Diamond Savings Unlimited

I see they have the FSCS logo on their website.

Perhaps if you ask them for their 6 figure firm reference number, you will be able to find them on the FCA Financial Services Register.

While you're at it, ask them what they do with your money that enables them to pay you 5%.

While you are waiting for them to respond, perhaps look up their address on googlemaps streetview.

I'd say you are right to be cautious.

EDIT: What MercenaryMan said, too. As you said yourself, it does seem too good to be true.

http://www.fca.org.uk/news/warnings/diamond-savings-unlimited

And you could of course report them while you are at it?

I think one of the newspapers wrote about them, arent these the Australian hedge fund guys.

If you want a higher return just buy units of a ftse tracker, funny thing is many of the legitimate banks pay far better rates to shareholders then they do to savers.
Of course thats not free returns but at least the risk is explicit and well documented


some small print, sometimes the well trodden path is safer (and less hassle)

TERMS AND CONDITIONS

AER (Annual Equivalent Rate) illustrates what the interest rate would be if interest was paid and compounded once each year.

We will never send you unsolicited emails. There are some emails (Service Emails) that we may send you. These include notifications about your savings agreement and information about your account. The full list is:

Welcome emails with the information you need to get started;

We as data controller may use your Personal Information for: statistical analysis; to develop and improve our products; to update your records; to identify which of our, or others', products might interest you; to assess lending and insurance risks; to arrange, underwrite and administer insurance and handle claims; to identify, prevent, detect or tackle fraud, money laundering and other crime; to carry out regulatory checks; keeping you informed about your lending and for market research. In addition:

If false or inaccurate information is provided and fraud is identified, details will be passed to fraud prevention agencies.

Law enforcement agencies may access and use this information.

We and other organisations may also access and use this information to prevent fraud and money laundering, for example, when:

checking details on applications for credit and credit-related or other facilities

managing credit and credit-related accounts or facilities

checking details on proposals and claims for all types of insurance

checking details of job applicants and employees

We and other organisations may access and use from other countries the information recorded by fraud prevention agencies.

We will keep your Personal Information confidential and only give it to others for legal reasons if required to and:

if you ask us to or give us your permission to do so;

to a credit reference agency to check your identity and to prevent fraud (they will also keep a record of your request and use it whenever anyone applies to be authenticated in your name);

to our agents and subcontractors, acting for us or for lenders, to use for the purpose of  lending obtaining payment;

to investigate, prevent or detect fraud or carry out checks against money laundering;

to share information via an organisation which provides a centralised application matching service which it collects from and about mortgage and/or credit applications, for the purpose of preventing and detecting fraud;

Legal information about your lending;

Updates about the progress of your lending offers.

to trace debtors and recover debt;

to meet our obligations to any relevant regulatory authority or taxing authority; and

if we have to by law, the law allows it, or it is in the public interest; and

if all of the assets which we use and/or owned (or substantially all of them) are acquired by a third party, we may transfer personal data we then hold to that party so that the acquirer can continue to operate.

We may check your details with a fraud prevention agency or agencies, and if you give us false or inaccurate information and we suspect fraud, we will record this. We and other organisations (including law enforcement agencies) may use, search and access these records from the UK and other countries (e.g. offshore operations of UK businesses) to:

help make decisions about credit and credit related services, for you;

help make decisions on motor, household, credit, life and other insurance proposals and insurance claims, for you and members of your household;

trace debtors, recover debt, prevent fraud, and to manage your accounts or insurance policies;

check your identity to prevent money laundering, unless you furnish us with other satisfactory proof of identity;

checking details of job applicants and employees;

We may transfer your Personal Information abroad to countries whose data protection laws are less strict than in the UK. If so, we will ensure the information is held securely to standards as least as good as those in the UK and only used for the purposes set out in this clause.

Any promotion or special offer including one giving cashback can be withdrawn at any time. This does not affect your statutory rights. Cashback will be paid after qualifying deposits are made. £50 for introducing a friend will only be paid if your friend pays at least £1000 into the Diamond Savings account upon applying. Your friend has to include your name on the application form online or on the phone for you to be eligible for the £50. Only customers who have deposited money can receive £50 for introducing a friend.

Under the Data Protection Act 1998, you have a right to access certain personal records we, credit reference agencies and fraud prevention agencies hold about you. This is called a "subject access request", which you can make by calling us. A fee may be payable, but we will not charge you until we have told you how much the fee is and what it is for, and you have told us you still want to proceed.

