Fixed Rate saver bond or wait?

[Beltloop]

I’ve just opened a fixed rate saver (money locked in for 3 years) with Atom. I’ve deposited £50 and have a week to deposit more before it is locked in for 3 years.

our plan was to deposit £5,000

but I’m starting to think we would be better off waiting a bit as interest rates look set to rise?

we don’t have lots of savings so it’s not like I have another £5k to put away.

any thoughts?

Thanks

the interest rate on the saver is 4.65% I should’ve said!

I’ve just opened a 1 year fix at 4.4%, maybe have a look at some shorter fixes? I deffo rate doing it tho.

I'm more concerned that if you don't have a lot of savings, that you are fixing for 3 years.
There are lots of decent 1 year fixes.

On the money savings expert saving account page I think there is a 1 year fix at 4.6% at the moment. I just did another for 4.5%. So I would go for the 1 year at 4.6 or the 3 year they are advertising that is higher than 4.65 (4/9%)/ www.moneysavingexpert.com/savings/savings-accounts-best-interest/

Keep an eye on Ford Money. They consistently have good short term bonds.

Wait until after BofE announcement at noon. If they put up base rate by 0.75 points as widely expected then in about 2 weeks savings rates will go up. You could get an extra 0.5 percent if you wait. Savings rates certainly won't be going down.

Thanks all. I’ll wait till my week is almost up and then decide. A 1 year fix seems more sensible now!

@Cattytabby thanks. We have other savings in instant access accounts that we can access if needed. I meant that we have decided that £5k is what we can comfortably lock away.

Ill check out Ford money.

I saw slightly higher rates than Atom but the banks got such poor reviews I’m comparison I chose Atom.

BoE base rate raise to 3%.

1 year fix is a good idea.