Agribank 5 yr Fix

bagofbones

Any idea why this is not listed as a best buy?

5yr 3.05% covered by Malta equivalent of FSCS up to £100,00 Euros.

I'm still hesitant to take 3.05% for 5 years when you can get around 2% for a 1 year fix but I would have though it rated a mention

alanq

All the MSE best buys are covered by FSCS.

Perhaps not a good idea to rely on a guarantee from an EU member during these uncertain times?

Malthusian

alanq wrote: »

Perhaps not a good idea to rely on a guarantee from an EU member during these uncertain times?

Why would Malta withdraw protection from UK investors that they also offer to Brazilian and Australian investors?

The more relevant risk is that the Maltese compensation scheme does an Icesave and runs out of money.

DrSyn

As you can see from the FCA website this bank is covered by another country scheme and not the FSCS.

https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000000NMkRIAA1

Considering all the Brexit trouble, not the best time to send money to Malta I think.

Malta is a small country and economy. If something went wrong, you would have contact them. Who would they think of first,themselves, their population or you?

Remember the Iceland and Cyprus banking troubles. Not worth the risk in my opinion. As you say you can get 2% for one year here.

Dazed_and_confused

Oddly they seem to have a 3 year fix which, according to Savings Champion website, is a better rate than the best 4 year fix.

2.64% for 3 years is maybe an option for anyone concerned about a 5 year fix.

Dazed_and_confused

I should add I know nothing about Agribank other than seeing them on Savings Champion earlier today and then spotting this thread.

solartom

have a look at this thread from a few years ago

https://forums.moneysavingexpert.com/discussion/5164712/malta-depositor-compensation-scheme&highlight=agri+bank

DrSyn

This one is also interesting, even though it is 6 years old:

https://www.theguardian.com/money/blog/2013/apr/06/banking-loophole-malta

Clive_Woody

bagofbones wrote: »

5yr 3.05% covered by Malta equivalent of FSCS up to £100,00 Euros.

Not sure if that is a typo. Are you covered up to £100/100EUR or should that be £100,000?

londoninvestor

It'll be EUR 100k as per the EU Deposit Protection Directive.

colsten

Malthusian wrote: »

Why would Malta withdraw protection from UK investors that they also offer to Brazilian and Australian investors?

The more relevant risk is that the Maltese compensation scheme does an Icesave and runs out of money.

Malta was one of the countries where savers who had deposited over the protection limit got a haircut. Malta is also a country where bookies get away with robbing their customers of tens of thousands, with the full blessing of the Maltese Finance Minister, who is supposed to be their regulator. I wouldn't put it past them if they changed the rules for foreign depositors in mid-flight if a bank gets into financial difficulties. Just like Iceland did, with Icesave. Albeit we all did get our Icesave money back, courtesy of the UK Treasury. I remember the anguish all too well, and wouldn't touch a non-FSCS account ever again.