Mizrahi Tefahot Bank Ltd

miss_curly

masonic said:

subjecttocontract said:

aroominyork said:

Maybe your question is whether a bank can put an FSCS logo on their marketing materials when they do not actually have FSCS recognition? Fair question. You can use the FSCS checker at https://www.fscs.org.uk/check/check-your-money-is-protected. That shows that Mizrahi Tefahot is covered by FSCS. How your money reaches them - through a Raisin-like platform or directly - makes no difference. 

I think it highly unlikely, probably impossible for a bank to put a false FSCS logo on their marketing materials when being advertised through a platform such as Raisin.

Agreed, and the same could be said for Moneyfacts, MSE etc, but it wouldn't stop me checking before handing over my money.

How do you actually check though?
I have phoned the fscs and they weren't very helpful, they told me to call the bank which I've done and they didn't seem to know! Ive read that any deposit made needs to be held in the uk to qualify for protection so I asked the bank that and it is doubtful that the money would stay in the UK .... what am I missing? Did I ask the wrong question? 

eskbanker

miss_curly said:

masonic said:

subjecttocontract said:

aroominyork said:

Maybe your question is whether a bank can put an FSCS logo on their marketing materials when they do not actually have FSCS recognition? Fair question. You can use the FSCS checker at https://www.fscs.org.uk/check/check-your-money-is-protected. That shows that Mizrahi Tefahot is covered by FSCS. How your money reaches them - through a Raisin-like platform or directly - makes no difference. 

I think it highly unlikely, probably impossible for a bank to put a false FSCS logo on their marketing materials when being advertised through a platform such as Raisin.

Agreed, and the same could be said for Moneyfacts, MSE etc, but it wouldn't stop me checking before handing over my money.

How do you actually check though?

Via the above link!

Bostonerimus1

miss_curly said:

masonic said:

subjecttocontract said:

aroominyork said:

Maybe your question is whether a bank can put an FSCS logo on their marketing materials when they do not actually have FSCS recognition? Fair question. You can use the FSCS checker at https://www.fscs.org.uk/check/check-your-money-is-protected. That shows that Mizrahi Tefahot is covered by FSCS. How your money reaches them - through a Raisin-like platform or directly - makes no difference. 

I think it highly unlikely, probably impossible for a bank to put a false FSCS logo on their marketing materials when being advertised through a platform such as Raisin.

Agreed, and the same could be said for Moneyfacts, MSE etc, but it wouldn't stop me checking before handing over my money.

How do you actually check though?
I have phoned the fscs and they weren't very helpful, they told me to call the bank which I've done and they didn't seem to know! Ive read that any deposit made needs to be held in the uk to qualify for protection so I asked the bank that and it is doubtful that the money would stay in the UK .... what am I missing? Did I ask the wrong question? 

This looks like a lot of bother. What's more important to you? A few tenths of a percent higher interest rate or not worrying about where you are putting your money?

masonic

miss_curly said:

masonic said:

subjecttocontract said:

aroominyork said:

Maybe your question is whether a bank can put an FSCS logo on their marketing materials when they do not actually have FSCS recognition? Fair question. You can use the FSCS checker at https://www.fscs.org.uk/check/check-your-money-is-protected. That shows that Mizrahi Tefahot is covered by FSCS. How your money reaches them - through a Raisin-like platform or directly - makes no difference. 

I think it highly unlikely, probably impossible for a bank to put a false FSCS logo on their marketing materials when being advertised through a platform such as Raisin.

Agreed, and the same could be said for Moneyfacts, MSE etc, but it wouldn't stop me checking before handing over my money.

How do you actually check though?
I have phoned the fscs and they weren't very helpful, they told me to call the bank which I've done and they didn't seem to know! Ive read that any deposit made needs to be held in the uk to qualify for protection so I asked the bank that and it is doubtful that the money would stay in the UK .... what am I missing? Did I ask the wrong question? 

