The Lemon Fool

Kent Reliance have increased the interest rates on their 1-year and 2-year fixed-rate bonds in recent days -

Kent Reliance 1 Year fixed rate bond (Issue 96) - 2.25%

Kent Reliance 2 Year fixed rate bond (Issue 90) - 2.50%

https://www.kentreliance.co.uk/bonds

Looking at the current best rates available, these seem competitive, although I think it's likely that there might be a nudge up from others on the list below as well now, so anyone keen to squeeze the most out of their cash savings might do well to keep an eye on things over the coming weeks -

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

I've had similar savings accounts with Kent Reliance in the past, and can confirm that their bond-account opening process is still very quick and efficient, as it has been in the past for me.

It feels like a very fluid rate-market at the moment, but I'm happy that some of my cash savings are now working that little bit harder for me, and my bond interest received should at least go some way to recover a large but expected rise in my energy bills next year, which all helps in the current environment...

Cheers,

Itsallaguess

Itsallaguess wrote:Kent Reliance have increased the interest rates on their 1-year and 2-year fixed-rate bonds in recent days -

Kent Reliance 1 Year fixed rate bond (Issue 96) - 2.25%

Kent Reliance 2 Year fixed rate bond (Issue 90) - 2.50%

https://www.kentreliance.co.uk/bonds

Looking at the current best rates available, these seem competitive, although I think it's likely that there might be a nudge up from others on the list below as well now, so anyone keen to squeeze the most out of their cash savings might do well to keep an eye on things over the coming weeks -

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

I've had similar savings accounts with Kent Reliance in the past, and can confirm that their bond-account opening process is still very quick and efficient, as it has been in the past for me.

It feels like a very fluid rate-market at the moment, but I'm happy that some of my cash savings are now working that little bit harder for me, and my bond interest received should at least go some way to recover a large but expected rise in my energy bills next year, which all helps in the current environment...

Cheers,

Itsallaguess

They seem to be offering similar rates over at AJBell Savings hub:

https://www.youinvest.co.uk/cash-savings#list

The best rates offered are 2.7% (3 years), 2.65% (2 years), 2.3% (1 year), all from Gatehouse bank.


Steve

It's times like this I'm glad I put a lot of our cash into Index Linked National Savings some years ago.
Just got a yearly update on one of the certificates.... 7.03% (CPI). And tax-free!

--kiloran

stevensfo wrote:
They seem to be offering similar rates over at AJBell Savings hub:

https://www.youinvest.co.uk/cash-savings#list

The best rates offered are 2.7% (3 years), 2.65% (2 years), 2.3% (1 year), all from Gatehouse bank.

As a follow-up to my original post, and related to the above rates that you mention from Gatehouse Bank, I noticed a few days after my recent Kent Reliance Bond application that they raised their 1-year and 2-year bond rates above those mentioned in my opening post, and the improved new issue rates are currently as follows -

Kent Reliance 1 Year fixed rate bond (Issue 97) - 2.36%

Kent Reliance 2 Year fixed rate bond (Issue 91) - 2.76%

https://www.kentreliance.co.uk/bonds

In relation to the above recent improvement in rates, I want to give some credit to Kent Reliance here, because I emailed them to ask if they were able to move both of my bond-applications over to the newer issues, to take advantage of those new higher interest rates, and within a couple of days I received a telephone call from a very helpful and efficient sales representative, who did exactly that in a very short space of time, and in a way that meant no need at all on my part to fill any new on-line or paper-based application forms at all, so in a world where good customer service feels hard to come by at the moment, I must give huge credit to Kent Reliance for both maintaining a good level of nimbleness in relation to their rising savings-rates, but also in their exemplary customer service as well...

Cheers,

Itsallaguess

New rates -

Kent Reliance 1 Year fixed rate bond (Issue 98) - 2.61%

Kent Reliance 2 Year fixed rate bond (Issue 92) - 2.91%

https://www.kentreliance.co.uk/bonds

Cheers,

Itsallaguess

Itsallaguess wrote:New rates -

Kent Reliance 1 Year fixed rate bond (Issue 98) - 2.61%

Kent Reliance 2 Year fixed rate bond (Issue 92) - 2.91%

https://www.kentreliance.co.uk/bonds

Cheers,

Itsallaguess

Interesting that, I was going to take their 2 year fixed bond a couple of weeks ago but went with Hodge Bank at 2.78% as it was a higher rate.

Hodge have now reduced their offering now to 2.68% whilst KR have increased their offering.

It's so difficult to know not just who to go with but also when to go.

kiloran wrote:It's times like this I'm glad I put a lot of our cash into Index Linked National Savings some years ago.
Just got a yearly update on one of the certificates.... 7.03% (CPI). And tax-free!

--kiloran

I had an annual statement on one of mine dated June 8 on which the CPI rate added was 8.99%. And there is no risk of loss of capital, as is happening with nearly all the shares I own. Thank goodness I held on to all of mine when rates were low.

