New banks.

[Deleted User]

Hello.
Are there any particular things you should look out for when maybe investing in savings with newer banks?
I've been reading the "Streambank" Web page with regards  to their fixed-term account but have never heard of them before.
But there again, 95% of the banks/BS lve never heard of.

Brie

Check that they are registered as a bank in the UK and therefore regulated.  

friolento

Check that 

1. they are on the FCA Register and 
2. are offering FSCS protection
3. that you are on their actual website / use their app from an official app store, rather than a cloned site.

Note, there are about a dozen others offering better rates than Streambank

ColdIron

They are regulated and have FSCS protection but there are better rates out there

https://moneyfactscompare.co.uk/savings-accounts/1-year-fixed-rate-bonds/?quick-links-first=false

FRN 954876

https://register.fca.org.uk/s/search?q=954876&type=Companies

https://www.fscs.org.uk/check-your-money-is-protected

[Deleted User]

Brie said:

Check that they are registered as a bank in the UK and therefore regulated.  

OK, so even if they are a 'foreign' as long as they have a British base, they are OK?

Like say BLME?

[Deleted User]

friolento said:

Check that 

1. they are on the FCA Register and 
2. are offering FSCS protection
3. that you are on their actual website / use their app from an official app store, rather than a cloned site.

Note, there are about a dozen others offering better rates than Streambank

Thank you.

[Deleted User]

ColdIron said:

They are regulated and have FSCS protection but there are better rates out there

https://moneyfactscompare.co.uk/savings-accounts/1-year-fixed-rate-bonds/?quick-links-first=false

FRN 954876

https://register.fca.org.uk/s/search?q=954876&type=Companies

https://www.fscs.org.uk/check-your-money-is-protected

Thank you.

[Deleted User]

ATOM  Bank looks good deal?
1 year fix and can add cash??

friolento

[Deleted User] said:

ATOM  Bank looks good deal?
1 year fix and can add cash??

They have been around for some time, and sometimes have market leading rates.

In common with nearly all fixed term accounts from any provider, their fixed term accounts have a limited deposit window. The T&Cs of any given account will detail what the deposit window is.

.

refluxer

[Deleted User] said:

ATOM  Bank looks good deal?
1 year fix and can add cash??

Atom are great - I've had a number of fixed rate accounts with them in recent years (as well as their Instant Saver easy access account) and never had any problems. 

You just need to ensure you don't let your phone's Android or iOS operating system get too far out of date in order that it can still run the app, as Atom don't have an online banking website.

Their fixed rate accounts have a 7 day funding window.

[Deleted User]

friolento said:

[Deleted User] said:

ATOM  Bank looks good deal?
1 year fix and can add cash??

They have been around for some time, and sometimes have market leading rates.

In common with nearly all fixed term accounts from any provider, their fixed term accounts have a limited deposit window. The T&Cs of any given account will detail what the deposit window is.

.

Thank you for advice.