Castle Trust - any concerns

Downthedrain

Some older posts from a few years ago signalled warnings about Castle Trust. Are there still concerns?

Reaper

Yes. You won't know whether your money is really protected by the FSCS unless they go bust. According to one expert:
"This is blatantly a violation of the intention behind the FSCS – and it won't work" [source]

Given the uncertainty I wouldn't risk my money

25_Years_On

Reaper said:

According to one expert:

In 2014. Yes they were a bit questionable back then but have in recent years been granted a banking licence with proper FSCS protection. Now they are no different to any of the other players in the market.

adindas

Downthedrain said:

Some older posts from a few years ago signalled warnings about Castle Trust. Are there still concerns?

A few years ago yes. But now your money is protected (up £85k) under FSCS. Just put Castle Trust on the box
https://www.fscs.org.uk/check-your-money-is-protected/

dunstonh

It was the old Fortress bonds where the doubt about FSCS protection existed (and given their structure, it was hard to see how they could qualify for FSCS protection).   However, their current range appear to be retail deposits.

Reaper

Thanks for the correction. I hadn't realised they had improved.

Liberty1234

July 2023
I opened three Fixed Rate accounts as the interest rate offered was 6.20% for a 12 month contract

then emailed today to say I had benefitted from an increased rate on my 3 accts.
However they'd reduced my rate not increased it!!

I applied and funded three 1 year Fixed Rate accts as the rate offered was 6.20% on each occasion.
Today it's been changed it to 5.98%

This is not acceptable and not what I agreed to when I applied and funded the three Fixed Rate accounts

These accts were opened/funded 12th, 18th and 21st July 2023 all at the Fixed Rate 1 year term at 6.20%
Additionally, the first acct was opened 15 days ago so I can no longer cancel the contract

From the date of opening all three 1 Yr Fixed Rate accts were showing that they were getting the agreed 6.20% interest - until I logged onto my account this morning and was shocked to see was now only getting 5.98%

Albermarle

AFAIK most providers guarantee the rate when you first open the account until the last day allowed for funding it ( usually after 14 days), so this behaviour would not seem normal. 
I would call them as maybe it is just a glitch in their system.

eskbanker

There was no need to resuscitate this old thread when there's already another current one on the go today covering this error:

https://forums.moneysavingexpert.com/discussion/6462589/castletrust-bank-1-year-fix-6-2-complaint