#2
Their rates are astronomically high compared to the rest of the market and when I hear NS&I are dropping their rates even further right now I expect this deal with Atom is short term only. I believe they are using these interest rates to boost their deposits so they can grow their mortgage book.



If you think the BOE interest rates aren't going to increase over the next couple of years (and if banks wouldn't pass that on to savers) then I'd say the 2 year makes sense. 3 years is a bit too long term in my opinion. But each to their own of course.

#3
Apparently Neil Woodford reckons interest rates won't be going up for a few more years and I'm inclined to think he's right. But you will be locking in at less than the predicted rate of inflation.

#4



Apparently Neil Woodford reckons interest rates won't be going up for a few more years and I'm inclined to think he's right. But you will be locking in at less than the predicted rate of inflation.
Originally posted by masonic


Would that be for both the 2 and 3 year accounts? Not sure I'm looking in the best places for this info ........

Even if that is the case I do not seem to be able to do much better any where else, and interest rates have been cut on the better paying accounts and/or the levels at which it is payable.

#5



Would that be for both the 2 and 3 year accounts? Not sure I'm looking in the best places for this info ........

Even if that is the case I do not seem to be able to do much better any where else, and interest rates have been cut on the better paying accounts and/or the levels at which it is payable.
Originally posted by Carolinemjs


I don't think you'll do better from a fixed rate savings account. There are high interest current accounts (also regular savings accounts) that are covered in the MSE guides. This would provide you with several thousand pounds saved at above inflation rates. The question you should ask yourself is whether the money you have over and above this is money you can afford to take some risk with. If you need all of it for something specific in the near future, perhaps not, but otherwise there are options beyond savings accounts that could be considered.

#7



Masonic could you spell out what other options could be considered please?

I really appreciate any input.

I started a thread http://forums.moneysavingexpert.com/showthread.php?t=5601400

The initial post explains my situation.
Originally posted by Carolinemjs


You've been given some good advice about deferring your state pension and living off your savings in that thread. If you follow that advice, which I think you probably should, then you will be needing this money in the short term to fund your living expenses. It is good that you've already been able to make use of a SIPP.



At this point, alternative investment options would not make a material difference to your cash burn rate and could leave some of your money tied up when you need it, which on balance is not worth risking.



Hopefully the actions you are taking will buy you some time to weigh up your options and make whatever lifestyle changes you can to make ends meet in the longer term.

#8
Thanks very much Masonic.

I am going to defer my pension hopefully for 2 years and also take out another SIPP after April 5th. As things stand I don't think I can do much more right now.

#10



OP



I've only just skim read your other thread, but, assuming you're talking about relatively short term savings, have you considered using some of the current accounts and regular savers which pay up to 5%?



http://www.moneysavingexpert.com/savings/savings-accounts-best-interest





It takes a bit of effort to set up, but will earn more than Atom's rates.



FWIW, I've put some in a 2 year fix, but I have exhausted other options
Originally posted by badger09


Thanks but Ive already done most of those. I had 3 separate accounts with Bank of Scotland but they now require 2 dd's and the interest rate is reducing in June too. Atom seemed a simpler option.

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