Co op 6% Fixed

PippyPumpkin

Hi Everyone,
First post on the Forum, so be gentle with me!
Has anyone signed up for the Co op 6% deal ( fixed for 1/2/3 years ) you must be a member, which I'm, as it's not covered by the £85,000 rule.
Just interested if anyone has set one up?
Regards,
PP

fonesaver

PippyPumpkin said:

Hi Everyone,
First post on the Forum, so be gentle with me!
Has anyone signed up for the Co op 6% deal ( fixed for 1/2/3 years ) you must be a member, which I'm, as it's not covered by the £85,000 rule.
Just interested if anyone has set one up?
Regards,
PP

No but just checked it out there don't appear to be any catches... Incredible rate! You just have to become a member which looks to be free.

friolento

What's the link please?

fonesaver

fonesaver said:

PippyPumpkin said:

Hi Everyone,
First post on the Forum, so be gentle with me!
Has anyone signed up for the Co op 6% deal ( fixed for 1/2/3 years ) you must be a member, which I'm, as it's not covered by the £85,000 rule.
Just interested if anyone has set one up?
Regards,
PP

No but just checked it out there don't appear to be any catches... Incredible rate! You just have to become a member which looks to be free.

Think there maybe no FSCS protection....

friolento

fonesaver said:

fonesaver said:

PippyPumpkin said:

Hi Everyone,
First post on the Forum, so be gentle with me!
Has anyone signed up for the Co op 6% deal ( fixed for 1/2/3 years ) you must be a member, which I'm, as it's not covered by the £85,000 rule.
Just interested if anyone has set one up?
Regards,
PP

No but just checked it out there don't appear to be any catches... Incredible rate! You just have to become a member which looks to be free.

Think there maybe no FSCS protection....

It doesn't appear to be a savings account. May be a corporate bond? I wonder where you need to be a member for this......

EthicsGradient

Since it's not covered by the FSCS guarantee, these are really corporate bonds, and should be compared with similar bonds, rather than savings accounts. This seems to be Midcounties Co-Op, so you should be comparing the risk of that entity being unable to meet its commitments with similar corporate bonds.

PippyPumpkin

Yes fonesaver, that was my only worry, but the Co op should be okay, for the next few years......right?

friolento

Right. 🤣🤣🤣🤣🤣🤣

Albermarle

PippyPumpkin said:

Yes fonesaver, that was my only worry, but the Co op should be okay, for the next few years......right?

One issue is that 'the Coop' can mean different entities. They have a pretty complicated partly opaque structure.

For example this financial product is promoted by Mid Counties CooP. Not sure if they would get bailed out by other parts of the Coop if they got into trouble.

clairec666

Albermarle said:

PippyPumpkin said:

Yes fonesaver, that was my only worry, but the Co op should be okay, for the next few years......right?

One issue is that 'the Coop' can mean different entities. They have a pretty complicated partly opaque structure.

For example this financial product is promoted by Mid Counties CooP. Not sure if they would get bailed out by other parts of the Coop if they got into trouble.

Also remember that just because Coop is a "known name" it doesn't mean it's immune to financial difficulty.

Rheumatoid

PippyPumpkin said:

Yes fonesaver, that was my only worry, but the Co op should be okay, for the next few years......right?

I thought that with my Somerfield shares