Punjab National Bank was not included in the list of Best Saving Accounts - why

buzzs

Just wonder why Punjab National Bank was not mentioned in the Best Saving Accounts page. It beats all other banks from 2-years onwards. Should there be any reasons to stay away from it?

cattie

Perhaps it isn't part of the FSCS scheme, so no protection should the bank go belly up.

eskbanker

cattie said:

Perhaps it isn't part of the FSCS scheme, so no protection should the bank go belly up.

According to https://www.pnbint.com/ 

Punjab National Bank (International) Limited (PNBIL) is a UK incorporated banking subsidiary of Punjab National Bank, India (PNB). PNBIL is Authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. PNBIL is a member of the Financial Ombudsman Service (FOS) and the Financial Services Compensation Scheme (FSCS). PNBIL is authorised for accepting deposits by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. Your eligible deposits are protected by the Financial Services Compensation Scheme, the UK's deposit protection scheme. The FSCS protects most depositors, including individuals and small companies upto £85,000. Eligible deposits of large companies and small local authorities are covered upto £85,000.

and (more importantly) the FCA register entry at https://register.fca.org.uk/s/firm?id=001b000000MfgoeAAB confirms this.

eskbanker

buzzs said:

Just wonder why Punjab National Bank was not mentioned in the Best Saving Accounts page. It beats all other banks from 2-years onwards. Should there be any reasons to stay away from it?

Returning to this question, anyone still considering putting their money with this crowd might be well advised to read this thread: https://forums.moneysavingexpert.com/discussion/6230030/punjab-national-bank-data-breach/p1