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Post by moonraker on Sept 13, 2022 15:49:31 GMT
I have several fixed-rate accounts maturing in the next few weeks, with some interesting (or not) situations arising.
Axis Bank is not offering renewals of deposits and will return my funds to my High Street bank account.
I could find no way of accessing my BLME on-line account to check whether a re-investment had been made, though I had been able to state what re-investment that should be. My puzzled phone call resulted in a message that everyone was too busy at present, so please ring back.
Cynergy, though offering a reasonable fixed rate, can only give 0.00% interest on easy access. 
DF is giving me 14 days to decide whether to switch my existing fixed-rate account (maturing on November 7) to a new 18-month one at 3.5% (which is tempting, though the B of E is not due to decide whether to alter interest rates until September 22, giving very little time for banks to increase their rates).
Two weeks I transferred a matured Leeds BS ISA to another provider because the renewal rate was so low. Now it's the second-best market leader. (Or did I goof and misread Leeds' rates?)
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Post by df on Sept 14, 2022 17:39:46 GMT
I have several fixed-rate accounts maturing in the next few weeks, with some interesting (or not) situations arising.
Axis Bank is not offering renewals of deposits and will return my funds to my High Street bank account.
I could find no way of accessing my BLME on-line account to check whether a re-investment had been made, though I had been able to state what re-investment that should be. My puzzled phone call resulted in a message that everyone was too busy at present, so please ring back.
Cynergy, though offering a reasonable fixed rate, can only give 0.00% interest on easy access.
DF is giving me 14 days to decide whether to switch my existing fixed-rate account (maturing on November 7) to a new 18-month one at 3.5% (which is tempting, though the B of E is not due to decide whether to alter interest rates until September 22, giving very little time for banks to increase their rates).
Two weeks I transferred a matured Leeds BS ISA to another provider because the renewal rate was so low. Now it's the second-best market leader. (Or did I goof and misread Leeds' rates?)
"18-month at 3.5%" - I wouldn't go to this offer, at this time 18 months is far too long commitment. It will make sense going back to 1-year+ when BoE interest rates are not likely to raise any further. I've had a number of savings accounts with Leeds BS, they were all good at the time, but they haven't offered anything competitive in the past few years. Not the second-best market leader for me 
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Post by moonraker on Sept 15, 2022 7:53:31 GMT
Sure, Leeds BS isn't great for ordinary deposits, but for Cash ISAs it's 2nd for 1yr, 4th for 2yr, 3rd for 3yr and 2nd for 5yr. A month before switching one Cash ISA from Leeds, I'd renewed another with it - which made me wonder whether I'd goofed and misread the tables the second time.
(As I'm sure most of us realise, for many people even top ISA rates are not competitive when compared with ordinary fixed deposits.)
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mogish
Member of DD Central
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Post by mogish on Sept 15, 2022 18:11:59 GMT
BLME are pretty good. They will write to you advising maturity date and options.
They will send a code for you to log in and make your choice.
Straight forward, competitive and low hassle.
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Post by moonraker on Sept 21, 2022 13:03:43 GMT
... DF is giving me 14 days to decide whether to switch my existing fixed-rate account (maturing on November 7) to a new 18-month one at 3.5% (which is tempting, though the B of E is not due to decide whether to alter interest rates until September 22, giving very little time for banks to increase their rates) ... "18-month at 3.5%" - I wouldn't go to this offer, at this time 18 months is far too long commitment. It will make sense going back to 1-year+ when BoE interest rates are not likely to raise any further. I've had a number of savings accounts with Leeds BS, they were all good at the time, but they haven't offered anything competitive in the past few years. Not the second-best market leader for me Money markets suggest the Bank of England could raise rates from 1.75% to 2.5% this week, and 3.75% by end of 2022, as policymakers try to get to grips with soaring inflation, says the Guardian.
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mogish
Member of DD Central
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Post by mogish on Sept 21, 2022 16:03:33 GMT
I'm considering holding cash as opposed to putting any more in my sipp when any spare cash becomes available.
