Cathay Bank Investment

4 Posts

I have been told that Cathay Bank has an account where for a 6 month period, you can invest multiples of [the equivalent of] £10.000. For each £10.000 you get £100 [equivalent in sterling] cash payment per month. Is someone trying to scam me???
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If you have misunderstood and it's £100 a year on £10,000, that would be 1% and quite possible. A lot of the large banks pay such pitiful interest.
In any case, I doubt they have FSCS protection. Did you check that?
The best interest rates on offer for safe savings accounts in the UK are < 5%.
So almost certainly a scam as its too good to be true.
In any case if you google Cathay bank, they only offer accounts in Dollars
Haven't checked the FSCS - will do. I appreciate your comments.
FSCS wouldn't apply, it would be the US equivalent but it doesn't sound genuine so there would be nothing anyway.
It's also a very bad idea to put your money in the control of a third party and particularly when they're abroad/the supposed account is abroad.
https://www.cathaybank.com/personal/savings/cds
Is she real?
Is it somebody pretending to be her?
Some scammers play the long con.
Think it through.
You would be transferring money to a third party in a different country. You will never see it again.
Stop.
If you don't want to strain relations with your son and his relationship, just don't pry. If she starts pushing back and insisting that you (or your son) should partake, obviously you should refrain from doing so and demand she provides evidence of this miraculous offer, which may open her eyes if she's innocent, or help to save your family from future/further heartbreak.
https://www.santander.co.uk/personal/support/fraud-and-security/spotting-fraud-or-scams
The woman is real & has stayed with us for months at a time [never paying her way]. She is 58 yrs old with her own business teaching yoga & dance. It's difficult to believe she would scam me. She says that the bank doesn't advertise the deal online. [of course!] My son [also in his 50's]has PTSD & adores her which is why it's so hard, he would be devastated if it is true.
I definitely will not be investing!
Thanks once again for the advice
An American bank that offers a wide range of financial services with locations in nine states in the U.S., a branch in Hong Kong, and three representative offices in Beijing, Shanghai, and Taipei has revealed a secret investment deal to a yoga and dance teacher in the UK? Yeah, sure
Difficult to believe perhaps but it is certain that you would never see your money again. And you and your son would probably not see her again, either. Lock away your valuables if she comes to visit you again.
Excellent decision, please stick with it.
Thanks again to all, my money will be staying in the UK.