The "Bank of Dave" 5% Savings Interest? .. or not (What is this?)

rb10

IronWolf wrote: »

There are banks around just for high net worth people, but they dont offer good interest rates because they're usually far more cautious with the money, hence why rich people with a lot of cash choose to go with them over regular banks.

Unsecured lending ... however careful they are with who they lend to, it'll be a riskier form of lending than, say, mortgages.

competitionscafe

atypical wrote: »

I don't think many scammers broadcast their scam/face on national television.

They do in the US!

Uncertain

This concept is nothing new.

A few months back somebody drew my attention to....

http://uk.zopa.com/ZopaWeb/

I have no connection and have had no dealings but I think they have been around for some time.

I've just noticed their example page uses a borrower and lender both called Dave.

I've no reason to suspect any connection but it does seem a coincidence!

adindas

For 5% it is not worthy at all, where you could still find RSA for about 4%. I might do that it it were 10%

RetiredInThailand wrote: »

If it looks like a scam and smells like a scam, it's probably a scam.

Am I right, Dave?

jamesd

No mystery how the place makes money. Pays savers 5%, charges borrowers 8.9% flat, which is 17.4% APR because you're charged on the full loan amount for the full term, instead of on the declining balance.

chaotic_j

Thank you all for your insightful comments. It will be interesting to see the programme and I thought as much regarding this outfit.

As expressed by Biggles and westy22 it sounds like a risky venture for 5%.. coincidentally I am already in receipt of 5% on (some) of my savings.. so it is not completely unattainable..

Thanks again.

ffacoffipawb

atypical wrote: »

I don't think many scammers broadcast their scam/face on national television.

Sure about that?

thenudeone

atypical wrote: »

I don't think many scammers broadcast their scam/face on national television.

So Bernard Madoff, for example, never appeared in public?

What about Robert Maxwell?

Yeah. Right.

thenudeone

There are plenty of much safer alternatives to traditional plc banks out there. With FSCS protection.

have a look here: http://www.!!!!!!.uk/

Biggles

thesuperfish wrote: »

Whilst I agree that it looks a little strange that David Fishwicks' companies aren't posting any accounts, I'm sure Channel 4 would have done some checks on him to make sure everything is kosher.

Yes, of course, we realise they're less interested in making a programme that will get people to watch their dreadful adverts than they are in due diligence and financial propriety. It's their job, after all.