Close Brothers 2yr bond 5% gross

mickW_2 · 4 January 2009 at 7:23PM

I took out a 1 year bond at 7% a few weeks ago with Close Brothers who are registered with the FSA and fully covered up to £50k per person. They now have a 2 year bond on offer at 5% gross and you have until 13th Jan to get your application forms and cheques to them. A very good company indeed. You can download the forms on this link http://www.closetreasury.co.uk/premiumgold/

fullstop · 4 January 2009 at 7:34PM

Not a bad rate at all , but the interest rate is not fixed.

anselld · 4 January 2009 at 8:41PM

fullstop wrote: »

Not a bad rate at all , but the interest rate is not fixed.

How so? The website states "Premium Gold 2 Account - 5% Fixed for two years"

fullstop · 4 January 2009 at 9:05PM

anselld wrote: »

How so? The website states "Premium Gold 2 Account - 5% Fixed for two years"

It states Fixed Term for a fixed period. No mention of fixed rate. If you click on More" fixed Rates" at the bottom of the page the first sentence says "The rates quoted are for indication purposes and are subject to change at any time without notice" If anybody is interested I would ring first and ask them if the 5% is guaranteed, it is not very clear on their website.

barak · 4 January 2009 at 10:32PM

fullstop - I think your reference is for Money Market Sterling Deposit Rates.

The application form for
http://www.closetreasury.co.uk/premiumgold/
states [if I've re-typed it correctly]
"I/We apply to open a two year fixed term Premium Gold deposit for the amount mentioned below at the agreed rate of 5.00% gross per annum AER"
which looks to me as if it is a fixed rate.

fullstop · 4 January 2009 at 10:40PM

Thank's Barak, I did not download the PDF file.

6022tivo · 4 January 2009 at 11:41PM

Tempted to stick a little in this.. 10k minimum.

Are they deffo FSA covered?

savetilibleed · 5 January 2009 at 12:23AM

From their website at http://www.closetreasury.co.uk/about.htm "Close Brothers Limited ("the Bank") is a member of the Financial Services Compensation Scheme established under the Financial Services and Markets Act 2000. Most depositors, including individuals and small firms, are covered."

I'd put some there, but I have nothing much left to fix now. Well I still have £10,000 in a Saga Online Top 5 Tracker but think I may need it in the forseeable.

On the other hand, I have two bonds that mature in 6 months. Hmm.

Just_landed · 6 January 2009 at 12:49AM

I downloaded the application form and on the second page in the smallprint it say's Quote :-Interest will automatically be paid by BACS to your nominated bank account at the end of the first and second years.
There is good and bad in that but still worth thinking about.:think:

6022tivo · 6 January 2009 at 1:36AM

savetilibleed wrote: »

From their website at http://www.closetreasury.co.uk/about.htm "Close Brothers Limited ("the Bank") is a member of the Financial Services Compensation Scheme established under the Financial Services and Markets Act 2000. Most depositors, including individuals and small firms, are covered."

I hear and see what the site claim, but I suppose I could open a site and say the same????

What is concerning me is the FSCS's site does not list organisations that are covered. How can I officially check??

alanq · 6 January 2009 at 2:25AM

See the Financial Services Authority site.

"The FSCS covers business conducted by firms authorised by us."
http://www.moneymadeclear.fsa.gov.uk/about_the_fsa/compensation.html

"Current Status : Authorised"
http://www.fsa.gov.uk/register/firmBasicDetails.do?sid=77159

One needs to make sure that instructions on what to do on maturity arrive in good time as otherwise it seems that the bank can reinvest for a further term as it sees fit.
http://www.closetreasury.co.uk/tc-25.htm

Close Brothers 2yr bond 5% gross

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