Punjab National Bank

stevebrizzle

Hi all

I will have some money to invest soon so I'm regularly checking the top one-year fixed rate bonds page on this website, as well as other sites, to try to get the best rate. I notice on money.co.uk that Punjab National Bank have got a great rate at the mo - 2.9% gross - but I'm a bit worried by the fact that it doesn't appear on the MSE list. Is there a reason for this? Aren't they a reputable bank?

I've read their Wikipedia entry and the bank's own website and it seems reputable, plus they say they have the full £85k FSCS protection. Can anyone allay my concerns?

Thanks
Steve

innovate

Always good to search the forum for such questions. There's a good chance somebody else already asked before.

https://www.google.co.uk/search?as_q=&as_epq=punjab&as_oq=&as_eq=&as_nlo=&as_nhi=&lr=&cr=&as_qdr=all&as_sitesearch=forums.moneysavingexpert.com&as_occt=any&safe=images&tbs=&as_filetype=&as_rights=

MSE isn't a comparison site, btw, and therefore you shouldn't expect a complete list of available offers.

SallySunshine

G.E. Capital direct also wasn't on this list, they were doing a good deal at 2.9% for 18months.

They also gave 30 days to deposit your funds which was quite impressive.

Ironically they opened my account on the day I applied, when my maturing bond wasn't actually ready, so the 30 days grace period was actually very handy.

I applied to open a P.O. account at the beginning of December, still waiting to hear from them:eek:
I'd been looking at the Punjabi Bank as well, just check the interest/time frame. They do state that rates can change at the beginning of each month.
I'll be watching them over the next couple of months as my other fixed bonds/deposits mature.

stevebrizzle, I think you need to check Punjab rates again!!!

marathon_man_3

^^
Goodness knows where you can find any "decent" rates these days.

As regards Punjab, I am currently with them on a 1-year deposit. Although you have to print the application forms off, complete and send them in with your cheque, I have found them to be most efficient. To receive a monthly statement in the post from them was unexpected and is very unusual these days.

Sstripey

I was lucky - I think - to get a 5 year fix with them at the end of November at 4.5%, as it then fell to 3.9 from December 1st, so the latest drop to 3.05 over 5 years from yesterday is pretty big!

I've found them very thorough and helpful to deal with, and am of course reassured by the FSCS backing. It's worth also checking out the State Bank of India and the Bank of Baroda (make sure you read the right section on their website - UK 5-year fix is 4.04%, rather than than the wonderfully astronomic rates available if your cash is in rupees!).