Maroochydore wrote:

Itsallaguess wrote:New rates -

Kent Reliance 1 Year fixed rate bond (Issue 98) - 2.61%

Kent Reliance 2 Year fixed rate bond (Issue 92) - 2.91%

https://www.kentreliance.co.uk/bonds

Cheers,

Itsallaguess

Interesting that, I was going to take their 2 year fixed bond a couple of weeks ago but went with Hodge Bank at 2.78% as it was a higher rate.

Hodge have now reduced their offering now to 2.68% whilst KR have increased their offering.

It's so difficult to know not just who to go with but also when to go.

Meanwhile, AJBell have QIB bank offering a 2 year fixed bond at 3.0%.

https://www.youinvest.co.uk/cash-savings#list

They all seem to be creeping up.


Steve

Latest rates -

Kent Reliance 1 Year fixed rate bond (Issue 100) - 2.79%

Kent Reliance 2 Year fixed rate bond (Issue 94) - 3.06%

https://www.kentreliance.co.uk/bonds

Cheers,

Itsallaguess

Update on the platforms I use:

AJBell
Best 2 year fixed = 3.31% with Oaknorth
Best 1 year fixed = 2.85% with Paragon
Best 1 year fixed = 2.95% with Gatehouse (Shariah bank!)
https://www.youinvest.co.uk/cash-savings#list

Monzo
Best 1 year fixed = 2.75% with Oaknorth
Easy Access = 1.4% with Shawbrook
https://monzo.com/features/savings/

Steve

Latest rates -

Kent Reliance 1 Year fixed rate bond (Issue 101) - 2.89%

Kent Reliance 2 Year fixed rate bond (Issue 95) - 3.16%

https://www.kentreliance.co.uk/bonds

Cheers,

Itsallaguess

Shawbrook have recently added a 1-year bond at 3.26% (min. £1,000)

https://www.shawbrook.co.uk/direct/savings/personal-savings/fixed-rate-bonds/1-year-fixed-rate/

edit: apologies if wrong thread for this info.

stevensfo wrote:Update on the platforms I use:

AJBell
Best 2 year fixed = 3.31% with Oaknorth
Best 1 year fixed = 2.85% with Paragon
Best 1 year fixed = 2.95% with Gatehouse (Shariah bank!)
https://www.youinvest.co.uk/cash-savings#list

Monzo
Best 1 year fixed = 2.75% with Oaknorth
Easy Access = 1.4% with Shawbrook
https://monzo.com/features/savings/

Steve

Strange goings-on at AJBell.

A 1-year fixed rate higher than 2-year!

Best 2 year fixed = 3.45% with Tandem
Best 1 year fixed = 3.50% with Ahli United (Bahrain bank)

https://www.youinvest.co.uk/cash-savings#list

Steve

Latest rates -

Kent Reliance 1 Year fixed rate bond (Issue 102) - 3.05%

Kent Reliance 2 Year fixed rate bond (Issue 96) - 3.35%

https://www.kentreliance.co.uk/bonds

Cheers,

Itsallaguess

Latest rates -

Kent Reliance 1 Year fixed rate bond (Issue 103) - 3.50%

Kent Reliance 2 Year fixed rate bond (Issue 97) - 3.70%

https://www.kentreliance.co.uk/bonds

Cheers,

Itsallaguess

Some improved rates, and also now with the addition of a three-year fixed-rate bond option -

Kent Reliance 1 Year fixed rate bond (Issue 104) - 4.00%

Kent Reliance 2 Year fixed rate bond (Issue 98) - 4.35%

Kent Reliance 3 Year fixed rate bond (Issue 7) - 4.40%

https://www.kentreliance.co.uk/bonds

Cheers,

Itsallaguess

Latest rates -

Kent Reliance 1 Year fixed rate bond (Issue 105) - 4.45%

Kent Reliance 2 Year fixed rate bond (Issue 99) - 4.75%

Kent Reliance 3 Year fixed rate bond (Issue 8) - 4.80%

https://www.kentreliance.co.uk/bonds

Cheers,

Itsallaguess

Why would someone put money into a fixed rate bond now when interest rates are rising and there's another 2 MPC meetings between now & Christmas ?

richlist wrote:Why would someone put money into a fixed rate bond now when interest rates are rising and there's another 2 MPC meetings between now & Christmas ?

Agreed but whenever I make that point on here I get criticised
Also, it is way less than the rate of inflation
I guess some people don't want to risk equities

On reflection I can understand how someone might want to put money into a fixed rate bond now and then next month open another fixed rate bond & put in additional money when rates have risen. Then again in 2 months when rates rise again. But for those with limited savings I don't understand why they are even looking at a fixed rate bond at the moment.

There are lots of people who don't want to risk equities, me included. When you reach your 70's you really shouldn't risk to much of your next egg.