Mizrahi Tefahot Bank Ltd

dlevene

Why come on a website which is all about shopping around for the best deal... if you don't want to shop about for the best deal? 

What a bizarre thread.

Middle_of_the_Road

dlevene said:

Why come on a website which is all about shopping around for the best deal... if you don't want to shop about for the best deal? 

What a bizarre thread.

The best deal isn't always just about getting the highest interest rate.

Cus

Middle_of_the_Road said:

dlevene said:

Why come on a website which is all about shopping around for the best deal... if you don't want to shop about for the best deal? 

What a bizarre thread.

The best deal isn't always just about getting the highest interest rate.

What other things are worth 0.4% a year to pay for?

Bostonerimus1

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.

Low fees/good interest rates are important, but so is going with a high quality provider that you have confidence in. So no matter how low the fees or high the returns I would not invest with a fund company I had not heard of before. This bank looks just fine, but I always ask the question why are they giving the best rates? they must want your money more than anyone else. I'm ok giving up a few quid for my peace of mind, particularly when it comes to cash.

masonic

Bostonerimus1 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.

Low fees/good interest rates are important, but so is going with a high quality provider that you have confidence in. So no matter how low the fees or high the returns I would not invest with a fund company I had not heard of before. This bank looks just fine, but I always ask the question why are they giving the best rates? they must want your money more than anyone else. I'm ok giving up a few quid for my peace of mind, particularly when it comes to cash.

It's part of the philosophy behind this site. The big banks have a long history of screwing the consumer, whether that's through high fees or low credit interest rates. They rely on consumer apathy to offer them a bad deal. The main reason other providers are offering better rates is because they don't have a rump of apathetic savers to profiteer from.

Even the FCA and its forerunners have acknowledged this, attempted to put countermeasures in place, and have protected consumers engaging with competition in the market. Hence the guarantee that no saver using a regulated deposit taker and investing within the FSCS limit will put their capital at risk.

Investing with a fund company is a very different proposition, because you have zero protection in the case that they do a bad job and expose you to inappropriate investment risk. But unlike with savings accounts, the biggest and best known providers often do have the lowest cost funds.

artyboy

Bostonerimus1 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.

Low fees/good interest rates are important, but so is going with a high quality provider that you have confidence in. So no matter how low the fees or high the returns I would not invest with a fund company I had not heard of before. This bank looks just fine, but I always ask the question why are they giving the best rates? they must want your money more than anyone else. I'm ok giving up a few quid for my peace of mind, particularly when it comes to cash.

Until a few years ago, the vast majority of UK consumers wouldn't have known the 'Chase' name, despite how familiar it is in the US. Now it's all but a household brand, due to a heavy advertising campaign and some attractive offered rates. 

Marcus was the same before that - how many people really knew about Goldman Sachs either, apart from maybe some negative connotations about 'casino banking'

So is being a 'high quality provider' really just a question of how successfully they market their products?

People may have their own reasons why they may not want to save with this bank - I'm one of them - but IMHO with FSCS cover, financial security of deposits in a lesser known institution is not a determining factor (and no, I'm not going into it further, too much politics already!) 

Cus

artyboy said:

Bostonerimus1 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.

Low fees/good interest rates are important, but so is going with a high quality provider that you have confidence in. So no matter how low the fees or high the returns I would not invest with a fund company I had not heard of before. This bank looks just fine, but I always ask the question why are they giving the best rates? they must want your money more than anyone else. I'm ok giving up a few quid for my peace of mind, particularly when it comes to cash.

Until a few years ago, the vast majority of UK consumers wouldn't have known the 'Chase' name, despite how familiar it is in the US. Now it's all but a household brand, due to a heavy advertising campaign and some attractive offered rates. 

Marcus was the same before that - how many people really knew about Goldman Sachs either, apart from maybe some negative connotations about 'casino banking'

So is being a 'high quality provider' really just a question of how successfully they market their products?

People may have their own reasons why they may not want to save with this bank - I'm one of them - but IMHO with FSCS cover, financial security of deposits in a lesser known institution is not a determining factor (and no, I'm not going into it further, too much politics already!) 

This bank is also a component of global equity tracker funds so if you have those then you are already investing in them

miss_curly

I think the take away is that Mizrahi Tefahot Bank is safe. I spoke to the FCA & the FSCS yesterday to double check and do my due diligence but one of the guys I spoke to posed the question / statement that if Raisin went under or bankrupt how would I access my money because Raisin isnt covered by the FSCS guarantee. However I had understood that because they use Clearpay which is protected and MIM & MAM, its all good.
Anyone shed anymore light on this please?

masonic

miss_curly said:

I think the take away is that Mizrahi Tefahot Bank is safe. I spoke to the FCA & the FSCS yesterday to double check and do my due diligence but one of the guys I spoke to posed the question / statement that if Raisin went under or bankrupt how would I access my money because Raisin isnt covered by the FSCS guarantee. However I had understood that because they use Clearpay which is protected and MIM & MAM, its all good.
Anyone shed anymore light on this please?

Do you mean ClearBank? Yes, your understanding is correct that the route your money takes in and out of the provider is via authorised firms with FSCS protection.

miss_curly

masonic said:

miss_curly said:

I think the take away is that Mizrahi Tefahot Bank is safe. I spoke to the FCA & the FSCS yesterday to double check and do my due diligence but one of the guys I spoke to posed the question / statement that if Raisin went under or bankrupt how would I access my money because Raisin isnt covered by the FSCS guarantee. However I had understood that because they use Clearpay which is protected and MIM & MAM, its all good.
Anyone shed anymore light on this please?

Do you mean ClearBank? Yes, your understanding is correct that the route your money takes in and out of the provider is via authorised firms with FSCS protection.

Yes, I meant Clearbank. Thanks.