Close Brothers 7% 1 year Bond ends 10 Nov

mickW_2

After seeing an ad in the Mail today Ive just invested £47000 in Close Brothers Premium Gold 1 year bond at 7% gross end this monday. Registered with FSA so theres cover for £50k (thats why Ive put in 47k to cover the interest towards the end of 1 yr). Best thing is they answered within 3 seconds and the chap was great at advising me on a few queries. I'd never heard of them before but they seem to be a very solid solvent small merchant bank. Impressed.

Dagobert

FYI: [thread=1257045]existing thread[/thread]

halight

Looks Good,

Old_Slaphead

mickW wrote: »

I'd never heard of them before but they seem to be a very solid solvent small merchant bank. Impressed.

They make over £100mill in profit (mkt cap £900m) which makes them, on profit measure anyway, errrrm one of biggest banks in the country.

HankMcSpank

Old_Slaphead wrote: »

They make over £100mill in profit (mkt cap £900m) which makes them, on profit measure anyway, errrrm one of biggest banks in the country.

You should be using that past tense...& I think the fact they're presently offering 7% positively SHOUTS that they're in difficulties & need money QUICK!

ATF101

HankMcSpank wrote: »

You should be using that past tense...& I think the fact they're presently offering 7% positively SHOUTS that they're in difficulties & need money QUICK!

Do you believe there is a risk for sums less than £50k.

HankMcSpank

ATF101 wrote: »

Do you believe there is a risk for sums less than £50k.

No I don't...but that's not the point. Do you really want all the hassle of having to submit an FSA compensation claim....the anxious wait blah, blah.

They're operating in a sector that's in absolute tatters right now...it doesn't surprise me they need to firm up their finances *quick*.

There seems something magical to savers about firms offering 7% return (even more so after today's rate cut), but they're offering that type of rate because they're desperate.

blackswan2

http://forums.moneysavingexpert.com/showthread.html?t=1257045

Now do cheques have to clear by Monday 10th or do they just have to be received in the post by then?

ISA_Aspirant

If it is the case that cheques only need to be received by Monday and not cleared, will I be able to transfer money from Premium Bonds into my nominated account so that the money can in turn be transferred to the fixed rate account in time?

(I hope that makes some sense.)

INTERESTTART

The cheque has to arrive by Monday 10TH

Doc_N

The new rate, from 11 November, is 5.5%.