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

Money_Grabber13579

Biggles wrote: »

To me, his motives aren't the issue. My point was that 5% is a very poor return for a risky investment.

I don't see it as being that much more risky... he has personally guaranteed to pay back every deposit made, so unless he goes bust himself, and takes his minibus empire with him, then your savings are safe.

I know it's not the same as an FSCS guarantee, but what bank is offering even close to 5% for short term savings? I know they might be getting close with long term, but correct me if I'm wrong, I don't think there is an obligation to save long term here.

VoucherMan

Money_Grabber13579 wrote: »

I don't think there is an obligation to save long term here.

Not for small amounts. Over £1000 requires 12 months notice.

The biggest problem, unless a lot more people start borrowing is likely to remain the waiting list for 'saving'.

grey_gym_sock

plenty of businessmen go bankrupt. does dave provide any disclosure of his personal finances (i.e. similar to what company accounts disclose about companies)?

what happens to dave's guarantee if he dies? sorry if this question seems in poor taste, but i think it's foolish to try to base financial security on a single person. (but entirely typical of television.)

the details posted above say that it's between 30 days' and 12 months' notice to get your money back.

sabretoothtigger

If its a bank isnt it covered by fscs making it a bit of a nobrainer, for locals anyway


Back in the day, a local BS often had great interest rates. Often it closed new accounts not long after as they can only use so much money.

Now I doubt he can make money unless he is subject to the same cheap money given to the mega banks at 0.5%

grey_gym_sock

it isn't a bank, and it isn't covered by FSCS.

sabretoothtigger

I thought that was the whole point, a bit deceptive to call it bank of dave.

MoneySaverLog

sabretoothtigger wrote: »

I thought that was the whole point, a bit deceptive to call it bank of dave.

I thought it was "Bank on Dave" to get round not having a banking license.

sabretoothtigger

sounds very like the Machiavellian small print of big banks to me

Biggles

sabretoothtigger wrote: »

I thought that was the whole point, a bit deceptive to call it bank of dave.

That was his original scheme but he had to back down from that.

Kimble-Wetherby

Just to ask all you 'doubting thomas's" out there think again about The Bank Of Dave. I own a very small business. I am over 6 months late posting my accounts to Companies House. Last Friday, without any warning, they froze my bank account. I hadn't got enough money for a loaf of bread. I now have to deal with the Treasury Department (really, me, haven't they got bigger fish to fry!!), and companies house. Once I have completed a 8 week period of completely being cut off from my bank account and funds - I cannot pay in customers cheques, take payments electronically, or draw out any money - then my funds are released back to me less a huge fine. (Charged at the same rate to me as the head of ICI if he was late with his accounts - where is the fairness in that?) Me & my hubbie hadn't got a crumb. It was the most stressful weekend of my life. On the Monday I drove to Burnley from Yorkshire and found Dave Fishwick. Believe me, this guy is the real deal. He is weighed down with the responsibility of what he has started. He is overcome by all the applications from people like myself who just need a helping hand for a short period and ordinary people trying to pay their gas bill. He cannot lend any more as the FSA are trying to shut him down and possibly take him to court. The guy spent 45 minutes with me late after work trying to come up with ways around my situation. I need access to my funds to keep my business afloat, pay for supplies and equipment to fit in customers homes and EAT !!! This man is an angel. He is helping me both with advice and help. If the FSA think he is lending one penny to anyone they will have him. Yet Fred the Shred still lives a life of luxury. Please support this man and his ideas to change banking for the better, and for the good of the people. I have looked into his eyes and he is 100% genuine. He is a one off hero taking on the government and the banking fat cats and their bonuses. I faxed the head of Goldman Sacs and Mr 'Bonus' Hester from RBS asking for help. I didn't even get a reply. Dave Fishwick is a national treasure. Please don't be cynical. This is one man against the might and power of the banks. Please support him as you will be supporting us all really. The ordinary person or business owner needs help. Dave Fishwick is our only answer.