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Masthaven Bank made a £5.4m loss in 2020
Mikki707
Posts: 1 Newbie
I followed the link regarding Fixed rate savings for 2yrs on the 5 Oct 21 MSE's Money Tips, and Masthaven Bank have a very good rate of 1.65% for 2 years. I have never heard of this bank so tried to find out a bit more about them.
So, on Masthaven Bank's website I read their financial reports stating a loss of £5.4m in 2020 and a loss of £4.6m in 2019. So, my initial thought is, yikes, perhaps I should not invest my lump sum of savings with them. I really don't think that it's normal for a bank to make a loss.
Can anyone offer any insite regarding this bank? Or wisdom regarding my investment?
So, on Masthaven Bank's website I read their financial reports stating a loss of £5.4m in 2020 and a loss of £4.6m in 2019. So, my initial thought is, yikes, perhaps I should not invest my lump sum of savings with them. I really don't think that it's normal for a bank to make a loss.
Can anyone offer any insite regarding this bank? Or wisdom regarding my investment?
0
Comments
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I've had an account with Masthaven for a couple of years now. As long as banks are covered by FSCS protection scheme for savings up to £85k, I see no reason to worry.
Banks can & do lose money from time to time, they are not immune to losses.The bigger the bargain, the better I feel.
I should mention that there's only one of me, don't confuse me with others of the same name.2 -
I have had fixed rate savings accounts with Masthaven for a few years now and no problems at all. My current one matures next April and the only reason why I might leave them is if there are any banks offering a better rate.Stopped smoking 27/12/2007, but could start again at any time :eek:0
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