Brent Shrine Credit Unions and/versus Aldermore Bank

wildfirejc

Anyone out there know about the above two institutions? Their fixed rate bonds (1 to 3 years) look very enticing.
All FSCS protected and so on, according to their websites.
Then again, didn't London Capital & Finance also claim that their mini-bonds were FSCS protected?

Now quaking in my boots.

Is there a website where potential investors can go to and put in the investment to see if they are indeed covered by FCA or FSCS? Seems like there is a difference between the Institution having FSCS protection and then within the same organisation, there could be investments or bonds not covered by FSCS protection.

So confusing! HELP.

Prism

I use Aldermore for my business savings accounts. Quite a basic website but works well enough.

You can check this (MSE) website for fixed savers first. Also the FCA register here https://register.fca.org.uk/

I agree it can be confusing as the scammers use very similar names to the legitimate banks

Malthusian

wildfirejc wrote: »

Then again, didn't London Capital & Finance also claim that their mini-bonds were FSCS protected?

Nope.

Aldermore is a fairly significant bank. Haven't heard of the credit union (which isn't surprising as they're obscure by nature), but as Prism said, you can check the FCA register to make sure they're on there and authorised to take deposits.

One thing to bear in mind is that credit unions go bust far more frequently than mainstream banks. This isn't a risk as such as you would be (presumably) protected by the FSCS who would return your money fairly quickly, but there is a small chance the bond might not run the term.

Alexland

I believe Brent Shrine were renamed My Community Bank who are FCA registered and their website describes their savings products as FSCS protected. The rates are fairly attractive but not quite market leading. Personally I would rather have my money with someone more established like Coventry BS even if it means a slightly lower rate.

Alex

GiddyInvestor

I have used Aldermore for a couple of years. No problems whatsoever,

quirkydeptless

I've used Aldermore for nearly 8 years for various fixed rate savings.

Had no problems.

Recently I also opened a 1-Year fixed rate saving with Aldermore via Hargreaves Lansdown Active savings when it was at 2.1%, so if HL are willing to use them, that seems safe enough for me :money:

wildfirejc

By the way, if anyone is interested, Quidco and Topcashback gives £15 if you open an Aldermore Bank Account for the first time. For business accounts, they give £30