Is this a straight forward fixed interest account or something more complex.

silvercar

I had an email linking to a fixed rate savings bond from EON. Aside from the worldly aims of increasing investment in sustainability, it appears a straight forward fixed rate account. But taking it out requires contact with a representative of citigroup to assess it's suitability, which makes it sound more complex.

Given that it guarantees at least a return of the initial investment and an interest rate of 6.75% is there anything else I should know?

https://eon-innovations.com/

jim1999

You don't think that sounds dodgy?

https://who.is/whois/eon-innovations.com

Frequentlyhere

Given that it guarantees at least a return of the initial investment and an interest rate of 6.75% is there anything else I should know?

Other than it being a scam, nothing at all. There are many red flags there. 

You were contacted out of the blue about it.
It portrays itself as a corporate bond, but claims there's no risk.
It says it's covered by the FSCS, but corporate bonds aren't covered by that.
The 'guaranteed' return it offers is too good to be true.
The URL is different to all of the rest of the EON sites it links to.

And probably many many more.

Beddie

I'm saying to keep well away from it!

jaypers

The OP has over 47k posts so is well versed with this forum. This isn’t a criticism of the OP but I do find it frightening how easily people are taken in by illegitimate claims. Scams are rife and I personally despise the people who are ruining peoples lives. 

jaypers

Domain was registered on 4th June this year. First and most basic scam check is a fail - https://who.is/whois/eon-innovations.com

Frequentlyhere

jaypers said:

Domain was registered on 4th June this year. First and most basic scam check is a fail - https://who.is/whois/eon-innovations.com

Good find, though I'd personally say the most basic scam checks of all are being offered an FSCS savings rate way above anything on MSE and being cold-called/emailed about it. 

Even if I fell for all of the above though, I'd personally hate to have to call an investment advisor just to open a fixed rate bond personally ;-)

Eyeful

Some red flags.
1. The best 5 year fixed rate accounts are now paying about 4.6%. So 6.75%, shouts stay away its not a safe savings account.
2. The yield on the FTSE 100 is about 3.84%. So even if it was an investment bond 6.75% shows its a high risk one (even if its not a scam).
3. This website was created on the 4 June 2024.
4. Simply running this web site through some scam checker websites gave these. Have a look:-
 https://www.scam-detector.com/validator/eon-innovations-com-review/
 https://www.scamdoc.com/view/1860543
 https://check.getsafeonline.org/check/eon-innovations.com
5. If you where contacted out of the blue, this would be yet another red flag. Which could mean you have been put on a suckers list.

If it was me, I would not touch it with a barge pole!

silvercar

Thanks all. I know that if something sounds too good to be true it undoubtedly is, I was just having difficulty identifying what the scam was.

jimjames

silvercar said:

Thanks all. I know that if something sounds too good to be true it undoubtedly is, I was just having difficulty identifying what the scam was.

The scam is that whoever you are talking to is nothing to do with Citigroup or Eon. If you're in any doubt check their websites for information on this product and you won't find it.

MeteredOut

silvercar said:

Thanks all. I know that if something sounds too good to be true it undoubtedly is, I was just having difficulty identifying what the scam was.

1. You transfer them money
2. They give you access to an online portfolio (which will look real but is not) showing your "gains"
3. They ask you for more money to invest
4. Repeat from step 1 until you realise it is a scam, or you have no money left
5. They ghost you