Bank of Baroda 1yr bond, is it safe?

Betty10

I applied for the 1 year bond offering 3.15% interest and have successfully opened an account on line. I have been instructed to send a cheque for £50,000.00 to Baroda Max cheques. I have not yet done this as I wasn't sure of the safety of this. Any help would be appreciated. I would feel happier writing the cheque to myself

DaveG247

This may be of help https://forums.moneysavingexpert.com/discussion/2588787

KingL

Baroda Max is the name of the product and many savings institutions have a central account for all customers to make deposits into, so making a cheque payable to Baroda Max cheques isn't particularly out of the ordinary.

Unless user Absurdity comes round with his direct experience, you'll just have to go with your gut feel, but it seems unlikely that the amassed might of MSE and MoneySupermarket are going to funnel you into a scam .....

Mikeyorks

Betty10 wrote: »

I would feel happier writing the cheque to myself

Do that then ....... but follow the required convention from a couple of years ago :-

ChequeandCreditClearingCo wrote:

If you are making a cheque payable to a bank, or to a credit card company to pay off your credit card bill, you must ensure that you provide sufficient details about the payee. Enter the full details for the account holder in the payee line, for example XYZ bank, re J Jones, account number xxx.

So, the payee line reads "Baroda Max (re Betty10) "