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are fixed rate bonds covered by FSCS?
chihiro
Posts: 40 Forumite
Do you know if if fixed rate bonds have the same compensation rights under the Financial Services Compensation Scheme (FSCS) as the basic savings accounts?
Thanks
Thanks
0
Comments
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If it's a term deposit type account, yes. Such as 4.05% for 2 years with BM or 3.60% for 1 year with AA.
If it's a slighlty more exotic "bond" then it depends.
Did you have a particular account in mind?0 -
Bond is a very misused term. So, make sure you are using it in the right context.
What used to be known as fixed term deposits are frequently called bonds nowadays. If that is what you are referring to then yes they are covered under the deposit element of the FSCS. Other types of bond may be covered under the investment element of the FSCS but some may not be.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
i am asking about that :
1 Year Fixed Rate Bond
http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&c=Page&canal=CABBEYCOM&cid=1237851403777&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateW2
and
1 year fix rate bond here
http://www.nationwide.co.uk/savings/fixed_term/fixedratebonds/introduction.htm0 -
i am asking about that :
1 Year Fixed Rate Bond
http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&c=Page&canal=CABBEYCOM&cid=1237851403777&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateW2
and
1 year fix rate bond here
http://www.nationwide.co.uk/savings/fixed_term/fixedratebonds/introduction.htm
This one paying more interest might be better for you though.
http://www.theaa.com/savings/fixed-rate-savings-accounts-products.html0 -
chihiro - As o4u has suggested there are better rates for a 1 year fix (Shawbrook Bank & The AA) than the ones you have listed.
Maybe you are already a customer with the ones you have listed in which case OK it will be easier for you as an existing customer but the rates for the two that you have listed are nothing special.
I don't see the point in locking up the money for 12 months (without access to it) in those when you can achieve similar rates from easy access savings accounts from the same providers:
http://www.santander-products.co.uk/savings/esaver/index-03.html?urlgen=y&exp=30&cm_mmc=sanmsupm-_-sup-_-ec0000000000008esaver-_-mse
http://www.nationwide.co.uk/savings/mysaveonlineplus/landing-page.asp?cmpid=Aggregators_80
Just thought I would point that out. But ultimately its your money, and if you are happy locking your money away for 12 months at them rates then thats all that matters.Never let the perfume of the premium overpower the odour of the risk0
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