Oxbury Bank

woods007

MSE have a suggestion for a one year fixed rate bond with Oxbury Bank who are FCFS covered.

However I have tried to transfer money across from my Santander account and they keep referring me to their fraud dept as the bank isn't on their registered list. They are suspecting it is a new bank and reviews on Feefo only date back a couple of months.

Has anyone else encountered this and silly question, but why would MSE promote a bank which isn't secure?

ColdIron

They may not be part of the Confirmation of Payee scheme, many smaller organisations are not, this is quite normal

But what makes you think they are insecure?

PS That'll be the FSCS (the Financial Services Compensation Scheme)

Albermarle

woods007 said:

MSE have a suggestion for a one year fixed rate bond with Oxbury Bank who are FCFS covered.

However I have tried to transfer money across from my Santander account and they keep referring me to their fraud dept as the bank isn't on their registered list. They are suspecting it is a new bank and reviews on Feefo only date back a couple of months.

Has anyone else encountered this and silly question, but why would MSE promote a bank which isn't secure?

MSE only look at the rates offered and whether the provider is FSCS covered . They do not check the health of the bank, or its customer service etc.
As Coldiron says the fact Santander are not recognising them does not actually mean there is a security issue with them.

Watchman1

I tried to take advantage of the Oxbury Bank bond offer and made an online payment.  Within minutes HSBC rang me to warn me that it was on their list of potentially dangerous investments.  When I said that it was recommended by MSE I was told that scammers are getting very sophisticated and can appear to be genuine.  They insisted on not allowing the transaction to go through and returned the money to my account.  Does anybody have any solid information on this bank.

Daliah

Watchman1 said:

I tried to take advantage of the Oxbury Bank bond offer and made an online payment.  Within minutes HSBC rang me to warn me that it was on their list of potentially dangerous investments.  When I said that it was recommended by MSE I was told that scammers are getting very sophisticated and can appear to be genuine.  They insisted on not allowing the transaction to go through and returned the money to my account.  Does anybody have any solid information on this bank.

There is absolutely nothing wrong with Oxbury Bank, but everything wrong with HSBC for not allowing you to make the payment. It's ok that HSBC are double checking that you are not a victim of some scam but after you have explained to them what the transaction is about, they have no right to reverse the payment.


 I would 

1. raise a formal complaint with HSBC, for depriving you from control over your money and from the better interest you can get at Oxbury, and
2. switch my current account from HSBC to another current account provider (check switch bonus availability, and do NOT switch to First Direct, as they a have similarly stupid policy as HSBC has)
3. close any other accounts with HSBC