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Diamond Capital Funds plc - 3% Saver ??

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Shedman
Shedman Posts: 1,574 Forumite
Tenth Anniversary 1,000 Posts Photogenic Name Dropper
edited 16 July 2019 at 8:36PM in Savings & investments
Just browsing for fixed rate savings accounts and came across this outfit who are offering 3% guaranteed p.a High Interest Saver (min £10k). Blurb suggests that if you hold the money for less than 12 months you forfeit any interest (but no penalties) but after 12 months you get the interest in full up to date of withdrawal. Irish based but claims to be regulated by Central Bank of Ireland & FCA (seems to be on FCA register Authorised Sch5 status) and to have Deposit Guarantee Scheme DGS to €100k (and FSCS £85k) protection.


Now being of a cynical nature this seems to be too good to be true. Anybody come across them or know anything about them (or how to check out the FSCS / DGS protection)?

EDIT - just noticed that they hold the funds through Special Purpose Vehicles (SPVs). I'm guessing these aren't covered by the FSCS protection...so effectively no protection in place?

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