Saving Accounts

derek007

I have a couple of fixed rate savings account (1 year) with AIB which are due to mature in a week. The have quoted me 0.55% to re-invest for another 1 year term which I think is pretty awful and therefore going to invest elsewhere.

There are a few companies mentioned on under "Banking & Savings" i.e. DF Capital, Kent Reliance which I am considering. However I know nothing about these companies and how secure my investment would be with them. The AIB interest rates are low, but to me they are a large well known reputedly company which gives me alot of confidence/comfort that my money is secure.

If companies like DF Capital and Kent Reliance were to fail, would I loose all my money ?

Daliah

You need to check that the accounts you consider have FSCS protection.

Pompeydave1967

All depends on how much etc you want to save and what sort of period. I have a fixed 1.5% 1 year finishing soon with ATOM . App based but great to use. Gonna put in their again for a year (2.6% current ) and watch that interest grow !

All protected .

Rudyson

Kent Reliance are perfectly safe,and properly regulated. I've had a number of savings accounts and bonds with them over the years. I currently have two 1 year bonds with them, and would have taken out another this month , but I can get a slightly better rate with Coventry BS as an existing member.

derek007

Does FSCS guarantee my investment is secure should the Bank/Investor fail ?

I am looking to invest for a year.

Good to hear from someone who has experience of Kent Reliance.

Is it ok/safe to disclose amounts on this forum ?

Albermarle

If they are mentioned in the MSE comparison table, or in the table in the link, then they are covered by the £85K FSCS compensations scheme and your money is safe up to this limit.
There are lots of smaller banks that offer personal savings accounts with good interest rates , that are not well known to the public.
The big banks exploit their familiarity by offering rubbish rates as you have discovered.

Rudyson

Yes, Kent Reliance is FSCS protected

MACKEM99

Albermarle said:

If they are mentioned in the MSE comparison table, or in the table in the link, then they are covered by the £85K FSCS compensations scheme and your money is safe up to this limit.
There are lots of smaller banks that offer personal savings accounts with good interest rates , that are not well known to the public.
The big banks exploit their familiarity by offering rubbish rates as you have discovered.

I find nationwide also tend to offer mostly poor rates even as a mutual.

Retired717

Similar to above comments, had Kent accounts over many years never had a problem.
They can be a little slow on the admin side and have moved their offices from Kent to Sunderland ? with overseas call centres.
Have a 1 yr maturing this month, however will re-invest in a Coventry Loyalty fixed 2.7% as stated slightly better than Kent are offering.

labp04

You could do worse than to take a look at savingschampion.co.uk where you will find uptodate rates and a fair few articles re savings.

Daliah

Moneyfacts.co.uk is more comprehensive than savingschampion