Notice savings acc

awrightson

First post so be gentle!
Stumbled across this account in Gibraltar moneycorpbank saving-account which seems to be paying the best interest rate I am aware of at 0.65% on a 90 day notice account.
Any thoughts or issues to be concerned about?

eskbanker

The fact that it's an offshore account protected only by the deposit guarantee scheme of a tiny country is a massive red flag for me - most on here would only put their savings into accounts protected by the UK's FSCS....

colsten

You can get various notice accounts with near enough the same rate, and 'proper' FSCS protection. Though moneyfacts seem to be content that moneycorpbank are trustworthy.

https://moneyfacts.co.uk/savings-accounts/best-notice-accounts/?quick-links-first=false

DrSyn

Its a tiny country. If something goes wrong you have to navigate their deposit protection scheme.If there was a large enough failure, I suspect that Gibraltar would look after the own first before you.. All this hassle for just 25p in £100.

 Have you actually done any checks on this company?
 Have you ever heard of the company?
Where did you "Stumbled across this account" by the way?

colsten

DrSyn said:

Where did you "Stumbled across this account" by the way?

I don't know where the OP saw it but it is on moneyfacts, probably the most reliable directory of savings accounts.

awrightson

DrSyn said:

Its a tiny country. If something goes wrong you have to navigate their deposit protection scheme.If there was a large enough failure, I suspect that Gibraltar would look after the own first before you.. All this hassle for just 25p in £100.

 Have you actually done any checks on this company?
 Have you ever heard of the company?
Where did you "Stumbled across this account" by the way?

Yes
Not until today
moneyfacts dot co dot uk