12% interest

[Alfa GTV]

I have 10,000 to put away for a year, have been looking at various bank and BS on MoneysavingExpert the best I have seen is 1.85% fixed rate for 1 year, but I have just seen this:

http://www.harewoodassociates.co.uk/fixed_rate_opt...

Opinions? and is it safe? 1200 interest over 1 year seems very favourable, or is there any other secure ways to gain a decent amount of interest over a year, the 10K will not need to be accessed so no withdrals.

Thanks for any advice

Lee.

[Simpo Two]

And where do they get the money from? Somehow the word 'Ponzi' floats into my mind.

[530dTPhil]

Sainsbury's Bank have 2% gross interest for twelve months for an online instant access account. Balance must be between 5k and 100K.

[Siscar]

It's unregulated and not guaranteed, a big punt into the unknown.

[Alfa GTV]

530dTPhil said:

Sainsbury's Bank have 2% gross interest for twelve months for an online instant access account. Balance must be between 5k and 100K.

Got a link? I can only see 1.2%

[Xaero]

You can get 3.6% with RateSetter at the moment for a 1 year commitment, plus a 25 sign up bonus for going through that link. That's the best I've found. They will be part of the ISA system next year I believe, so earnings will be tax free then too if you haven't already opened an ISA account up for this tax year.

[Countdown]

http://www.pistonheads.com/gassing/topic.asp?t=123...

I still wouldn't.

[essayer]

At a guess if they can make 12% and are a properly run business they should have no problem getting finance from a bank.

If they can't get that finance themselves then you need to wonder why!

[Simpo Two]

Countdown said:

http://www.pistonheads.com/gassing/topic.asp?t=123...

I still wouldn't.

And now they're at 20 Chorley New Road not 58. I wonder if it's this person? https://www.linkedin.com/pub/kay-kennedy/2b/b40/90...

[530dTPhil]

Alfa GTV said:

Got a link? I can only see 1.2%

http://www.sainsburysbank.co.uk/savings/support/support_bonuswebsaver.shtml

[Elderly]

/\ which says: Current interest rates
Rates for accounts opened from 04/09/2012 to 25/09/2012

[530dTPhil]

Apologies, misread the detail when looking this morning.

[LooneyTunes]

Siscar said:

It's unregulated and not guaranteed, a big punt into the unknown.

Three more alarm bells for me:

1: Potential need for HNWI/Sophisticated Investor confirmation = arse covering going on for if it goes wrong;
2: "Prospectuses" are, in my view, more than a little bit light for any sort of investment;
3: They're not after megabucks. There are a surprising number of investors willing and able to provide the sort of money they're looking at. A rate of 12%+ causes me to question why they're needing to advertise or cast their net wider.

Wouldn't touch it if you need a rock solid home for your 10k.

[texasjohn]

Santander current account, 3% interest up to 20k.

Move your direct debits into it and get cashback on those, too.

[Sir Bagalot]

texasjohn said:

Santander current account, 3% interest up to 20k.

Move your direct debits into it and get cashback on those, too.

Someone sneaked in before me with the "S" word.

Warning: Don't move your banking to these idiots. Just your money.

Also bear in mind First Directs 6% regular savers.

[AJS-]

TSB are doing 5% on up to £2000 and I think you can have 2 accounts. 12% won't come without a degree of risk.

[Alfa GTV]

Okay thanks for everyone's input.

As an update I have opened a Santander 123 acct, effectively using it as a savings acct as I save £800 plus per month and two TSB classic plus accts, both of which I have filled to maximum (£2000) per account and have a S/O set up to put money in then out to qualify for the 5% interest rate.

[bad company]

Much better decision IMO.

If something looks too good to be true it usually is.

[Oakey]

Simpo Two said:

And now they're at 20 Chorley New Road not 58. I wonder if it's this person? https://www.linkedin.com/pub/kay-kennedy/2b/b40/90...

From receptionist to 'Investment Coordinator' in ten years, she certainly looks like someone you'd trust your money with, eh?

[mat430]

I actually know the development they are showing on the website the Hulme hall Allostock
they paid 650k for the plot and have advertised it now with ravens worth for 2.5 complete

http://www.rightmove.co.uk/property-for-sale/prope...