Good Time to go fixed ? Fixed Term or Instant Access

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Golden Coin

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Interest rates on deposit accounts(fixed /demand) seen to be very similar at present.
Is now a good time to go fixed term!
When do ye see interest rates might go back up.
At present i have a lump sum and was wondering should i fix now for up to a year or keep on demand and hope interest rates go up.
i understand no one knows but what opinions do people on here have about rates .

Any suggestions/advice welcome.
Thanks
 
Re: Good Time to go fixed ? Fixed Term or Instand Access

Looks like ECB rate will stay put for now possibly up to end of the year... savings interest rates will stay put or even reduce a little. The mortgage interest rates will start to climb slightly .. like PTSB even without the ECB change.

what size lump sum have you.. you could use some of it to feed the best interest regular saver... and put more of it in best lump sum or fixed deposit rates... refer to the best buys threads
 
Re: Good Time to go fixed ? Fixed Term or Instand Access

Thanks for the rely.
Going fixed seam to be the better option as seams the rates wont move and if they do they will decrease.

I will be setting up a regular saver account to get a high interest rate on max can save per month ---- drip feeding from a lump sum is not for me.
Seen as the rate for the regular saver will be 4% and fixed will be 3.5%.
Correct me if im wrong maybe its worth it.

I will be splitting over two banks - at present im thinking Irish Nationwide as they will match EBS offer or 3.5% and EBS at 3.5%

Both Fixed at 3.5 for 9months
EBS staff said 3.5 rate is only open for another week.
Whats the opinion on banks bringing out more account to replace old saving accounts.

Is there any benifit of going 9/10 month rather than 1 year.
Last Janurary paid 25% on tax but if had access to it in December would have paid less tax on it . I understand its one of those things we wont know untill it happens but is there any thing else i should be looking out for.
 
Re: Good Time to go fixed ? Fixed Term or Instand Access

The ECB futures market is now pointing towards the December 31st 2010 rate being 1.25%. So there might be a small movement upwards.

That's interesting that INBS will match the 3.52% EBS rate, fair play to you for asking for a better rate than is formally listed.

The only extra benefit of fixing for 9 months is you have access to your cash at an earlier date. If you can fix for 12 months you should consider Investec @ 3.60%.
 
Re: Good Time to go fixed ? Fixed Term or Instand Access

I would like to split my money with two banks . Fungus in your opinion what other bank would you go with Investec and ?
I dont know much about Investec, they are good because they currently have the best 1 year fixed rate and ........
In relation to asking INBS to match EBS, they can only say no.
This is the second time they matched another banks rate for me.

If the tax rate changes again in this years budget, and is implemented on 1 Janurary 2011 , wouldnt i be better to go 9months rather than 12months.


Thanks Chlipps and fungus for the reply.
 
Re: Good Time to go fixed ? Fixed Term or Instand Access

If you think DIRT rates will change in the budget then you might be better fixing for a shorter period. There is no indication at this stage that DIRT will go up again.

Investec offer good customer service as well as a best buy rate. If you need to choose a second bank go with Anglo @ 3.50% for 1 year or EBS @ 3.52% for 9 months.
 
Re: Good Time to go fixed ? Fixed Term or Instand Access

Golden Coin said:
Thanks for the rely.

Whats the opinion on banks bringing out more account to replace old saving accounts.

Is there any benifit of going 9/10 month rather than 1 year.
Last Janurary paid 25% on tax but if had access to it in December would have paid less tax on it . I understand its one of those things we wont know untill it happens but is there any thing else i should be looking out for.
Click to expand...

Not much of a difference i think unless the government go for major increase in dirt rate... One thing I'm puzzled about is all the different fixed rates..one bank fixed for 5 months, other at 7months, 8 etc... very odd period/combination of durations.. for awhile i thought the banks were lining the duration up against the government guarantee scheme end in Sept.. but not sure about that theory

Golden coin..it is worth looking at the best threads and do the calcs based on what you can save to maximise your return
 
The key issue for any deposit, is actually will you get your money back?

Given the doubts over the solvency of the banks and the country, you should have your money on notice so that you can move quickly if you have to.
 
Good point. I have done well out of fixing over the past year or two but am reluctant to fix now for reason of uncertainty, especially in Ireland. Am currently leaning towards Nationwide UK instant access @ 3.30%, (bearing in mind the UK guarantee of £50,000). Also have money in Northern Rock instant access, (pity it has dropped to 2.5%), but watching developments there as government guarantee likely to be lifted.
 
Thanks for the advice Brendan. In recent time i havent heard someone (besides you now) saying you should have your money on notice , in case it cant be gotten back due to whats goin on in the banks.im aware what happened a over a year ago, do you see this happening again.

I regularly read this website and find it very interesting and helpfull.
Why is it that most preveious post recommend fixing for 9/ 12mths etc to get a good rate.

Before reading Brendans post i was going to go EBS and Irish Nationwide 9mths @3
 
Before reading Brendans post i was going to go EBS and Irish Nationwide 9mths @3.5%
Im Now leaning towards Ulster bank Instant access -Pathways.

Advice greatly appriciated.
 
Brendan said:
The key issue for any deposit, is actually will you get your money back?

Given the doubts over the solvency of the banks and the country, you should have your money on notice so that you can move quickly if you have to.
Click to expand...

That's the reason I have my money with Rabo. I know I'm losing interest, but with Ireland being in the middle of a deflationary spiral, at least my savings aren't losing their value.
 
Golden Coin said:
Before reading Brendans post i was going to go EBS and Irish Nationwide 9mths @3.5%
Im Now leaning towards Ulster bank Instant access -Pathways.

Advice greatly appriciated.
Click to expand...

EBS have 9 months fixed @ 3.52%, not INBS.

Why are you leaning towards Ulster? Is it because you want instant access and a non Irish bank account?

If so, why not go with Nationwide UK with a higher return for your money.

[broken link removed] (Discuss)
3.30% on €2,000 minimum to €2,000,000 maximum.
Note 1: Instant access.
Note 2: NB: Interest is reduced if more than 6 withdrawals are made a year (Apr-Mar).
Deposit Protection: UK Financial Services Compensation Scheme
Click to expand...
 
INBS have said they will match EBS @3.52%
The reason I am leaning towards Ulster is because they have instant access and for the first 6 months the interest rate will be 3.6%
After reading Brendan’s post I have doubts about going fixed.
Initially I was going to split my lump sum into two different backs - EBS 3.52% and INBS 3.52 %
What would you do?
 
Yeah I went with EBS 3.5% for 9 months fixed.

Have also a Pathway account with Ulster Bank 3.6% for 6 months.

Will see how things pan out over the next few months.

Dont be afraid to keep switching banks, have gone through most of them the last year.
 
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