Fire Fighters Credit Union??

Rtype

I've recently stumbled across this site http://www.firesavers.org.uk/index.php, they seem to offer some very good rates for savers and I'd like to put some money in as the current savings rates are rubbish.

Being a Firefighter I'm eligible to join, but having never heard of this site in the 14yrs that I've been a in the job, I'm a bit unsure.

Can anybody tell me what checks I can do to make sure this is 100% legit??

Many thanks

labp04

Hi, Credit Unions are subject to FSA (or whatever it's called today) does the site say this? I would have thought the FBU (if that's still called that?) would also have some info. Just my two-penneth.

JohnRo

At a Glance:

• Open with a minimum balance of £1,000.

• Earn an enhanced dividend on your savings – pays at least 0.25% more than our Membership Account.

• Target dividend rate for 2012/2013 of 3.25%.

• Make one-off deposits or save regularly up to a maximum of £40,000.

• Savings are not attached to any loans so can be withdrawn at any time.

• 100% of your savings covered by the Financial Services Compensation Scheme.

• Withdrawals made directly to your nominated bank or building society account.

• Withdrawals transferred/processed within 2 to 5 working days.

• Online access to accounts.

jimjames

Rtype wrote: »

I've recently stumbled across this site http://www.firesavers.org.uk/index.php, they seem to offer some very good rates for savers and I'd like to put some money in as the current savings rates are rubbish.

Credit unions are legit so no worries there.

Not sure what savings rates you are looking at and how much you have but you can get up to 5% elsewhere for £2500 and 3%/4% on larger amounts.

McKneff

jimjames wrote: »

Credit unions are legit so no worries there.

Not sure what savings rates you are looking at and how much you have but you can get up to 5% elsewhere for £2500 and 3%/4% on larger amounts.

Id be interested in finding who gives those rates please.

Archi_Bald

JohnRo wrote: »

100% of your savings covered by the Financial Services Compensation Scheme.

That's a bit of a misleading statement by them since nothing above £85K (per person) is covered by the FSCS.

You got to wonder what else is misleading.

Archi_Bald

McKneff wrote: »

Id be interested in finding who gives those rates please.

As mentioned dozens of times over the last year or so: Nationwide, Yorkshire/Clydesdale Bank, BOS, TSB, Lloyds, Santander......

JohnRo

Archi_Bald wrote: »

That's a bit of a misleading statement by them since nothing above £85K (per person) is covered by the FSCS.

You got to wonder what else is misleading.

Maximum amount is £40K so they're not saying anything they shouldn't.

Archi_Bald

DOH! Missed that bit

jimjames

McKneff wrote: »

Id be interested in finding who gives those rates please.

Nationwide 5%
Santander 3%
Some others 4%

Not sure of details myself as I only have enough to fill the Nationwide one

Rtype

jimjames wrote: »

Nationwide 5%
Santander 3%
Some others 4%

Not sure of details myself as I only have enough to fill the Nationwide one

I have to say that I can't find any normal 'easy access' accounts paying this kind of interest.

Nationwide only offer it for 12 months and ONLY on balances up to £2500.
Santander has a monthly charge and a lot of stipulations that go with it.

The firefighters account seems to have no tie ins, instant access and no other stipulations.

I realise that it says its protected by whatever governing bodies on the site but any old website could say that, is there actually somewhere that I can physically check to see if this site is legit? Maybe with these governing bodies?