Aldermore Advice

straightshooter1

Why would you be nervous about depositing money with any institution that has FSCS protection?

Albermarle

straightshooter1 said:

Why would you be nervous about depositing money with any institution that has FSCS protection?

Many people are nervous of any financial institution they have never heard of. The same people are probably only vaguely aware of FSCS compensation, and are probably just scared that is all a scam and their money transfer will disappear into the ether.

Speculator

PeskyBlunder said:

Used for 3 years - no problems. Just gave instructions to open a new fixed rate account to replace one which matures next month - the rate for that is higher than for new customers (6% vs 5.9%).

Same but I went with the 6.2% 3 yr bond. (new customers is 5.51%)

Not sure but I think we also get 14 days to make as many deposits as we like into this account.

LHW99

Albermarle said:

straightshooter1 said:

Why would you be nervous about depositing money with any institution that has FSCS protection?

Many people are nervous of any financial institution they have never heard of. The same people are probably only vaguely aware of FSCS compensation, and are probably just scared that is all a scam and their money transfer will disappear into the ether.

Which at least is better, particularly if it pushes them to ask questions, than happily accepting any advertised "financial" organisation offering a juicy looking interest rate.