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Growth Bond. 2.85% fixed one year good? watch

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    Had a 1 year growth bond with the PostOffice. Put in £6000 and have ended up with about £6300. They are offering to reinvest it this year for 2.85% which is less than before. Obviously intrest rates are quite low right now so was wondering whether I should just go with this?

    They use "rush tactics" though, I only have 15 days in which to send them a letter telling them I would like this "special rate"

    What do you guys think?
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    You can get slightly better rates elsewhere. I like this site:
    http://www.moneysavingexpert.com/sav...-best-interest

    Could get a 12m bonus a/c with instant access for a fraction more, or 3.1% at one, or 3% at several, for other 1yr fixes.

    Personally I like the ones that still give you some access, even if at a penalty. I'd prob go for an "instant access with bonus for 12m" & make sure I moved it again after that time.
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    Its barely above inflation and with inflation the way its going right now, I would invest some in inflation-linked saving
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    (Original post by Mit321)
    Had a 1 year growth bond with the PostOffice. Put in £6000 and have ended up with about £6300. They are offering to reinvest it this year for 2.85% which is less than before. Obviously intrest rates are quite low right now so was wondering whether I should just go with this?

    They use "rush tactics" though, I only have 15 days in which to send them a letter telling them I would like this "special rate"

    What do you guys think?
    If it instant access then yes, you should keep renew it. If you want to leave it for a fixed term, there are far better ddeals around, though if you want to stay with the Post Office you can ask to speak the manager and explain that you wish to stay but only if they can match a competitor (print out the offer and details), there is a chance that they may say yes.
 
 
 
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