Isbank 5% 1 Year via Raisin

KovaK

Millyonare said:

Isbank is FSCS-protected. Raisin takes 2 biz days to deposit the cash. If you can pop £80k in there, it’s £4,000 of free cash, for 10mins of clicking a few buttons.

I searched for Isbank on the FSCS website and couldn't find it! Are you sure it's covered?
Makes me a bit wary! 
However, Turkiye Is Bankasi As (FRN:204708) is covered. Is this Isbank? Why don't Raisin use the proper name or give the FRN number so we can check properly?

VNX

KovaK said:

Millyonare said:

Isbank is FSCS-protected. Raisin takes 2 biz days to deposit the cash. If you can pop £80k in there, it’s £4,000 of free cash, for 10mins of clicking a few buttons.

I searched for Isbank on the FSCS website and couldn't find it! Are you sure it's covered?
Makes me a bit wary! 
However, Turkiye Is Bankasi As (FRN:204708) is covered. Is this Isbank? Why don't Raisin use the proper name or give the FRN number so we can check properly?

If you are unsure just hold fire you can get close to 5pc now elsewhere and probably will get 5pc plus in more conventional places soon

stevec59

I see its the same rate for up to 5 years, the question for me is, how long do I invest for? I get my state pension in the next 2 years, but I guess it more depends on what happens with intrest rates, they are trying to reduce inflation (I think to less than 5%?) so that means that intrest rates will drop.

Bigwheels1111

stevec59 said:

I see its the same rate for up to 5 years, the question for me is, how long do I invest for? I get my state pension in the next 2 years, but I guess it more depends on what happens with intrest rates, they are trying to reduce inflation (I think to less than 5%?) so that means that intrest rates will drop.

Ive fixed for 5 years for a nice little little income and one for 7 years.

How much is you pension  ( Private ) or Private and state. will you pay tax on interest etc.

In simple terms up to £18,570 can be tax free.

£12,570 tax free earnings.

£ 5,000 from interest tax free, but less if earnings or pension eats into the 5k

£ 1,000 tax free interest if not a high rate tax payer.

Band7

Millyonare said:

Isbank is FSCS-protected. Raisin takes 2 biz days to deposit the cash. If you can pop £80k in there, it’s £4,000 of free cash, for 10mins of clicking a few buttons.

£4,000 minus any tax tax, which most people would have to pay on that much annual interest.

Band7

Strange bank. If you are a direct customer, they don't seem to offer any fixed term accounts beyond 1 year, and the 1 year one is nowhere near 5%.

Also, I find the wording about FSCS protection on their website opaque. They are not saying "our products are FSCS protected". They just say a protection scheme exists in the UK.

VNX

Band7 said:

Strange bank. If you are a direct customer, they don't seem to offer any fixed term accounts beyond 1 year, and the 1 year one is nowhere near 5%.

Also, I find the wording about FSCS protection on their website opaque. They are not saying "our products are FSCS protected". They just say a protection scheme exists in the UK.

You’ll get 5pc elsewhere soon I’m sure so just hold fire if you’re unsure, that’s my plan anyway.

trickydicky14

VNX said:

Band7 said:

Strange bank. If you are a direct customer, they don't seem to offer any fixed term accounts beyond 1 year, and the 1 year one is nowhere near 5%.

Also, I find the wording about FSCS protection on their website opaque. They are not saying "our products are FSCS protected". They just say a protection scheme exists in the UK.

You’ll get 5pc elsewhere soon I’m sure so just hold fire if you’re unsure, that’s my plan anyway.

The Isbank have this on it's website:
Is there a protection scheme for depositors in the UK?

Yes. The Financial Services Compensation Scheme (FSCS), UK's statutory fund of last resort for customers of authorised financial services firms, provides a protection of 100% for deposits up to £ 85,000. The limit applies to each depositor for the total of deposits they hold with an organisation regardless of how many accounts they hold or whether they are a single or joint account holder. In the case of a joint account, FSCS will assume that the money in the account is split equally between account holders, unless evidence shows otherwise.​

And Raisin state on the Isbank fact sheet: Deposits are eligible for protection by the Financial Services Compensation Scheme.

Are these statements Opaque? I personally don't think so, how much more do they need to say.

Just interested in folks views.

masonic

trickydicky14 said:

VNX said:

Band7 said:

Strange bank. If you are a direct customer, they don't seem to offer any fixed term accounts beyond 1 year, and the 1 year one is nowhere near 5%.

Also, I find the wording about FSCS protection on their website opaque. They are not saying "our products are FSCS protected". They just say a protection scheme exists in the UK.

You’ll get 5pc elsewhere soon I’m sure so just hold fire if you’re unsure, that’s my plan anyway.

The Isbank have this on it's website:
Is there a protection scheme for depositors in the UK?

Yes. The Financial Services Compensation Scheme (FSCS), UK's statutory fund of last resort for customers of authorised financial services firms, provides a protection of 100% for deposits up to £ 85,000. The limit applies to each depositor for the total of deposits they hold with an organisation regardless of how many accounts they hold or whether they are a single or joint account holder. In the case of a joint account, FSCS will assume that the money in the account is split equally between account holders, unless evidence shows otherwise.​

And Raisin state on the Isbank fact sheet: Deposits are eligible for protection by the Financial Services Compensation Scheme.

Are these statements Opaque? I personally don't think so, how much more do they need to say.

Just interested in folks views.

The protection for savings only applies if the deposit taker has the correct regulatory permissions, so FSCS protection is not unqualified. As long as the legal name of the deposit taker is provided within Raisin, and/or the FSCS Information Sheet available direct from the Isbank website is available through Raisin, then that should make things clear.

Band7

trickydicky14 said:

VNX said:

Band7 said:

Strange bank. If you are a direct customer, they don't seem to offer any fixed term accounts beyond 1 year, and the 1 year one is nowhere near 5%.

Also, I find the wording about FSCS protection on their website opaque. They are not saying "our products are FSCS protected". They just say a protection scheme exists in the UK.

You’ll get 5pc elsewhere soon I’m sure so just hold fire if you’re unsure, that’s my plan anyway.

The Isbank have this on it's website:
Is there a protection scheme for depositors in the UK?

Yes. The Financial Services Compensation Scheme (FSCS), UK's statutory fund of last resort for customers of authorised financial services firms, provides a protection of 100% for deposits up to £ 85,000. The limit applies to each depositor for the total of deposits they hold with an organisation regardless of how many accounts they hold or whether they are a single or joint account holder. In the case of a joint account, FSCS will assume that the money in the account is split equally between account holders, unless evidence shows otherwise.​

And Raisin state on the Isbank fact sheet: Deposits are eligible for protection by the Financial Services Compensation Scheme.

Are these statements Opaque? I personally don't think so, how much more do they need to say.

Just interested in folks views.

The statement on the Isbank website merely says there is a deposit protection scheme in the UK. This is obviously correct but it does not tell us whether the Isbank products, and specifically their fixed term accounts, are FSCS protected. It is likely that they are but I have not found anything from Isbank to say that they are. Info from a 3rd party website such as Raisin or MSE isn’t good enough for me. I also can’t find Isbank on the FSCS website. I might be looking in the wrong place and would appreciate if you can point us at reliable confirmation.