Sunday, 22 April 2018

Basset & Gold Bond Savings Review - Too Good to Be True?

The name makes it sound safe - just like the precious metal but is the offer from Basset & Gold too good to be true?

Basset & Gold are advertising on Facebook for savings rates but their adverts make no mention that you can lose money as it is an investment not a guaranteed savings product.

Their name has come up before when they advertised Pensioner Bonds that were nothing to do with the National Savings version and were investments that depended on performance of the loan whether you get your money back in full or not.

Remember investments are only FSCS protected to £50k in the case of fraud, you can still lose money if the underlying investments fail and income is not guaranteed despite some posts suggesting otherwise. If a company like Basset & Gold suggests that the protection is £50,000 then it is not a savings product but an investment and you can lose money. Only savings are protected by FSCS to £75,000.

Thursday, 5 April 2018

Top Savings ISA Rates - Up to 8 percent?

A website advert called Top Savings/ISA Rates is claiming that there are savings accounts paying 8 percent fixed interest. This is blatantly untrue and the accounts they link to are not savings accounts, they are not FSCS protected and your money is at risk - there is the potential that you could lose all your money as any guarantees are worthless when they are unregulated investments and not protected by FSCS.

The links provided make many mentions of the word "savings" but no equally prominent warnings about the risks involved. Everything on the advert is implying that the rate is fixed and is a savings account - most people will assume ISA means cash ISA especially when it refers to a rate of 8%, S&S ISAs don't pay a rate as they benefit from investment growth.
Top Savings ISA Rates - Up to 8 percent?
Top Savings ISA Rates - Up to 8 percent?

London Capital Savings ISA Rates - Up to 8 percent?

Companies advertising such products include London Capital and Finance and Blackmore Bonds. These are both risky investments that are more risky than investing in the stock market via funds in a Shares ISA.

If you are looking at either of these investments instead of savings then you should make sure you are fully aware of the risks involved and prepared to lose money.

Saturday, 24 February 2018

Blackmore Bonds Reviews - Are they safe?

A company called Blackmore Bonds are now using Facebook to promote their unregulated investments where you could lose all your money so I thought it would be worth a quick review for those who may be unsure whether Blackmore Bonds are genuine or a scam product.

Many people want to know the answer to the question  "Are Blackmore Bonds safe?" The answer is no, they are an unregulated investment that isn't FSCS protected and you could lose all your money. There is no guarantee that they will pay income and you could get back less money than you invest in the Blackmore Bonds.

Facebook adverts by Blackmore bonds are very heavily emphasised on the words "savings" and "interest" but seem less keen to use the words "risk" and "unregulated".
Blackmore Bonds Reviews
Blackmore Bonds Reviews - are they safe?

The words below again highlight fixed rate returns but the returns are only fixed if the company has the funds to continue paying them. There is no guarantee and your investment is not FSCS protected so you have no comeback if the company stops paying you.

Blackmore Bonds Reviews - are they safe?
Blackmore Bonds Reviews
The screenshot above does show the words "capital at risk" but it's not very clear and the website doesn't elaborate on the details.

Bond is a very misused word. In some instances it's used by banks for savings accounts yet Blackmore Bonds are not a savings account but an investment. There are also corporate bonds and investment bonds which are more like Blackmore and have similar sorts of risks.

It also appears that Blackmore are blocking any comments on their Facebook page that mention that they aren't FSCS protected and you could lose your money. This is rather worrying as they are facts that anyone investing in Blackmore Bonds should be aware of and fully agreed to. If anyone is investing and thinks they can get 8.5% risk free income from Blackmore Bonds they are sadly mistaken.

Thursday, 11 January 2018

Is Blackmore Bonds a Genuine Investment or a scam?

Are Blackmore Bonds a genuine investment or a scam?


Blackmore Bonds are now being advertised on Facebook with more misleading, or more correctly, missing information. All the references are to savings yet Blackmore Bonds are not a savings product, they are an investment where you could lose all of your money. Their risk page is very clear that you may not get your money back. The advert mentions what you can do with your savings, it doesn't say that Blackmore Bonds are not a savings and are very risky.

Blackmore Bonds are not FSCS protected so your money is not guaranteed as it is in a bank account and you could lose all your money.


Are Blackmore Bonds a genuine investment or a scam?
Blackmore Bonds Facebook adverts

Read more about the risks of Blackmore Bonds on the link below but they make clear if you read the page that you could lose all your money and that the bonds cannot be sold or transferred.

https://www.blackmorebonds.co.uk/risk-factors

Monday, 6 November 2017

Aston Darby Airport Parking Manchester - Is it genuine or a scam?

Aston Darby are offering Airport Parking spaces at Manchester airport. They claim to guarantee returns of 22% but this is not an FSCS protected investment so the guarantee depends on them deciding to honour it. If they go bust in 2 years time you could well have lost all of your money.

Aston Darby Airport Parking Manchester - is it a genuine?
Aston Darby Airport Parking Manchester - is it a scam?

