DF Capital

magmog

This bank was a recommendation for 2year fixed rate on MSE on Monday. It is no longer there. Does that mean it is no longer recommended? Or??? I have just opened an account but not yet fully funded. The bank flashed up a warning to check it was not a fraudulent business. I assumed not as was an MSE recommendation.  But I don't want to risk throwing more money into a high risk. Can anyone confirm that it is ok?

bowlhead99

It's no longer an MSE recommendation because on their website for both fixed rate deposits and notice deposits they now say 'we've had a fantastic response to our savings accounts but unfortunately we are not offering new accounts right now'  https://www.dfcapital.co.uk/savings/fixed-rate-deposit/

If you already opened the account and the bank gave you their details - give them a call to verify the account details if you doubt that the ones you were given came from a legitimate source.

eskbanker

MSE doesn't actually make recommendations as such, they just list accounts paying the best interest, and hence the disclaimer at the foot of each page:

• This info does not constitute financial advice, always do your own research on top to ensure it's right for your specific circumstances and remember we focus on rates not service.
  
• We don't as a general policy investigate the solvency of companies mentioned (how likely they are to go bust), but there is a risk any company can struggle and it's rarely made public until it's too late (see the Section 75 guide for protection tips).

They do say that they only feature FSCS-protected products though, which gives some reassurance, but the warning you refer to was presumably your bank's Confirmation of Payee check, a subject covered in one of the other DF Capital threads: https://forums.moneysavingexpert.com/discussion/6205794/new-bank-df-capital-ltd-for-savings-does-the-following-sound-safe