Kudona 3.8% savings Interest - Is it a Scam?

By J Drew -

 A firm called Kudona are advertising on Facebook that are offering 3.8% savings interest. This is way above the market rate so is this a scam?

Interestingly there is no result returned on Google if you look up "Kudona 3.8% savings Interest" which is very odd. If there is no way to check the info online through Google and Kudona have no online presence then that is a very big warning sign.

If you look up Kudona on the FCA website there is no company listed by that name so it would appear that your money is at risk and you will have no recourse to compensation from FSCS.

With these warning signs our advice would be to stay well away. If Kudona are genuinely offering 3.8% savings interest on a FSCS protected account we're happy to update this information if they can provide details of the company

Kudona 3.8% savings Interest Scam?
Kudona 3.8% savings Interest - Is it a Scam?

Update - there is a website for Kudona but the same caveats apply. It isn't FSCS protected so your savings are at risk. It appears the company is either registered in Germany or Lithuania as a German name is given but company address shown as Lithuania.

The Kudona website was only registered in January 2022 so you will be handing over money to a company that is less than 3 months old. Not something I would consider doing with ANY of my savings.


NOTE - Kudona has been reported to FCA who have confirmed that they are not authorised to do business in the UK and that it appears to be a scam.

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