The Top Fixed Interest Savings Discussion Area

MarkFromCornwall

roose0 said:

GB Bank offers 4.58% for a one year fixed bond.

It says 4.53% now.

StayinAlive

Thought I'd share my experience with Conister Bank applying for fixed rate bond.

I found the application onerous - borderline intrusive. For instance, I'm retired so why do they need info on previous employer/employment? Also, they're the only Bank who have asked me for my Tax UTR (as well as N.I.Number and Passport Number).

Final straw, though, when I finally got the secure message as to how to fund the Bond, it says that transfers will all go into an Easy Access Account first whilst they take up to three days to "process" them into the requisite Bond.Only then will they start accruing the headline interest rate. Whilst in the Easy Access A/C they will earn "nominal" interest at a rate they say is on their web site (but I couldn't find). Made me wonder what else there might be. For instance, at maturity, do they transfer back to the Easy Access for three days while they figure out which nominated account to return to)?

Altogether, not for me and I shan't be funding it. Others may feel the headline rates are worth it though.

Middle_of_the_Road

StayinAlive said:

Thought I'd share my experience with Conister Bank applying for fixed rate bond.

I found the application onerous - borderline intrusive. For instance, I'm retired so why do they need info on previous employer/employment? Also, they're the only Bank who have asked me for my Tax UTR (as well as N.I.Number and Passport Number).

Final straw, though, when I finally got the secure message as to how to fund the Bond, it says that transfers will all go into an Easy Access Account first whilst they take up to three days to "process" them into the requisite Bond.Only then will they start accruing the headline interest rate. Whilst in the Easy Access A/C they will earn "nominal" interest at a rate they say is on their web site (but I couldn't find). Made me wonder what else there might be. For instance, at maturity, do they transfer back to the Easy Access for three days while they figure out which nominated account to return to)?

Altogether, not for me and I shan't be funding it. Others may feel the headline rates are worth it though.

I doubt it. What is the rate anyway?
Another one for me to avoid, thanks.

StayinAlive

Middle_of_the_Road said:

I doubt it. What is the rate anyway?
Another one for me to avoid, thanks.

4.70% for 9 months

masonic

With offshore accounts like Conister's, you normally wouldn't have access to the Financial Ombudsman Service. Someone posted a thread once about pursuing a complaint through the Isle of Man FSOS, and it sounded a lot more difficult to use. Also, FSCS may not apply depending on partner bank, but the current offerings look like they are covered by the Isle of Man DCS up to £50k rather than FSCS. Not worth it for me, even for a slightly higher rate.

gt94sss2

masonic said:

With offshore accounts like Conister's, you normally wouldn't have access to the Financial Ombudsman Service.

Conister are covered by both the UK FSCS for the full £85,000 and the Financial Ombudsman Service for complaints.

https://www.conisterbank.co.uk/financial-services-compensation-scheme-factsheet/

https://www.conisterbank.co.uk/complaints-policy/

masonic

gt94sss2 said:

masonic said:

With offshore accounts like Conister's, you normally wouldn't have access to the Financial Ombudsman Service.

Conister are covered by both the UK FSCS for the full £85,000 and the Financial Ombudsman Service for complaints.

https://www.conisterbank.co.uk/financial-services-compensation-scheme-factsheet/

https://www.conisterbank.co.uk/complaints-policy/

Looks like they have a separate UK branch (but not a branch office) and website. This is the information they provide on their main website:

https://www.conisterbank.co.im/uploads/fixed-term-deposit-accounts-for-retail_web.pdf

https://www.conisterbank.co.im/uploads/conister_complaints_october-web.pdf

So it seems they offer accounts via two different channels under different terms. Search engines seem to be serving up their main website in priority to the.co.uk site. That is the site you'd use if you were an expat wanting the offshore version of the product.

Until now, I wasn't aware they'd started offering separate products specifically for UK residents. Explains the recent uptick in threads here about them from non-expats. Though I've yet to read a single positive comment about them. Based on the above review, it looks like applications are all processed in the same way whether you are UK resident or an expat.

Pompeydave1967

Strangely prior to bank of englands expected drop in interest rate today Atom have increased their 1 year fix to 4.42% .Do they know something we don’t ?

Castle

Pompeydave1967 said:

Strangely prior to bank of englands expected drop in interest rate today Atom have increased their 1 year fix to 4.42% .Do they know something we don’t ?

On the other hand, Vanquis have dropped their 1 year fix from 4.50% to 4.44% this morning.

Ch1ll1Phlakes

Pompeydave1967 said:

Strangely prior to bank of englands expected drop in interest rate today Atom have increased their 1 year fix to 4.42% .Do they know something we don’t ?

Probably trying to benefit from those looking for fixes after the (presumed) drop when other providers lower their rates.