Help with types of fixed savings.

PaulDesmond

I was sent a link by someone here https://moneyfactscompare.co.uk/savings-accounts/ 

Can someone look at 1 year fixed rate bonds and a company Castle community bank?

1) Confused about On line is allowed but mobile isn’t People browse the internet on mobiles and you wouldn’t have their app if they had one anyway.

2) Clicking on further details. Have you got to put all the money in at the start as the interest would be accumulated from the date of the submitted amount? Would it say in the side menu if that was the case for me to look for.

Thanks.

eskbanker

Sites like Moneyfacts are useful in listing products available in the market but for accessing the detail you should always go to the provider's own site - there's a link "go to provider's site" within the Moneyfacts 'side menu'.

refluxer

PaulDesmond said:

I was sent a link by someone here https://moneyfactscompare.co.uk/savings-accounts/ 

Can someone look at 1 year fixed rate bonds and a company Castle community bank?

1) Confused about On line is allowed but mobile isn’t People browse the internet on mobiles and you wouldn’t have their app if they had one anyway.

On that site, the 'mobile' icon refers to online banking via an app so if online banking is possible but 'mobile' is greyed out then you'll almost-certainly still be able to use your phone, but via the banking site on a web browser rather than a dedicated banking app.  

akm2018

Presuming the thing uou mean is "Castle Community Bank Fixed Rate Savings", which is (currently) the first item listed at https://moneyfactscompare.co.uk/savings-accounts/1-year-fixed-rate-bonds/

1. I guess Moneyfacts uses 'Online' means 'on a website' and Mobile means 'on an app'.

2. When you click View Further Details you see this:

which seems pretty clear to me. A bond, as opposed to a savings account, is something you buy once and then that's it.

PaulDesmond

OK thanks.I noticed this. As I am a pensioner, I am not allowed...

If you are not employed (retired, student, unemployed) you can open an account if you

are member of an applicable Trade Union or Association (eg. CO-OP, National Trust,

UNISON...).

flaneurs_lobster

Takes about 2 minutes (and refundable £1) to join the Co-op.

https://membership.coop.co.uk/new-registration

Albermarle

PaulDesmond said:

I was sent a link by someone here https://moneyfactscompare.co.uk/savings-accounts/ 

Can someone look at 1 year fixed rate bonds and a company Castle community bank?

1) Confused about On line is allowed but mobile isn’t People browse the internet on mobiles and you wouldn’t have their app if they had one anyway.

2) Clicking on further details. Have you got to put all the money in at the start as the interest would be accumulated from the date of the submitted amount? Would it say in the side menu if that was the case for me to look for.

Thanks.

It seems that your savings will not actually be with Castle community bank, but with one of many credit unions they are partnered with.
The credit unions are covered by the FSCS £85K but not Castle as far as I can see. 

PaulDesmond

Thanks. This is a strange behaviour.

flaneurs_lobster

Albermarle said:

It seems that your savings will not actually be with Castle community bank, but with one of many credit unions they are partnered with.
The credit unions are covered by the FSCS £85K but not Castle as far as I can see. 

Not quite right, Castle Community Bank IS a credit union and is registered with the FCA and it's covered by FSCS.

refluxer

If you're happy with online or app-only banking, there are plenty of established alternatives paying only slight less for a 1 year fixed rate account. Birmingham Bank, Cynergy, Hodge and Tandem are all paying around 4.55% so I would save yourself the hassle and go with one of those. I've got accounts with the last 3 and have not had any issues with any of them.

The types of fixed rate account/bonds they offer usually have a funding window (typically anything between 1 and 3 weeks) in which you can make as many deposits as you like, although there are one or two who'll only allow you to make one. Some start the fixed rate period from the day the account is opened, some from the date of your first deposit and some from the date the funding window closes, so you just have to read the T&Cs carefully if you want to know which of those applies to the accounts you're interested in. 

Albermarle

flaneurs_lobster said:

Albermarle said:

It seems that your savings will not actually be with Castle community bank, but with one of many credit unions they are partnered with.
The credit unions are covered by the FSCS £85K but not Castle as far as I can see. 

Not quite right, Castle Community Bank IS a credit union and is registered with the FCA and it's covered by FSCS.

OK my mistake.
When you click on the Provider link in Moneyfacts, it takes you to 'My Community Finance' .
They are some kind of intermediary for partner credit unions.
I presume Castle community bank is one of their partners and covered by the £85K compensation, but it seems you have to open the account via this third party.