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BLME, would you use them?

joe06
joe06 Posts: 80 Forumite
edited 30 September 2012 at 9:40AM in Savings & investments
Their 2 year Anticipated profit rates are up t0 4.05% (50k+) which is significantly better than the competition.

Anticipated doesn't sound great, but it sounds like if they didn't perform then you could move your money somewhere else?

Does anyone have any experience of BLME?
I'm guessing that the deposit is guaranteed?
if at any time the Bank reasonably believes in respect of a Deposit that the
Depositor’s Profit may be materially lower than the Expected Depositor’s Profit,
the Bank shall notify the Depositor of such fact and request the Depositor to
confirm within five Business Days whether he wishes to continue with the Deposit
or requires that the Deposit is terminated early. If the Depositor requests that the
Deposit is terminated the Bank shall as soon as reasonably practicable after such
notice terminate the affected Deposit and the Depositor shall thereupon become
entitled to repayment of the Maturity Proceeds at such time which includes BLME Premier Deposit Account Terms Version: February 2012 v1 5
accrued profit. If the Depositor does not respond within the five Business Days
the Depositor shall be deemed to have confirmed that the Deposit continues in
full force and effect until the Maturity Date.

Comments

  • Reaper
    Reaper Posts: 7,322 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    I haven't used them but yes, they are covered by the FSCS so your initial deposit is protected up to £85,000 the same as conventional savings accounts. It is only the interest which cannot be guaranteed in order to make it Sharia compliant.
  • joe06
    joe06 Posts: 80 Forumite
    Thanks for the reply, that is what I thought.

    Does anyone have any experience of them?

    Joe
  • im about to open a 5 year bond with them, found the staff very helpfull, however they have misspelt my wifes name so i need to sort that out today

    have you opened yet
This discussion has been closed.
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