Is the Shawbrook 1 Year Fixed Rate Bond Issue 8 savings account FSA guaranteed?

gerardflanagan

I signed up to this account last week on the recommendation of MSE savings. MSE said the account was covered for £85k by the FSA. However, reading the Shawbrook small print, it doesn't explicitly state that it is covered.

Can anyone confirm if this account (now withdrawn) is covered or not?

Thanks.

redbuzzard

Shawbrook is a proper UK bank so ok. Owned/backed IIRC BY RBS private equity.

Having said that if it is literally a bond, then it wouldn't be. But I suspect it's a savings account that's just called a bond, so covered anyway. If you need to be certain, ask them.

It's a traditional type bank in operation. They take deposits, and lend money out, so no scary exposure to wholesale borrowing rollovers.

Personally I wouldn't be worried but ask them if you are.

grizzly1911

https://www.shawbrook.co.uk/sites/default/files/1YearFixedRateBondIssue9.pdf

The fact sheet says it is a member of the FSCS and regulated by the FSA.

Last two bullets under "Points to Note"