a couple of banks on moneysaving expert offering 1.7% fixed for a year. Only have a 14 day window to lob all your moolah in before its locked for 12months. 3 times what I'm getting from my ISA at the minute. Might wait a little longer to see if they nudge up a smidge but looks a no brainer.

Castle Trust?

Good deal in current market and fscs protected.

I think, don't have to be a genius either, that rates will continue to steadily rise for the balance of this year and next.

I tend not to 'wait' when I see a decent deal. If you think about it delaying means a) you are losing a bit of higher rate earnings now and b) it will delay you getting, probably, a higher rate when the one year term is up.

Not sure I have explained myself very well there!

 

[Davos87]

Yes Castle Trust Bank @SpokeyDokey 👍

 

[vickster]

Yes Castle Trust Bank @SpokeyDokey 👍

Seems to have ended, 1.75% here though
https://www.securetrustbank.com/savings/fixed-rate-bonds/1-year-fixed-rate-bond

or here https://www.atombank.co.uk/fixed-saver/one-year-annual/