Sunday, 22 April 2018

Basset & Gold Bond Savings Review - Is 7% Interest Too Good to Be True?

The name makes it sound safe - just like the precious metal but is the offer of 7% income from Basset & Gold too good to be true?

Basset & Gold are advertising on Facebook for savings rates but their adverts are not clear that you can lose money as it is an investment not a guaranteed savings product. Fixed income isn't guaranteed if the underlying investment crashes!

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.

It seems that Basset & Gold are doing quite well from the sale of these High Interest bonds as they're taking their staff to Ascot in July for an all expenses paid day out with free booze! Obviously companies are entitled to reward their staff but it does make you wonder where the money is coming from when they're already paying out high rates of return.

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