Moneycorp Bank and the Gibraltar Deposit Guarantee Scheme

TSCati

I’m looking at putting some money away to pay CGT next January, and Moneycorp Bank is currently offering 0.65% on its 90 day notice account. 

However, it is not covered by the FSCS but €100,000 seems to be covered by the Gibraltar Deposit Guarantee Scheme.

Is anyone able to share their experience of using Moneycorp Bank or the Gibraltar Deposit Guarantee Scheme?

eskbanker

See https://forums.moneysavingexpert.com/discussion/6251677/notice-savings-acc

If you don't already have premium bonds they might be a viable alternative?

Eyeful

While you can get 0.6% on a 95 day account protected by the FSCS here in the UK.

https://www.moneyboxapp.com/95-day-notice-savings-account

TSCati

Eyeful said:

While you can get 0.6% on a 95 day account protected by the FSCS here in the UK.

https://www.moneyboxapp.com/95-day-notice-savings-account

Thanks Eyeful. 

I plan on using the Moneybox 95 day notice account for £85,000 as well. 

maxsteam

My feeling is that if something went wrong in UK, I would know my way round the systems well enough to know who to complain to or how to take legal action. If something went wrong for me in Gibraltar, I would be just another foreign investor. It's only been a bank for about 5 years. Having said that, I would be happy to use them for foreign exchange but I'd be happier losing a bit of interest and putting my savings closer to home.

colsten

Those as old as me will remember Kaupting and Icesave.

IMO, a few quid more interest (less than £100 on £85K??) isn't worth the risk that comes with a non-UK deposit protection scheme.

bostonerimus

Why would you use an offshore account? 

TSCati

Thanks for your comments everyone. I completely understand and share your concerns. 

It doesn't look like anyone has any experience of using Moneycorp Bank or the Gibraltar Deposit Guarantee Scheme though.

The highest interest paying 90 day accounts seem vary on a daily basis, and since I've not received the money yet, I'll keep an eye on the best ones covered by FSCS over the next week or so.