close brothers savings

ds0569

hi. opened a CB savings account after seeing it on MSE last week and all seems fine then read a lot of bad press saying it was going bust due to some car action. Anyone have any thoughts.... i am starting to worry

eskbanker

The savings part of the business appears to be separate from the motor finance bit, assuming that's what you're referring to, but the key thing is that savings are protected by FSCS, so if they did go bust you'd get your money back from that....

Eyeful

1. There is a Close Brothers whose website is: https://www.closesavings.co.uk/
At the bottom of the page in the small print it states the the FRN as 124750

2. The FCA register should be used to find the FRN & verified contact details for real Close Brothers Savings.
https://register.fca.org.uk/s/search?q=124750&type=Companies

3. Type the 124750 number into the FSCS register, with the amount saved to see how much protection you have.
https://www.fscs.org.uk/check/check-your-money-is-protected/

4. If this is who you gave your money to you should be protected.
Be careful as there is a scam clone of tiis company

Hope this helps you

BULLY

Is it wise to avoid saving with Close Brothers? They have the best rate for a 5 year fixed rate cash isa but i know savings protected to £85k but still a big  headache if they go belly up with possible compensation pay outs.

financialseahorse

Had my initial post removed by MSEAdmin as I used the word 'av!od'. Let me rephrase, so that I can share  my own, below expectations,  experience with Close Brothers Savings.  I have been trying to make a simple money withdraw from my easy account saving account back into my nominated account. It is proving to be anything but 'easy access' to get my money back. 3 weeks and counting so far, nothing but excuses , ignoring of chat messages and emails and when you do engage they fail to read your messgaes. I feel like they want to make it hard for you to withdraw.

wmb194

financialseahorse said:

Had my initial post removed by MSEAdmin as I used the word 'av!od'. Let me rephrase, so that I can share  my own, below expectations,  experience with Close Brothers Savings.  I have been trying to make a simple money withdraw from my easy account saving account back into my nominated account. It is proving to be anything but 'easy access' to get my money back. 3 weeks and counting so far, nothing but excuses , ignoring of chat messages and emails and when you do engage they fail to read your messgaes. I feel like they want to make it hard for you to withdraw.

What are the excuses you been given?

financialseahorse

ds0569 said:

hi. opened a CB savings account after seeing it on MSE last week and all seems fine then read a lot of bad press saying it was going bust due to some car action. Anyone have any thoughts.... i am starting to worry

as the saying goes ...theres no smoke without fire!.... we've had a awful customer experience with them , they did everything they could to make it difficult for us to withdraw our own money. How they trteat their customers speaks volumes into how the business is run behind the scenes

cwep2

I have had no issues and in fact the transfers to my current account have been very quick (usually 15-30 minutes). Having said that they just announced they are cutting the rate from 4.70% to 4.45% on 15th May so I will be withdrawing everything and putting it elsewhere.