Trying to remember name of a savings company

Jelli

A few weeks ago I was searching for fixed rate bonds on the internet and came across a company offering 3.9% or 3.8% and it was connected to BT in some way, and now I can't seem to find the company again. It was FSCS protected and the minimum you had to save was £50,000.

Any ideas?

eskbanker

Sounds exactly like the scam in this thread, about which the concerns highlighted when the thread was started seem to have been confirmed more recently by a poor punter who was suckered in with a hefty wedge:

https://forums.moneysavingexpert.com/discussion/5973715/investment-bonds-paying-3-924-or-5-4

Please say you're not still chasing suspiciously high rates after your experiences with London Capital & Finance?

Just to spell it out:

AVOID!

Jelli

Wow, I think that's it.

I'm not chasing suspiciously high rates as the rates were only 3.9% with FSCS protection, and linked to British Telecom. But as you say, seems like a scam.

Seems everything in this world is either fake or a lie. Maybe Sainsbury's supermarket is really a front for their real operation of enriching uranium.

AnotherJoe

Jelli wrote: »

Wow, I think that's it.

I'm not chasing suspiciously high rates as the rates were only 3.9% with FSCS protection, and linked to British Telecom. But as you say, seems like a scam.

Seems everything in this world is either fake or a lie. Maybe Sainsbury's supermarket is really a front for their real operation of enriching uranium.

Sorry but you are, when 2.5% or so is the best you can get for a five year fixed rate.

Zanderman

Jelli wrote: »

I'm not chasing suspiciously high rates as the rates were only 3.9% with FSCS protection, and linked to British Telecom.

"3.9% with FSCS protection" IS suspiciously high. So much so that either the rate or the claim of FSCS protection must be untrue. Or both.

"Linked to BT" is also suspicious (since when did BT offer investments?).

You need to become much more suspicious!! .

greenglide

(since when did BT offer investments?).

Unfortunately things aren't as simple these days though. Ford, for instance, do, run savings products which does tend to muddy the waters.

Zanderman

greenglide wrote: »

Unfortunately things aren't as simple these days though. Ford, for instance, do, run savings products which does tend to muddy the waters.

Only very slightly. And Ford Money is easily researched and easily verifiable. BT investments? Not the case.

Malthusian

Zanderman wrote: »

"Linked to BT" is also suspicious (since when did BT offer investments?).

Since at least 1999 when the bond that the clone-scammers are pretending to offer was issued. They probably had earlier ones.

The scam is targeting investors who will Google the ISIN code that the scammers provide, find that the bond exists, and hand money over, happy that they've "done their research" and also it isn't too good to be true because it's only paying 3.9%-odd. And the OP was about to walk straight into it.

OP - for Christ's sake see a regulated independent financial adviser before you succeed in losing all your money again. Are you aware of Einstein's definition of insanity?

AnotherJoe

OMG, OP bought into LC&F


I agree, whatever they pay an iFA will be peanuts compared to the scams they seem to be susceptible to.

DrSyn

Using some common sense still seems the best first line in self defence against scams, unfortunately it looks like it is becoming uncommon sense!

Basic 1st Line self defence guide against scams

1. Covered by the FSCS : Best 5 year rate at present = 2.75%

2. Risk investment use as a guide the yield on the FTSE 100 = 4%

( Any risk investment will not covered by the FSCS)

So if this bond is 3.8%, it must be a risk investment! Therefore it will not be covered by the the FSCS.

If anyone tries to tell you it is protected by the FSCS, in the same way as money in a bank or building society, think scam!

Even when the rate is 2.75%, you go to the second stage and do some more checking before parting with your money!

Jelli

Just to be clear, I wasn't going to invest in this as didn't have a spare 50 grand down the sofa. I was thinking more long term and just bookmarking the company name.

The reason why I didn't think 3.9% was high was because of the minimum savings amount which was very steep, hence them offering it. I also thought it was a normal bond and not an investment because of the FSCS protection and their wording "bond". If I have to seek an IFA just to be sure all UK banks and savings companies are telling the truth then the place truly has gone down the pot.