8% fixed rate 3 years? Is this real?

Dan83

Keep_pedalling wrote: »

3.3% is the annual interest rate.

Sorry, my bad.

I was going to transfer some money into my account, I'll leave it in tesco.

Jonbvn

Dan83 wrote: »

Sorry, my bad.

I was going to transfer some money into my account, I'll leave it in tesco.

Did you really think someone was offering c40%? :cool:

anoncol

Dan83 wrote: »

Wellesley & co are offering 3.3 - 3.35% (variable) on 30 day bonds with a max of £25000.

Example
1000 @ 3.3% = £33 X 12 = £396

I'm not math expert but I'm guessing that's about 39.6%.

The draw back is that it's peer to peer lending, i've had £5k in the company for quite a while and I've not lost money. That doesn't mean I won't or anyone else won't.

How on earth did you get 39.6%? Your own method uses 3.3%.......

YorkshireBoy

anoncol wrote: »

How on earth did you get 39.6%? Your own method uses 3.3%.......

Total return/sum invested, ie 396 / 1000 x 100

warwicktiger

see above posts, he thought he was being offered 3.3% per MONTH!

Pincher

colsten wrote: »

Yeah, brilliant idea to buy shares in a company that might have to pay out hundreds of millions in fines. And to pin your hopes on an industry whose product price keeps collapsing.

http://www.aljazeera.com/news/2015/12/dutch-court-shell-liable-nigeria-spills-151218120516428.html

You know perfectly well it was a relative comparison, assuming 8% is the aim.

Dawn_flower

Oh dear, I have just signed up for the 3 yr bond investing £25k. But I Have not yet transferred any money in. Am I doomed or can I get out of it?

Ifts

Dawn_flower wrote: »

But I Have not yet transferred any money in. Am I doomed or can I get out of it?

No you are not doomed, just don't transfer any money to them.

So what if you signed up for it - you are allowed to change your mind which is what you did after looking into this a little more and seeing this from their FAQs page

From their FAQs page:

Am I covered under the financial service compensation scheme?

No, this product is an unregulated investment and is not covered under the FSCS, we suggest you always seek independent advice from a regulated adviser before investing.

jimjames

Dawn_flower wrote: »

Oh dear, I have just signed up for the 3 yr bond investing £25k. But I Have not yet transferred any money in. Am I doomed or can I get out of it?

Lucky escape. Definitely don't transfer any money to them unless you're happy to lose 100%.

As a suggestion, next time it would be a good to do the Google search before you sign up to avoid problems again.

Dawn_flower

Thank you so much, I thought I was going to lose all my retirement lump sum which I can never replace. They just telephoned me offering help to complete the transaction. I think I prefer a safe investment with less interest.