Easy access savings

Treacle1957

I noticed one company listed in your easy access accounts offering a very good rate, as a precaution I checked their 2022 financials at Companies House. They had administration costs of £13m from a gross profit if £300k, I think it would be wise not to invest more than the protected £85k. Are their financials taking into account when listed on your site?

ColdIron

It might help if you said what company you noticed

Middle_of_the_Road

Treacle1957 said:

Are their financials taking taken into account when listed on your site?

I have no idea if any institution's financial health is considered before they are listed on MSE.
Maybe best to e-mail MSE directly with this question. Welcome to the forum, by the way.

ColdIron said

It might help if you said what company you noticed

Not if this is broadly based query, regarding the listing of only providers with positive balance sheets.

mebu60

Treacle1957 said:

I noticed one company listed in your easy access accounts offering a very good rate, as a precaution I checked their 2022 financials at Companies House. They had administration costs of £13m from a gross profit if £300k, I think it would be wise not to invest more than the protected £85k. Are their financials taking into account when listed on your site?

Wise not to place more than £85k in any savings institution. Note that some share an FSCS protection and it's only £85k across those companies (£170k for joint accounts). Some people allow for future interest too e.g. deposit £81k. 

badger09

If the ‘company’ in question is listed on the official MSE website, it will have FSCS cover. Its ‘financials’ will therefore have been checked by the relevant authorities. 

Why should MSE look at their latest results?
Good advice to stay below the FSCS limit though.