At this point in time with inflation or putins actions, neither are actually relevant just now.
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mogish
Member of DD Central
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Post by mogish on Sept 23, 2022 11:22:41 GMT
Atom bank offering 4% today. Prob rise next week after yesterday's rate rise.
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Post by moonraker on Oct 3, 2022 9:58:21 GMT
Just renewed my cash ISA with Cynergy on the phone. Previously I've moaned about the bank's enthusiasm for photo recognition, it sending me a mini-camera a couple of years ago and then requesting a selfie from my mobile, but I was able to give instructions in the conventional way over the phone.
I asked the operative to confirm the renewal rate for one year and he replied "1.75%", which sent me scrabbling for the renewal letter that had quoted a higher rate. He "double checked" and said that indeed the rate was higher. Not market-leading, but I already have accounts with banks at the top of the comparison tables.
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Post by moonraker on Oct 8, 2022 14:08:12 GMT
... DF is giving me 14 days to decide whether to switch my existing fixed-rate account (maturing on November 7) to a new 18-month one at 3.5% (which is tempting, though the B of E is not due to decide whether to alter interest rates until September 22, giving very little time for banks to increase their rates)... Just had an email from DF about this account, now offering me 4.4% on a new one.
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Post by moonraker on Oct 27, 2022 8:57:27 GMT
The latest addition to my list of maturing deposit accounts is one held with PCF and ending in three weeks' time. The bank's website announces that it's not accepting new deposits. Accessing my account, I noted a message informing me that I had yet to give maturity instructions and inviting me to link to options. Which I did, only to find that none was available. No doubt an email or snailmail will arrive shortly, probably telling me that my money and interest will be returned to me.
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Post by moonraker on Nov 1, 2022 14:17:26 GMT
Yesterday I received a letter from PCF dated October 16 reminding me that my account is soon to mature and inviting me go online to see its current range of investment accounts. An enclosed sheet offered just one: one(!!!) per cent for one year.
I visited the website to find again that nothing seemed to be available, so rang up the bank, to be told (as I'd suspected) that it wasn't accepting new or re-invested funds.
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benaj
Member of DD Central
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Post by benaj on Nov 29, 2022 18:03:44 GMT
Yesterday I received a letter from PCF dated October 16 reminding me that my account is soon to mature and inviting me go online to see its current range of investment accounts. An enclosed sheet offered just one: one(!!!) per cent for one year.
I visited the website to find again that nothing seemed to be available, so rang up the bank, to be told (as I'd suspected) that it wasn't accepting new or re-invested funds.
Can someone tell me if PCF is the first bank leaving the UK market? Will there be more banks to follow?
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Post by overthehill on Nov 29, 2022 18:06:03 GMT
Yesterday I received a letter from PCF dated October 16 reminding me that my account is soon to mature and inviting me go online to see its current range of investment accounts. An enclosed sheet offered just one: one(!!!) per cent for one year.
I visited the website to find again that nothing seemed to be available, so rang up the bank, to be told (as I'd suspected) that it wasn't accepting new or re-invested funds.
Can someone tell me if PCF is the first bank leaving the UK market? Will there be more banks to follow? masthaven is leaving the UK.
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Post by moonraker on Nov 29, 2022 18:37:28 GMT
I missed out on the announcement about PCF: 'The bank, which has 20,000 personal and business customers, said it made the "very difficult strategic decision" after failing to secure the capital it needed to grow.'
And on the earlier one about Masthaven (with which I've never invested): 'We assessed a range of options, but all of them required a significant commitment of long-term capital and we have not been able to secure the level of investment necessary to grow the bank while serving our customers efficiently and effectively.'
Any more to follow?
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keitha
Member of DD Central
2024, hopefully the year I get out of P2P
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Post by keitha on Nov 29, 2022 20:26:26 GMT
Monmouthshire BS regular saver launched on 24th 5.5% but maximum of £200 per month for 12 months.
my rough calculation was that's the same amount of interest I made this year on £1,000 per month,
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