Ruffler Bank savings

Limes

They have £46.5m worth of loans to customers in the form of Hire purchase agreements, finance leases and mainly niche markets and property loans. Again they probably wouldn't have publicised much given their restriced size. Given the chairman's background in the leisure and coin-operated amusement industry I wouldn't be surprised if much of this loan business might have been directed that way rather than retail customers!!! Pure speculation on my part.

baldbloke_2

Of course if a business such as Rufflerbank did want to generate a little extra interest in its business without being overwhelmed and without incurring advertising costs then being discussed in a thread on a moneysaving forum would be as good a way of going about things as any other ...

Just a thought. I'm sure it never happens.

Bhamstudent

Evening All

After reading all of the above, has anyone come to a conclusion about whether Ruffler area good bet for savings?

Personally I think that they seem above board, they're mentioned in a few places when you google them, and surely they're as much of a risk as ICICIfor example who hadn't been heard of when they launched, yet alot of people put money in.

Has anyone applied and receive anything yet from them? Any good experiences out there?

Steve_xx

The Ruffler Bank, or ICICI Bank should be as safe a place as any other UK bank for your money, as far as I can see. Both of these banks are members of the Financial Services Compensation Scheme. If the bank/s went bust then 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. This is the same as for any other UK bank. If any UK bank collapsed then amount deposited in excess of £35k would be lost.

jackthelad_2

Has anyone since used this Bank, any experiences good or bad?

Kazza242

jackthelad wrote:

Has anyone since used this Bank, any experiences good or bad?

See jasonc's comments - post 14 in this thread.

djblamire

Anyone else tried this bank ?

Thanks
Daniel

richgirl

Ive just taken a look at the fixed bond application form.

What kind of bank is it, when they don't even have a section for the amount being deposited ? !!!!

Seems like a very amatuer operation

gt94sss2

Bhamstudent wrote:

Personally I think that they seem above board, they're mentioned in a few places when you google them, and surely they're as much of a risk as ICICIfor example who hadn't been heard of when they launched, yet alot of people put money in.

I am going to give Ruffler Bank's ISA a miss - if only because the bank is so small and is likely to be overwhelmed by people trying to join.

However, I would disagree with your statement above. While both Ruffler and ICICI are part of the Financial Services Compensation Scheme which provides some security, many more people would have heard of ICICI - especially if they come from/have family or have visited India - as ICICI is the 2nd largest bank in India and the 3rd largest company on the Indian Stock Exchange.

Hence, if anything was to happen (very unlikely) to ICICI in the UK, its parent would bail them out - if anything bad was to happen to Ruffler you would be relying on the FSCS alone (or whoever the BoE persuded to 'take over' the bank)

Regards
Sunil

Paul_Herring

gt94sss2 wrote:

While both Ruffler and ICICI are part of the Financial Services Compensation Scheme which provides some security, many more people would have heard of ICICI - especially if they come from/have family or have visited India - as ICICI is the 2nd largest bank in India and the 3rd largest company on the Indian Stock Exchange.

How strange. I hadn't heard of ICICI until I'd seen them mentioned on here. And it wasn't until a while later that the connection with the Indian bank was made.

Hence, if anything was to happen (very unlikely) to ICICI in the UK, its parent would bail them out

You think so? Are they actually under any obligation to? If all of a sudden the UK arm of ICICI went !!!!-up, would ICICI 'international' have a legal obligation to bail them out (I'm deliberately ignoring any moral obligations they have.)