Private Banks

Tigerwinn

Has anyone heard of Raphaels Bank? I saw them mentioned in the Sunday Times Money section under fixed rate bonds. I looked them up on the the internet and they are shown as a private bank. I tried to ring but no-one answered the phone.
Also, when comparing rates of various savings vehicles in the money section across several newspapers I see different banks, building societies etc mentioned for what appears to be the same headings. It could be that I am misinterpreting the data but e.g. under fixed rate bonds; in the Saturday Guardian it shows the Coventry BS, Heritable Bank and the Halifax under fixed rate bonds but in the Sunday Times it shows Raphaels Bank, Akbank and the Halifax. Why would they be different if both newspapers are showing the best accounts?

nrsql

Probably different requirements for inclusion.

Tigerwinn

Thanks nrsql. Any idea what the diffrent requirements might be? In the Sunday Times Raphaels Bank is shown with an fixed interest rate of 6.05% for a 3 year bond while the Guardian shows the best 3 year fixed rate as 5.61% for the Heritable bank. I have always assumed that the papers would show the institutions with the best i.e. highest rate.

Stonk

These private banks typically don't advertise or issue press releases, and therefore do not appear in the "best buy" tables. They go on word-of-mouth recommendations, handle a relatively small number of accounts, and would almost certainly not be able to cope well with the applications that would flood in if a national newspaper put them at the top of a table.

So - keep quiet about them!

Tigerwinn

Thanks Stonk. Are they regulated in the same way as local high street banks?

Market_Oracle

wonder if the bank managers called Bunny,

looks nice, the banks been around for a long,long time over 200 years.

jamesd

If you continue to have trouble or just want a higher interest rate, Ruffler Bank offers a 3 year term deposit paying 6.12%.

The FSA regulations applying to these banks, particularly the depositor protection, are the same as for other banks.

Tigerwinn

Thanks jamessd and everyone else for your replies. I am trying to find the best rates and find that there is so much information (just looking at this board and following up on linked sites) it makes my head ache.

wlcnetwork

Many years ago I had a Providian credit card which then became Monument and was then taken over by Barclays. It remained known as Monument and I received a letter from Monument today advising they, Barclays Bank, had sold Monument to Raphaels Bank.

Tigerwinn wrote: »

Thanks jamessd and everyone else for your replies. I am trying to find the best rates and find that there is so much information (just looking at this board and following up on linked sites) it makes my head ache.

LardyCake

Off the top of my head, London Scottish Bank do a 3 year fixed rate bond at 6.28% http://www.high-interest-bond.com/

but is is best to look at a site like moneysupermarket to find the current best rates (use the link near the bottom of THIS
page and you will help the moneysaving expert site when you click on it)

D1zzy

Rafaels now have a 1yr fix @ 3.75%