Ruffler Bank savings

codetown

Hi all,
reading a previous thread I discovered the savings offers from Ruffler Bank plc. They seem to have notice deposits and fixed bonds at very attractive rates (for example for the 12-months notice deposit they offer an AER of 5.72%; for the 6 months notice 5.46%):
http://www.rufflerbank.co.uk/savings/notice_deposits.php

They say also that "Ruffler Bank Plc is a member of the Financial Services Compensation Scheme established under the Financial Services and Markets Act 2000 in the United Kingdom. Payments under the Scheme are limited to 100% of £2,000 and 90% of the next £33,000 of a Depositor’s total deposits subject to a maximum payment to any one Depositor of £31,700."

So it all seems valid and respectable. Are there any catches why this bank is not mentioned in common tables (moneysupermarket.com etc) and is not recommended here? Anyone using or knowing them?

[Deleted User]

codetown wrote:

reading a previous thread (*) I discovered the savings offers from Ruffler Bank plc.

* You mean post 9 by deary65 of this thread, presumably.

http://forums.moneysavingexpert.com/showthread.html?t=223025

Jim_B_3

I was on the phone with them this a.m. (this is how financial whizz kids speak, isn't it?) and they're sending me an application pack. I'll keep everyone informed.

Why aren't they mentioned on the moneysavingexpert savings page?

brodev

Jim_B wrote:

Why aren't they mentioned on the moneysavingexpert savings page?

Is there any reason this question isn't being answered?

cheerfulcat

codetown wrote:

So it all seems valid and respectable. Are there any catches why this bank is not mentioned in common tables (moneysupermarket.com etc) and is not recommended here?

Possibly the high minimum deposit ( £10,000 for the fixed term accounts ). Also, some banks don't like to be included in best-buy tables so don't advertise their rates - Ruffler says that most of its deposits business comes from recommendations.

nrsql

5,000 for the notice deposits though.

3000 min 1month notice ISA at 5.62%
min balance waved for transfers.

Looks like one to consider.

Dagobert

What payment methods are accepted for the initial funding? Cheque? BACS?

melbury

Very good rates of interest on savings - has anyone actually deposited money with them or know if they are OK - i.e. not going to disappear!

brodev

There is also a AER of 5.62 for a ISA. the rates do seem good

Stompa

Not sure if this would be a concern:

http://www.bankingcode.org.uk/whodoesnt.htm

Limes

On that basis though ICICI is mentioned as not subscribing to the Banking Code. Doesn't really seem to have done them any harm the number of mentions they get on MSE. . . Not everybody seems to have had a terrible time with ICICI. Is Ruffler likely to be any different? I'm intrigued as I've never heard of them and will be doing some digging about them as an organisation I think!