I started a thread on the topic a long time ago with some guidance: https://forums.moneysavingexpert.com/discussion/5892874/when-fscs-protection-does-not-apply

The FCA register also contains contact details for the relevant authorised firms, and these should be matched against the details you hold. It is quite common for fraudsters to try to impersonate genuine firms, so it is advisable to check the details for any firm you haven't got an ongoing relationship with, even the well known ones.

Eyeful

miss_curly

What exactly are you check?
1. Go to this fscs website: https://www.fscs.org.uk/check/check-your-money-is-protected/
2. Into the box type: Mizrahi Tefahot Bank Ltd
3. In the box "How much" type in: £85000
4. Press the "check now" button.
5. Look to see if the "money protected for you" has a tick in it.& how much money is protected & how much is at risk.
6. Your money is not going to this bank directly but through a third party Rasin.
7. So the next question you must ask yourself is" How much do I trust Rasin?
8. If this is all to much trouble for you, just pick a UK Bank or Building Society.
9. Then do the same checks as above & go to them directly!

elsien

miss_curly said:

masonic said:

subjecttocontract said:

aroominyork said:

Maybe your question is whether a bank can put an FSCS logo on their marketing materials when they do not actually have FSCS recognition? Fair question. You can use the FSCS checker at https://www.fscs.org.uk/check/check-your-money-is-protected. That shows that Mizrahi Tefahot is covered by FSCS. How your money reaches them - through a Raisin-like platform or directly - makes no difference. 

I think it highly unlikely, probably impossible for a bank to put a false FSCS logo on their marketing materials when being advertised through a platform such as Raisin.

Agreed, and the same could be said for Moneyfacts, MSE etc, but it wouldn't stop me checking before handing over my money.

How do you actually check though?
I have phoned the fscs and they weren't very helpful, they told me to call the bank which I've done and they didn't seem to know! Ive read that any deposit made needs to be held in the uk to qualify for protection so I asked the bank that and it is doubtful that the money would stay in the UK .... what am I missing? Did I ask the wrong question? 

Link posted in the very first answer in your thread. And we are now three pages in. 

However I have to agree with someone else, if it’s too much faff just go for someone you’ve heard of. 

friolento

In principle, I would see no reason for not putting up to around £80k into the UK Branch of Mizrahi Tefahot. I have used Raisin a couple of times, when I could benefit from their bonus offers. I would go for the current £100 offer for new Raisin/Mizrah customers but as an existing customer I am not eligible.

Cus

Bostonerimus1 said:

miss_curly said:

masonic said:

subjecttocontract said:

aroominyork said:

Maybe your question is whether a bank can put an FSCS logo on their marketing materials when they do not actually have FSCS recognition? Fair question. You can use the FSCS checker at https://www.fscs.org.uk/check/check-your-money-is-protected. That shows that Mizrahi Tefahot is covered by FSCS. How your money reaches them - through a Raisin-like platform or directly - makes no difference. 

I think it highly unlikely, probably impossible for a bank to put a false FSCS logo on their marketing materials when being advertised through a platform such as Raisin.

Agreed, and the same could be said for Moneyfacts, MSE etc, but it wouldn't stop me checking before handing over my money.

How do you actually check though?
I have phoned the fscs and they weren't very helpful, they told me to call the bank which I've done and they didn't seem to know! Ive read that any deposit made needs to be held in the uk to qualify for protection so I asked the bank that and it is doubtful that the money would stay in the UK .... what am I missing? Did I ask the wrong question? 

This looks like a lot of bother. What's more important to you? A few tenths of a percent higher interest rate or not worrying about where you are putting your money?

But that's the whole point about the FSCS protection, it's simple. You click that link, type in mizrahi, and it tells you you are protected. If you type in Halifax, you see the same thing, same links etc. They protect because they have a UK branch.

