BLME - any experiences?

Mikey100

Hi all, I have a chunk of money which is currently doing very little in various low rate savings accounts. I want to put it in 1 longish term bond. I noticed that BLME are offering near enough 5% (4.9) on over deposits over 50k.

There are very few reviews out there, does anyone have any experience of them - positive or negative?

Thanks
Jim

innovate

It's 4.9% projected AER for over 100K if you commit to 5 years, and it's not guaranteed interest (only "anticipated profit").

As a Sharia’a bank we do not guarantee the profit rate on our accounts. However BLME offers this account with the aim of reaching the profit rate offered. We promise to monitor the performance of your account each day. In the unlikely event that your deposit is not producing the quoted profit rate we will contact you to ask if you wish to terminate the agreement or if you would like to continue. If you choose to terminate the agreement we will return the original investment amount in full plus the profit that you have earned up to that point

Doesn't say you actually get the "quoted profit rate" if you choose the terminate upon receipt of their notice that the expected profit won't be reached. Bit of a gamble, if you ask me.

Personally, I would never put more than £85K (allowing for interest payments) into the same institution. Also not sure I would commit to BLME (or any other outfit) for 5 years for 4.9%.

Worth looking at the likes of Punjab National Bank or State Bank of India for alternatives that guarantee interest and have lower minimum deposit requirements.

NewbieAugust2012

I have been looking for somewhere to put my savings until I buy somewhere next year. Came here to see if there were any reviews as BLME is an option. They are FSCS covered and there was an article in the telegraph recentlywhere they say they have always paid the profit rate. But i waswondering if anyone had actually put their savings with them?