How safe to invest £125K with BLME?

Voyager2002

The magic word is "equities". Surely you have enough in cash earning below-inflation interest?
Over the last year, Scottish Mortgage has increased by 50 per cent.

TBC15

Dogopolis said:

TBC15 said:

If you missed it 1.7% goes down to 1.2% on the 12/08/20. 

Where do you get that from? I haven't received any emails, (just went and checked every email containing BLME in case I missed it.) It still says 1.7 on their website and supporting PDF with no mention I can see of an upcoming change. It says they give at least 60 days notice of rate changes, and as they only ever communicate with me by email I'm pretty sure I haven't been informed.

I got the E mail 12/06 for  my 90 Day Notice Account (Issue 1)

Dogopolis

TBC15 said:

I got the E mail 12/06 for  my 90 Day Notice Account (Issue 1)

I never got an email, I can't see anything on their website that indicates a change, and their call centre is down due to COVID-19. Would it be possible for you to copy/paste the email you received, obviously removing anything personal to you?

TBC15

Dear 90 Day Notice Account (Issue 1) Number: XXXX We are writing to advise you that we will be reducing your Notice Account expected profit rate as below: Current expected profit rate:1.70% Gross / 1.71% AEREffective date of change:12/08/2020 New expected profit rate :1.20% Gross / 1.21% AER All profit calculations on and after 12/08/2020 will reflect this reduction until further notice. If as a result of this rate reduction you would like to close your Notice Account, please go to the Notice Account area within the Savings pages of our website www.blme.com and select Manage your Notice Account. A new page will appear asking you ‘What would you like to do?’, please select Close Notice Account and fill in the details as prompted. You will see that you will be given a choice of the early closure notice period of 30 days OR the normal 90 days’ notice period – please select accordingly. If you wish to withdraw only part of your balance then please select Withdraw Funds from the drop-down option at the top of this form. Your withdrawal request will be made under the usual notice 90 days’ period terms. If you notify us that you wish to close your account before this change takes effect then we will close your account on the 31st or 91st day (or the next business day if it falls on a Bank Holiday or a weekend) from the date we receive your notification. However, any and all requests made on or after 12/08/2020 will be actioned using the required 90 days’ notice period. In all circumstances please allow a further 2 working days for the money to reach your nominated account. If you have any questions, please do not hesitate to contact us at savings@blme.com.   Kind regards

BLME Savings

Dogopolis

TBC15 said:

Dear .........

Kind regards

BLME Savings

Thanks.

SFindlay

colsten said:

SFindlay said:

Dogopolis said:

I already have £85K invested with BLME's notice account, which is still at 1.7% for me, now 1.1% for new customers. I have some rainy day money with NS&I where I will always be able to access it, but I've got another £40K maturing soon. I definitely don't want a fixed term investment with interest the way it is at the moment, so that leaves BLME at 1.7% or NS&I at 1.16%. Just how much risk am I really taking that BLME will go bust if I go above £85K?

Unlikely to go bust

Did you consult your crystal ball?

No did you consult yours and find it is?? 

SFindlay

Dogopolis said:

SFindlay said:

 as it won't be increasing anytime soon so why wouldn't you secure best rate if not needing access to the cash?? 

Given you need to leave it for 3 years to just barely beat the NS&I rate, I'm not going to be certain that the rates won't change in 3 years. If they don't change, the interest lost is not that much, plus I retain access to the £40K in case something major does crop up.

1.4% for 2 year fixed hardly barely beats NS&I which most people expect to cut their 1.16% sooner rather than later, certainly won't be increasing it!! 

colsten

SFindlay said:

colsten said:

SFindlay said:

Dogopolis said:

I already have £85K invested with BLME's notice account, which is still at 1.7% for me, now 1.1% for new customers. I have some rainy day money with NS&I where I will always be able to access it, but I've got another £40K maturing soon. I definitely don't want a fixed term investment with interest the way it is at the moment, so that leaves BLME at 1.7% or NS&I at 1.16%. Just how much risk am I really taking that BLME will go bust if I go above £85K?

Unlikely to go bust

Did you consult your crystal ball?

No did you consult yours and find it is?? 

I don't do Mystic Meg stuff. Sorry not sorry.

SFindlay

colsten said:

SFindlay said:

colsten said:

SFindlay said:

Dogopolis said:

I already have £85K invested with BLME's notice account, which is still at 1.7% for me, now 1.1% for new customers. I have some rainy day money with NS&I where I will always be able to access it, but I've got another £40K maturing soon. I definitely don't want a fixed term investment with interest the way it is at the moment, so that leaves BLME at 1.7% or NS&I at 1.16%. Just how much risk am I really taking that BLME will go bust if I go above £85K?

Unlikely to go bust

Did you consult your crystal ball?

No did you consult yours and find it is?? 

I don't do Mystic Meg stuff. Sorry not sorry.

That makes 2 of us then which is why I said unlikely which is an OPINION not a prediction!!!