A few tenths of a percent, over many years, adds up to a lot of money.  We see this argument to manage fees of a few tenths a lot with investments, no difference here imo.

masonic

Cus said:

Bostonerimus1 said:

miss_curly said:

masonic said:

subjecttocontract said:

aroominyork said:

Maybe your question is whether a bank can put an FSCS logo on their marketing materials when they do not actually have FSCS recognition? Fair question. You can use the FSCS checker at https://www.fscs.org.uk/check/check-your-money-is-protected. That shows that Mizrahi Tefahot is covered by FSCS. How your money reaches them - through a Raisin-like platform or directly - makes no difference. 

I think it highly unlikely, probably impossible for a bank to put a false FSCS logo on their marketing materials when being advertised through a platform such as Raisin.

Agreed, and the same could be said for Moneyfacts, MSE etc, but it wouldn't stop me checking before handing over my money.

How do you actually check though?
I have phoned the fscs and they weren't very helpful, they told me to call the bank which I've done and they didn't seem to know! Ive read that any deposit made needs to be held in the uk to qualify for protection so I asked the bank that and it is doubtful that the money would stay in the UK .... what am I missing? Did I ask the wrong question? 

This looks like a lot of bother. What's more important to you? A few tenths of a percent higher interest rate or not worrying about where you are putting your money?

But that's the whole point about the FSCS protection, it's simple. You click that link, type in mizrahi, and it tells you you are protected. If you type in Halifax, you see the same thing, same links etc. They protect because they have a UK branch.

A few tenths of a percent, over many years, adds up to a lot of money.  We see this argument to manage fees of a few tenths a lot with investments, no difference here imo.

To use a real world example, taking your example of Halifax, the difference for a 1 year fix would be 9.5 tenths of a percent and amount to £95 on a £10k balance. For some this will be worth it, even over a year. Looking down the table (a loooong way), the best you could do with a high street name would still be £40-60 worse off, depending on whether you consider a supermarket-branded account safe enough.

Cus

masonic said:

Cus said:

Bostonerimus1 said:

miss_curly said:

masonic said:

subjecttocontract said:

aroominyork said:

Maybe your question is whether a bank can put an FSCS logo on their marketing materials when they do not actually have FSCS recognition? Fair question. You can use the FSCS checker at https://www.fscs.org.uk/check/check-your-money-is-protected. That shows that Mizrahi Tefahot is covered by FSCS. How your money reaches them - through a Raisin-like platform or directly - makes no difference. 

I think it highly unlikely, probably impossible for a bank to put a false FSCS logo on their marketing materials when being advertised through a platform such as Raisin.

Agreed, and the same could be said for Moneyfacts, MSE etc, but it wouldn't stop me checking before handing over my money.

How do you actually check though?
I have phoned the fscs and they weren't very helpful, they told me to call the bank which I've done and they didn't seem to know! Ive read that any deposit made needs to be held in the uk to qualify for protection so I asked the bank that and it is doubtful that the money would stay in the UK .... what am I missing? Did I ask the wrong question? 

This looks like a lot of bother. What's more important to you? A few tenths of a percent higher interest rate or not worrying about where you are putting your money?

But that's the whole point about the FSCS protection, it's simple. You click that link, type in mizrahi, and it tells you you are protected. If you type in Halifax, you see the same thing, same links etc. They protect because they have a UK branch.

A few tenths of a percent, over many years, adds up to a lot of money.  We see this argument to manage fees of a few tenths a lot with investments, no difference here imo.

To use a real world example, taking your example of Halifax, the difference for a 1 year fix would be 9.5 tenths of a percent and amount to £95 on a £10k balance. For some this will be worth it, even over a year. Looking down the table (a loooong way), the best you could do with a high street name would still be £40-60 worse off, depending on whether you consider a supermarket-branded account safe enough.

If you did that, getting 0.95% better, repeatedly for 20 years, that's over £2k better off.  If you had multiples of £85k spread across similar 'unknown' accounts versus 'mainstream names' that could be a lot of money. Even with a supermarket type you refer to, one would save 0.4% every year.

If this was investing, and you could guarantee making 0.4% a year more, it's a no brainer.  Same as reducing 0.4% in fees imo