Caxton fixed rate bond

Max_sMum

Having used Caxton FX happily for a pre-paid currency card for years, I felt confident when invited to invest in their 2 year FR bond in 2022. However, here I am a month after the maturity date with no correspondence to ask what I want to do, and there appears to be no phone number for their customer services dept and only a .io email address which seems to lead to contact with either a human or a chat bot - no idea which... Has anyone any experience with this product please?

eskbanker

https://forums.moneysavingexpert.com/discussion/6390636/caxton-bond-too-risky suggests that experience might be limited....

Max_sMum

eskbanker said:

https://forums.moneysavingexpert.com/discussion/6390636/caxton-bond-too-risky suggests that experience might be limited....

Yes I had read this. Was hoping for something more up to date/optimistic!

Fatferds12

A quick look on Google showed - How do I contact Caxton?

Feel free to call us on 0333 123 1812 or enquire via the chat, otherwise this form goes straight to customer service who will aim to come back to you within 1 working day.  Presumably you've tried this and it doesn't get through?

Eyeful

When you gave them your money did you think this was a savings bond covered by the FSCS?

Max_sMum

Fatferds12 said:

A quick look on Google showed - How do I contact Caxton?

Feel free to call us on 0333 123 1812 or enquire via the chat, otherwise this form goes straight to customer service who will aim to come back to you within 1 working day.  Presumably you've tried this and it doesn't get through?

Yes, hopeless trying to call them. Only method is via email to an IO.com email address.

Max_sMum

Eyeful said:

When you gave them your money did you think this was a savings bond covered by the FSCS?

I had no idea such a product could be offered without FSCS coverage - stupid of me.

Max_sMum

So, I am told, after numerous emails to and fro a non UK email address, that my bond will pay out on 31st January 2025. How that is a 2 year fix began on 6th October 2022 mystifies me but I guess all I can do is wait (impatiently) and see. I'm currently feeling pretty stupid and very anxious.

jimjames

Max_sMum said:

So, I am told, after numerous emails to and fro a non UK email address, that my bond will pay out on 31st January 2025. How that is a 2 year fix began on 6th October 2022 mystifies me but I guess all I can do is wait (impatiently) and see. I'm currently feeling pretty stupid and very anxious.

You shouldn't feel stupid, it's lucky that you've found out about FSCS protection when you've invested with a genuine company rather than one that's an outright scam. You can check on the FCA website to make sure that any future ones are covered

Eyeful

Max_sMum said:

Eyeful said:

When you gave them your money did you think this was a savings bond covered by the FSCS?

I had no idea such a product could be offered without FSCS coverage - stupid of me.

1. So you will know in future.
Savings accounts & bonds that are covered by the FSCS up to £85K only come from 
NS&I (your loaning money to the UK Government)
UK-authorised banks, building societies or credit unions.

2. You can check if your savings are covered by doing the following;
(a) Find the Firms Reference Number (FRN), by typing in the company name into the FCA register below:
https://register.fca.org.uk/s/
(b) Type the FRN or company name & the amount to be deposited into the FSCS Savings Protection Checker
https://www.fscs.org.uk/check/check-your-money-is-protected/
when you hit the "CHECK NOW" key, the amount which is protected will be shown.

3. Remember: 
UK-authorised banks, building societies, is where you get SAVINGS BONDS.

From anywhere else its an INVESTMENT PRODUCT, where there is the possibility of losing your money.
This is where scammers go fishing to hook their next victim! 

Max_sMum

Max_sMum said:

Having used Caxton FX happily for a pre-paid currency card for years, I felt confident when invited to invest in their 2 year FR bond in 2022. However, here I am a month after the maturity date with no correspondence to ask what I want to do, and there appears to be no phone number for their customer services dept and only a .io email address which seems to lead to contact with either a human or a chat bot - no idea which... Has anyone any experience with this product please?

Caxton paid out on January 31st minus 20% tax. I am told I now have to wait until the end of the current tax year before I can obtain the tax certificate which will enable me to get a tax refund. It's not been easy!