Some High Interest institutions not featured on this website?

Harrow_2

Hi, I have some money that I want to invest for a year in a fixed rate interest account. I notice that on MoneySavingExpert only two deals are available i.e. United National Bank (3.51% interest) and First Save (3.5%).

However after doing some research on the internet I have found two other alternatives: Alermore Bank (3.52%) and Yorkshire (3.50%). Both are also covered by the FSCS scheme upto £85,000.

My question is:

1. Why are these two not featured here on the MoneySavingExpert site?
2. Does this mean that they are not as safe as the first two?

I normally use this site extensively for research, savings and investment purposes as I trust that the data on this site is independent. So the fact that the latter two options are not featured at all here makes me uncomfortable that maybe they are not worthy of investment?

Thanks.

kidmugsy

About a year ago I noticed that a different site didn't mention excellent accounts at Yorkshire Bank and national counties bs. Hm.

opinions4u

It may simply be that these providers don't send an email to Martin Lewis saying "we've got a dead good account".

Reaper

They have missed deals in the past. However the account you have found only beats their best buy by 0.01%, so perhaps they didn't bother updating it.

As long as you are not depositing more than £85,000 your money is guaranteed so I wouldn't worry.

alanq

Yorkshire Bank 12-months term deposit rate is currently showing as 3%.
http://www.ybonline.co.uk/personal/savings/fixed-term-and-notice-accounts/term-deposit/term-deposit-personal-savings

Yorkshire Building Society's approximately 1 Year bond is 3.45%.

So where did you see 3.5% from "Yorkshire"? Were you looking at the 2-year bond from Yorkshire Bank?

Harrow_2

Thanks guys for a speedy response, the reason why I was a bit reluctant to invest in the two recommended places here are as follows. Apologies if this sounds racist or biased because its not that, its just based on some past bad experiences I have had:

- FirstSave - this is a Nigerian bank
- United National Bank - specialise in Islamic banking

Normally I just take the recommendations off this site and go with them but for my own personal reasons I was not comfortable with the above two. Apologies once again if this sounds bad. The Yorkshire deal was just downgraded this afternoon from 3.5% to 3.45%, I have saved a screenshot of their offer as of this morning.

As regards the government guarantee of investments up to £85,000 don't forget that if there is a sudden rush in claims, even the UK government will throw up its hands and take its time in actually honouring its obligations, because it is already billions of £'s in debt and there is no way it can suddenly pay out if a couple of large banks or institutions go belly up. It is all a confidence trick as far as I am concerned, as long as someone "reliable" guarantees something, everyone nods their heads in agreement and ignores the current trends in the market place where the whole of Europe including UK is so seriously in debt that there is a genuine chance of major defaults and bankrupt governments.

I thought Martin's excellent staff automatically did the research and included all and sundry in their recommendations here - just look at the thousands of articles already here so how come some of the other institutions have slipped their ever watchful eyes?

Cheers

SnowMan

The Aldermore 1 year rate increase happened today, so it's a bit unfair to criticise MSE for not updated the article yet don't you think?

https://www.emoneyfacts.co.uk/news/savings-news.aspx?newsarticleid=207698

The top savings account article says at the top it is updated daily, so by definition a new best buy rate might not be added for a day even if it is spotted.

If you spot a best buy rate best thing is to post it up on the forums or send a message to MSE. It will soon find it's way into the MSE article if they haven't alraedy spotted it themselves.