8.05% Rolling Account One Year Notice from Friends Mutual

donkingkong

http://www.friends-mutual.com/en/show-all-current-rates/

8.05% if you deposit £100k+ on a rolling 1 year notice period. NZ based so no UK deposit protection but insurance with Lloyd's covering deposits up to £500k.

Who are these guys? And what are the tax implication?

sabretoothtigger

Strange setup, they actual keep your money in sterling so no currency risk ?

I live in New Zealand – can I open an account and make a deposit?
For the time being, Friends Mutual can only take deposits from clients living outside New Zealand. However, watch this space!

ViksB

http://www.interest.co.nz/news/61839/largely-unregulated-auckland-headquartered-city-savings-bank-formerly-bank-small-b-change

Seems too good to be true

Jonbvn

This seems too good to be true. How can they make any money on the rates they are offering?

Has anybody opened an account with them?

mjtaylor76

I'm seriously considering this for £60,000 , best I can find is 2.35% Any suggestions? Is it risky? Is it legit?

Any other good ideas?

Cheers!

G_M

If it seems too good to be true, it usually is.

Clearly no link with any similarly named UK company, though doubtless they are happy for punters to make that connection.....

You want to risk your £60K? Let us know when the interest credit is paid, when you make a successful withdrawal, and .. if/when your balance suddenly vanishes!

innovate

donkingkong wrote: »

8.05%

The last outfit who offered around 8% for savings was Icesave (RIP).

innovate

Jonbvn wrote: »

How can they make any money on the rates they are offering?

From gullable, or greedy, people who fall for any old trick.

Proper NZ banks don't pay more than about half of what these jokers offer. Granted, the proper boys aren't offshore, but 8% is just unrealistic
http://www.interest.co.nz/saving/term-deposits-1-to-5-years

headcone

innovate wrote: »

The last outfit who offered around 8% for savings was Icesave (RIP).

LLoyds TSB did a two year max deposit £250 a month at 8% at around the sametime.

Makes me sad just thinking about it.:(

innovate

Actually, there is of course still the FD Reg Saver @ 8%....but they are taking max £3.6 from people, spread over 12 months....not £100K minimum!

2sides2everystory

Ask to see the so-called Lloyd's insurance policy complete with the marks of the exact Lloyd's Syndicates involved. I bet you'll never see it.