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post office loyalty bond
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# 1
majorzott
Old 29-07-2009, 3:38 PM
MoneySaving Convert
 
Join Date: Jun 2008
Location: Chorley
Posts: 29
Default post office loyalty bond

Hi all
Have had a post office 12 month growth bond, which matures in a couple of weeks; (7.0 %, with bank of Ireland and covered by Irish deposit protection scheme).
Got an offer to stay with them, (with a 12 month "Loyalty bond issue 2", which gives 4% for next 12 months), bearing in mind the Irish government is guarenteeing deposits untill September 2010, I thought it might be worth a go.
Any thoughts re pros and cons
Regards
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# 2
soulsaver
Old 01-08-2009, 1:09 AM
Serious MoneySaving Fan
 
Join Date: Oct 2008
Posts: 1,016
Default

I) Covered by the Irish Depositors Scheme up to 100k
2) Guaranteed by the Eire Govt
3) In the event of default by both above poss covered by ECB
3) Probably covered in the unlikely event of failure of all above by a magnanimous gesture by HM Govt given PO High St presence
4) BoI share price up by c500% since the scarey days last autumn

But make your own decision...

Still scarey property crash there though....
... and frightening prices to eat out!
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# 3
finneyb
Old 01-08-2009, 1:16 PM
MoneySaving Newbie
 
Join Date: Jul 2009
Posts: 5
Default

I too have had the invite, I also took the opportunity to increase my balance as offered BUT deep in the small print any increase is held in a holding accoount in my case for 6 weeks @ 0.1%. I didn't see it.

So watch the sneakly little b....... .
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# 4
majorzott
Old 03-08-2009, 5:23 PM
MoneySaving Convert
 
Join Date: Jun 2008
Location: Chorley
Posts: 29
Default post office loyalty bond

Thanks all - for thoughts, after all that though, have decided to go with Barnsley Building society - got 5%, snag is have to tie it up for 3 years!!
Just feel more settled that the bank is covered in the UK by FSA guarentee.

Anyways thanks again.
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