Charter Savings Bank

[FN-GM]

Hello,

 

I am looking at putting some savings into a savings account. I am looking at the Charter Savings Bank - https://www.chartersavingsbank.co.uk/Products/FixedRateBond

 

I have never heard of them but they are protected under the FSCS. My question is has anyone used them before please? What are they like to deal with? I don't want to end up being with a company with poor service.

 

Thanks in advance

[Meldrew]

They are listed on Martins Money saving tips (https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/), but only best for money locked away for 3+ years. I almost used Charter Savings bank a year ago, but went with another in the end, I seem to remember it was something to do with signup process that seemed easier elsewhere.

 

HTH,

 

Meldrew.

[Arthur]

This might be of interest*...

 

New bank 'Marcus' launches market-leading 1.5% savings « Money Saving Expert

 

Goldman Sachs has today launched 'Marcus', a new brand offering a table-topping savings account paying 1.5% - the highest rate we've seen in over two and half years.

 

The Marcus account pays 1.5% AER variable, including a fixed bonus of 0.15% for 12 months. It can be opened online with £1 (up to a maximum of £250,000) and managed online and by phone.

 

While its bonus is for one year, it automatically renews after 12 months, so savers should remain on a decent rate - though Goldman Sachs told us the bonus rate could be lower in year two.

 

Crucially, the account has no limits on withdrawals, meaning it offers true 'easy-access' - so you can take money out whenever you need it.

 

Marcus is a new brand from US investment bank Goldman Sachs named after one of its original founders, Marcus Goldman.

 

Its savings account has UK savings safety protection - though it's worth noting the £85,000 protection is shared with Goldman Sachs International Bank, so if you have savings with both you'll only get protection on £85,000 in total.

 

How does the account compare?

At 1.5%, it's the most generous easy-access rate we've seen since January 2016.

 

Prior to the UK launch of Marcus, the top easy-access account was Yorkshire Building Society which pays 1.41% AER variable - though to get this headline rate you can only make one withdrawal a year. You can open it by post or in a branch and can save from £100.

 

* Pun not intended.

[FN-GM]

Ha ha.

 

I invested the money abroad in the end. I got a much better rate.

[Arthur]

Even better then!

[AlanD]

Ha ha.

 

I invested the money abroad in the end. I got a much better rate.

 

...but it will have no FSCS protection....and you are at the mercy of exchange rates (and paying commission - or a poor exchange rate).

 

...But yes, with a falling pound (Brexit) putting money abroad might be a risk worth taking.

 

While there is risk - you could also consider Unit trusts - which often give returns above 5% over longer periods of time - if you know you can leave it there for 5 years or so.