Credit Suisse 6 year protected capital

davidtgordon

Hi, Their dedicated help line number on the letter is 0800 977 4402. I have read elsewhere that the number might also be 0800 052 0044. Good luck. I am trying to find comparable fixed term rates in 2010 to make a case for higher compensation. Any info?

dub_jones

Simple question.

Would i be better keeping my money in the account or taking it out and getting the compensation?

I invested 5k and have been offered about 400 quid compensation

bowlhead99

dub_jones wrote: »

Simple question.

Would i be better keeping my money in the account or taking it out and getting the compensation?

I invested 5k and have been offered about 400 quid compensation

Yes it sounds like a simple question but we're not qualified to answer it for you. Do you want to take the money for a guaranteed amount now or do you want to keep the money in the account to see what it turns into on maturity, knowing what range of returns you might get? If you took the money, what would you do with it? These are all things that you know and we don't.

Gerry25

That Birmingham Midshires account would have provided a better deal as long as it was tax-free. Anyone know if it was an ISA or otherwise offering tax-free interest?

sixtyplus

I have the same problem. 2 accounts for grandchildren from their G Grandfather's inheritance, both over £5000 taken out in 2011.
Have been offered to close when each child will receive approx £800.00 each on top of original investment, or continue to end of 6 years and gain - what?
Just don't know what to do and any help would be greatly appreciated.

newbie2013

doug-no-less wrote: »

In 2011 I invested £6000 for each of my children (2 boys) in the above plan at a local building society.
I received a letter today saying that the FCA has fined Credit Suisse for producing unclear marketing material.
In a nutshell the plan guarantees the capital and a minimum return of 3.19% and a maximum of 8.14%. They have been fined because likelihood of the plan ever reaching the maximum is practically zero and this was not stressed enough in the literature. Here are my three options:
1 I am being offered an immediate cancelation, the initial sum/s returned and an AER of 3.85% 'compensation'.

2 Or I can make a complaint based on a supposed loss I have made by not investing in something else.

3 keep it running until maturity.


The first option in one way seems okay the letter states that I will receive a minimum of £1409.85 plus original investment. However I am annoyed by the term 'compensation' as it barely seems to be this and might be better described as 'due'.

Option two seems closer to the true case. I find it hard to recall what rates were offered elsewhere but am fairly confident the percentage rate started with a 4 for some of them and all were a shorter period. Finding historical investment plans on the internet is harder than I envisaged.

Option three? It's strangely difficult for me to contemplate. Having received a letter which in a way dams the investment and not being particularly financially savvy I want to run from it screaming with my I arms waving. But in the letter the investment which has a total of 12 observation dates (bi-annually) has had 5 so far as follows:
5.00%
-2.59%
5.00%
0.82%
5.00%
Giving the sum gain as 13.23 (5.10% AER)
Which-leaves me clueless due to the aforementioned lack of financial savvy. (Though even I can see that it is more than the 3.85% offered).
Appreciate any thoughts from the more investment enlightened.
£12000 is a huge sum of money in this household.
This is money for my kids one of whom is severely disabled and thus very important to his/their future.

Hi, did you get anywhere with this? I just received a similar letter, and they said I had to show or prove there were better rates around - How am I supposed to do that when products no longer exist?!
It was 2009 when I took out this product...

Porcupine

Here's the BM savings rates captured on 19 October 2010 courtesy of the Internet Archive Wayback Machine.

You could also use the Wayback Machine to look at other providers websites. For instance, look at the archive of MSE weekly emails, which goes back to 2005. Then put the provider's website into the Wayback Machine and see if you can find the page about the deal. You'll probably need to type the provider's address directly (eg https://www.bmsavings.co.uk) and navigate from there, rather than paste in the MSE link because the link with the MSE kickback probably won't be archived. You could also use the Wayback Machine on the MSE top savings page.

A lower tech solution is to look at back issues of newspapers' 'best buy' tables in your local library.