You represent, warrant and undertake that none of your content will violate or infringe upon the rights of any third party, including copyright, trademark, privacy, publicity or other personal or proprietary rights; or contain libellous, defamatory or otherwise unlawful material. In addition, you undertake not to use the our website or any part of it to:

harvest or collect email addresses or other financial, personal or contact information of anyone or other users from the website by electronic or other means for the purposes of sending unsolicited communications or inviting any person to lend or borrow outside the website
use the website in any unlawful manner or in any other manner that could damage, disable, overload or impair the website or the servers on which it is hosted;

use automated scripts to collect information from or otherwise interact with the website;

upload, post, publish, display, transmit, share, store or otherwise make available on the website any content that we may deem:

to be misleading, harmful, threatening, unlawful, libellous, defamatory, infringing of any intellectual property rights, abusive, inflammatory, harassing, vulgar, obscene, fraudulent, invasive of privacy or publicity rights, hateful, or racially, ethnically or otherwise objectionable;

to contain software viruses or any other computer code, files or programs designed to interrupt, destroy or limit the functionality of any computer software or hardware or telecommunications equipment;

to be unsolicited or unauthorized advertising, solicitations, promotional materials, "junk mail," "spam," "chain letters," "pyramid schemes," or any other form of solicitation;

to be the private information of any third party, including, without limitation, addresses, phone numbers, email addresses, National Insurance numbers or other identifiers, credit card numbers and/or debit card numbers;

to be an attempt to promote or market any goods or services for your own financial benefit;

register more than once or register for or on behalf of an individual other than yourself, or register on behalf of any entity without that entity's prior written authorisation;

impersonate any person or entity, or falsely state or otherwise misrepresent yourself, your age, your financial employment or personal circumstances or or your affiliation with any person or entity; use or attempt to use another's account, service or system without authorization from us, or create a false identity on the website.

solicit personal information from anyone under 18 or solicit passwords or personally identifying information for commercial or unlawful purposes;

invite any person to save money outside the website or to transact on the basis of any change (other than a change agreed with us) to these principles, the loan conditions or any other terms or conditions contained on the website.

By paying money into the Diamond Savings account you are agreeing that you have completed and sent the form on our website and that you are not a saver unless you have done so and Diamond Savings has confirmed this or you applied over the phone, that the savings rate/term selected is fixed and you will not have access to monies paid into the Diamond Savings account until the end of the term and if you don't use your name as a reference when transferring money into the Diamond Savings account that Diamond Savings Unlimited are not liable for any loss you may incur.

When you use a debit card to transfer money to the Diamond Savings account you agree that any bank or card transaction is complete as soon as the amount you transferred has been credited to the Diamond Savings account. We may make annual statements available to savers electronically and reserve the right to charge an administration fee of £20 for each paper copy of such statements. In regard to any bank account details you give you agree that you are the account holder and that Diamond Savings Unlimited is not liable for any loss arising from you not being the account holder. 

You are solely responsible for your Member Content. You may not post, transmit, or share Member Content on the website that you did not create or that you do not have permission to display, publish or post. You understand and agree that we may, but are not obligated to, review the website and may delete or remove (without notice) any of our or Member Content in our sole discretion, for any reason or no reason, including without limitation Member Content that in our own absolute discretion violates any provision(s) of these terms and conditions. You are solely responsible at your sole cost and expense for creating backup copies and replacing any Member Content.

Returns from savings held with Diamond Savings Unlimited are paid without any tax being deducted. You should declare any interest or gains to HMRC on a self-assessment tax form or inform your local tax office. By paying money into the Diamond Savings account you agree that it is your responsibility to pay any relevant tax and/or national insurance and we are not liable if you do not.

When you post your Member Content, you authorize and direct us to make such copies thereof as we deem necessary in order to facilitate the publication, display and storage of the Member Content in on paper and/or databases. By posting Member Content to any part of the website, you automatically grant, and you represent and warrant that you have the right to grant, to us an irrevocable, perpetual, non-exclusive, transferable, fully paid, worldwide license (with the right to sublicense) to use, copy, publicly perform, publicly display, reformat, translate, excerpt (in whole or in part) and distribute such Member Content for any purpose on or in connection with the web site(s), blog or discussion board(s) or the promotion thereof, to prepare derivative works of, or incorporate into other works, such Member Content, and to grant and authorize sublicenses of the foregoing. You may remove your Member Content from the website at any time. If you choose to remove your Member Content, the license granted above will automatically expire, however you acknowledge that we may retain archived copies of your Member Content.

You agree to indemnify and hold each other Member, us, our subsidiaries and affiliates, and each of Diamond Savings Unlimited's directors, officers, agents, contractors, partners and employees, harmless from and against any loss, liability, claim, demand, damages, costs and expenses, including reasonable attorney's fees, arising out of or in connection with any of your Member Content, your use of the website, your conduct in connection with the website or with other users of the website, any violation of these terms and condition or of any law or the rights of any third party.

 By using this website, and/or paying money into the Diamond Savings account you are agreeing to these terms and conditions.