Nexo.io @ 6.5% - is it safe?

Malthusian

AnotherJoe wrote: »

Whatever happened to risk free returns of 7.9% available everywhere from scammers until recently?

A lot of them have gone bust recently, so now scammers offer 3 - 6% so you know it's not too good to be true.

It wasn't like that in my day when you could invest in South Sea shares and get 100% interest without even trying.

Inflation and interest rates were a lot higher when South Sea shares were a thing.

Scams didn't offer 8% per year when you could get 8% per year from FSCS-protected cash ISAs.

Clive_Woody

MaxiRobriguez wrote: »

So are we all saying that 6.5% is worth the risk?

I just sent them my life savings as I saw they had a picture of Martin Lewis on their advert :money:

george4064

The website address 'Nexo.io' starts ringing alarm bells for me before reading any further!

eskbanker

ColdIron wrote: »

6.5% easy access from an apparent Lithuanian crypto vendor with no FSCS protection. What could possibly go wrong?

Still, at least it's not being [STRIKE]shilled[/STRIKE] [STRIKE]promoted[/STRIKE] mentioned by a newbie making their first post....

Oh.

DrSyn

The 6.5% warns the sensible to stay away!

Best 5 year fixed rate with FSCS protection is just 2.75%!

Katiehound

What's that saying?
If it seems too good to be true it probably is too good to be true!

or even-' a fool and their money are soon parted.'

It won't be in my portfolio......

MiserlyMartin

Oh for the days of 6.5% from high street UK banks before the Gordon Brown 'no boom and bust', went bust.'

Uxb1

Back in the early 1990's 10% to 12% was obtainable from UK building societies

redux

MiserlyMartin wrote: »

Oh for the days of 6.5% from high street UK banks before the Gordon Brown 'no boom and bust', went bust.'

Yeah, there must be millions of people who wish they'd paid tens of thousands pounds more in mortgage interest or business bank loans.

Malthusian

Uxb1 wrote: »

Back in the early 1990's 10% to 12% was obtainable from UK building societies

Back in the early 1990s inflation hit 10%+ as did the Bank of England base rate, so cash rates were in reality no better than they are now.