15%per annum fixed term savings rate

Cannon_Fodder

Until we know more about it, we can't say whether the FSA is a legal requirement.

There are schemes, which deliberately pay out in the first term, in order to create a "good reputation", then in the second/third term, when they have converted that reputation into a serious amount of money, suddenly they disappear...

Quite often with the first person's second, probably larger investment...
...plus other people's (your) first investments.

I can't think of any 10% deals, over 10 years...we'd all have them...

Hold on...it isn't an endowment is it? 10% could be one of the projection figures, and despite some poor reputations, lots of endowments have met their targets...

Until we know more, it's all guesswork.

tom188

There is no point discussing this further until we know what the product is or who the company is.

andymk

the company offers high interest fixed term savings, ranging from 1 year at 10%per annum,3 year at 11%, 5 year at 11.75%, 10 year at 12.5% and 15 year at 15%.
to offer such time different schemes as in 1 year to 15 year terms their reputation will be tested possibly on a monthly-weekly or daily basis with accounts maturing at different times. so to gain a bad reputation could stop them very quickly.

chesky369

Andy, if you can remember such details as the number of years and interest rates, can't you possibly try to remember the name of the company?

andymk

Yes it began with Z but to guess at it, that wouldn't get us any further sorry.
I understand people will want to know the name of the company to save but forgive me why is it so important to answer the question?

andymk

As soon as I can get hold of the name don't worry i will let you all know.

johnmoney05

Why not your thread amended as:-
"Can a company who is not a member of the FSA provide a 15% per annum interest on a fixed term account?"
And delete all other words.

RayWolfe

andymk wrote:

I understand people will want to know the name of the company to save but forgive me why is it so important to answer the question?

Because it sound fishy and you did ask the question!
Give us the facts, and you will get a fact based opinion.

andymk

My question was the company is not a member or authorised by th FSA!
Should they be?
Do they need to be?
i am not asking does this sound fishy

mroller

The answer was given above.

If the company is based in the UK and offering saving accounts to the public then it must be authorised by the FSA.

beside this, no one in his right mind is going to believe that there is a company offering 15% guaranteed on savings, so stop trolling this Forum please. People are much better informed these days, (thanks Martin).