Mr. Dazzle wrote: Wed Jul 19, 2023 9:06 am
Today's news is that inflation is less than expected...
Start of a trend? Who knows! Certainly not the banks by the sounds of it But anyway, perhaps it means rates won't climb as quick as expected and these deals will start to fade away.
Or maybe it doesn't. How the fuck should I know?
That is a surprise. I think I'll get another 1 year fixed bond today at 6.15.
edit - done. Or applied for at least. If they let me have he account, in I'll stick in the dosh.
Last edited by MyLittleStudPony on Wed Jul 19, 2023 9:51 am, edited 1 time in total.
MyLittleStudPony wrote: Sun Jul 23, 2023 10:01 am
I've done all my fixing for the next year. All a little over 6%.
Will better be available later in the year? Maybe.
Where did you get over 6%?
I haven't had a proper look because I'm building up another nest egg and I'm not ready to deposit anything yet, but I can only see these online banks like Atom that are offering over 6% and I don't know if I want to bother, I've read too many complaints about online only banks and the hassle of administering them, especially at the end of the term.
MSE lists high rates for FSCS certified banks. It was up to 6.25 for one year bonds a little while back. Some are online banks. I haven't had problems with any of them in the past. Chip is really good for example and a friend has an Atom account and says the app is excellent and really east to use. Maybe I'll run into problems at the end, but I can't see them not giving my my money back.
Just had a look, I (and presumably, plenty of others) can get >6% at the moment with Investec, Close Brothers and Aldermore.
Gotta be honest, not heard of any of them! The Bank fact sheets say they've all got many billions in deposits. UK and South African based. All covered by the FSCS.
From my POV I deal with them all through a common single platform which is run by a financial services company (had to look it up, they're not a Bank per se but you've heard of them). IME when the bonds or fixed rate period ends the money just comes back into my common platform hub almost instantly (one or two days) where it sits earnign precisely zero interest until I decide what to do with it.
MyLittleStudPony wrote: Tue Jul 25, 2023 9:46 am
Maybe I'll run into problems at the end, but I can't see them not giving my my money back.
I'm just going on what a couple of people told me, there are probably lots of satisfied customers.
Apparently the issue was at the end of the term, when the online bank credits the interest and then moves the money into a basic saver with low interest whilst awaiting further instructions. The people I spoke to said it took a long time to eventually get through to them and move the money or put it back into another bond, they said it took weeks even just for them to reply.
I've had delays of up to ten days with some and when it's a decent chunk of money it starts to get a bit worrying, so that's why I threw bigger amounts into NS&I because it's guaranteed and even though they can sometimes take a week to administer something, you at least know it's safe - although as I said I wish I'd held my nerve rather than wrap it up earlier this year at 4%.
I'll keep an eye on them when they end. I think all of mine had the final provisions pretty well defined in the Ts and Cs. I hope so anyway!
"Of all the stories you told me, which ones were true and which ones weren't?"
"My dear Doctor, they're all true."
"Even the lies?"
"Especially the lies."
Potter wrote: Tue Jul 25, 2023 7:53 am
I've read too many complaints about online only banks and the hassle of administering them, especially at the end of the term.
Now and then, when I read some of these posts, I think, why aren’t these people who post random pie in the sky horse shit in charge of the Bank of England ? Or the IMF?
But anyway, perhaps it means rates won't climb as quick as expected and these deals will start to fade away.
