Decent Looking Account?

shaz77_2

I was looking at the following fixed rate bond and it looks rather good at 4.10%, I have two questions regarding it:

1. Is the bank backed by the compensation scheme?
2. If withdrawls were made from this account before 1 year was up what are the penalties?

http://www.bankofcyprus.co.uk/default.asp

Thanks

agsnu

shaz77 wrote: »

1. Is the bank backed by the compensation scheme?

Bank of Cyprus is operating under the EEA passport scheme. As Icesave showed, this can be problematic.

2. If withdrawls were made from this account before 1 year was up what are the penalties?

According to their T&C, early withdrawals are not permitted.

soulsaver

agsnu wrote: »

Bank of Cyprus is operating under the EEA passport scheme. As Icesave showed, this can be problematic.

Unlike Iceland, Cyprus is in the EU since 2004 and currency is € since Jan 2008.
Bank of Cyprus UK is indeed passported for the first €20k to the Cypriot depositor scheme, and then covered by the UK FSCS for the balance up to £50k.

shaz77_2

I should know this from my IceSave days; how likely would I be to get my £10,000 back if the bank went bust under the passport scheme?

Thanks again.

sheslookinhot

shaz77 wrote: »

I should know this from my IceSave days; how likely would I be to get my £10,000 back if the bank went bust under the passport scheme?

Thanks again.

Who can honestly answer that one ? If you had deposits in icesave, surely you have learned something.

withnell

Down to 3.7% now