These types of unregulated investments might be suitable for an investor who has millions of other assets but for the average consumer they are a very risky option where you could lose all of your investment as those who have put their hard earned money into similar schemes have discovered to their cost

Wednesday, 13 September 2017

London Capital Finance ISA Savings Bond reviews

A company called London Capital and Finance are heavily advertising on various savings websites for what they call a savings bond with an interest rate of 8% and others have mistakenly called a London Capital Finance ISA.

As the websites hosting the adverts are promoting savings accounts it's important to be clear - the London Capital and Finance bond is not a savings account or an ISA and involves risk to your money. You could lose all the money you invest as it is not FSCS protected

London Capital Finance ISA Savings Bond reviews
London Capital Finance ISA Savings Bond reviews

The product offered by LCF appears to be genuine and not a scam but by promoting their product via savings websites they are misleading savers that this is a savings account and not a product that puts their money at risk.

Read the small print in the London Capital and Finance website and you can see that they admit that your money is at risk and that this is not a savings account. However the phrasing and words used in the adverts - 100% track record, fixed interest, FCA regulated - all appear to give the impression that the bond is secure. In reality it is based on loans to companies and you can lose ALL your money.

is london capital bond fscs protected?
is london capital bond fscs protected?


Friday, 12 May 2017

How to Earn 4.2% Interest on £15000 savings using Bank Accounts

Can you Earn Over 4% Interest on £15000 risk free?

After repeatedly trying to help readers of This is Money to get decent rates on their savings and repeatedly being told I'm lying that I can earn decent interest on £15000, I decided to spell out exactly how it can be done. You do need to open accounts but to get 10x the rate available on a cash ISA seems worthwhile to me. You can even use variations to suit the amount of money you have and even drop the number of accounts or regular savers if you want less hassle.

There are a number of current accounts paying interest, some vastly higher than any savings account. As of today, Tesco Bank pay 3% on £6000, TSB pay 3% on £3000 and Nationwide pay 3% or 5% depending on the account but £2500 in each account. For a couple you can do even better and get £7500 at 5% with Nationwide for 1 year.

Regular saver accounts

There are some savings accounts where you commit to paying a regular amount each month and the bank will pay a high rate of interest on the money. Some people think incorrectly that the interest rate is reduced but this is untrue. You get exactly the interest rate stated but only on the money in the account. Why would a bank pay interest on money you haven't deposited with them?

There are regular saver accounts with HSBC, M&S Bank and Nationwide that all pay 5%. If these are combined with the current accounts above then you can earn 4.2% on £15000 by moving money from 3% to 5% over the year. If you maximise the current accounts too then you can get more than £15,000 in the accounts by the end of the year - the total you could have at the end of the year would be £27,000 all earning good interest of 3% or above.

If you feed money into the 5% regular saver accounts from a current account paying 3% then the average that you get over the year will be just over 4%. Obviously all this depends on you having the money in the first place but if you have the £2000 or less that 70% of the UK population have in savings then you can get 5% on this whole amount with Nationwide Building Society.

The accounts and interest are shown in the table below:

Month
1 2 3 4 5 6 7 8 9 10 11 12
Interest Rate
Nationwide 5 2500 2500 2500 2500 2500 2500 2500 2500 2500 2500 2500 2500
TSB 3 1500 1250 1000 750 500 250 0
TSB 3 1500 1500 1500 1500 1500 1500 1500 1250 1000 750 500 250
Tesco 3 3000 2750 2500 2250 2000 1750 1500 1250 1000 750 500 250
Tesco 3 3000 2500 2000 1500 1000 500 0
Nationwide 3 2500 2500 2500 2500 2500 2500 2500 2000 1500 1000 500 0
HSBC 5 250 500 750 1000 1250 1500 1750 2000 2250 2500 2750 3000 £81.58
Nationwide 5 500 1000 1500 2000 2500 3000 3500 4000 4500 5000 5500 6000 £163.00
M&S 5 250 500 750 1000 1250 1500 1750 2000 2250 2500 2750 3000 £81.58
15000 15000
Nationwide £10.42 £10.42 £10.42 £10.42 £10.42 £10.42 £10.42 £10.42 £10.42 £10.42 £10.42 £10.42 £125.00
TSB £3.75 £3.13 £2.50 £1.88 £1.25 £0.63 £0.00 £0.00 £0.00 £0.00 £0.00 £0.00 £13.13
TSB £3.75 £3.75 £3.75 £3.75 £3.75 £3.75 £3.75 £3.13 £2.50 £1.88 £1.25 £0.63 £35.63
Tesco £7.50 £6.88 £6.25 £5.63 £5.00 £4.38 £3.75 £3.13 £2.50 £1.88 £1.25 £0.63 £48.75
Tesco £7.50 £6.25 £5.00 £3.75 £2.50 £1.25 £0.00 £0.00 £0.00 £0.00 £0.00 £0.00 £26.25
Nationwide £6.25 £6.25 £6.25 £6.25 £6.25 £6.25 £6.25 £5.00 £3.75 £2.50 £1.25 £0.00 £56.25
Average Interest 4.2% Total Interest Paid £631.16