Government offerings are not allowed to be competitive, no ? What do premium bonds achieve today ? What does the government do with the money apart from invest in a safe gilt to earn just enough to pay prizes and people's salaries. Premium bonds at 3% prize money anyone ? I don't understand how bonds like these are filled apart from by institutions who are ethically obliged or see it as good for long term business.
Looks like FSCS Fixed market is not yet reflecting on the recent BoE rate increase. The same for the rest of FSCS products. Not all though, got email from Tesco today, they've increased interest rate on their instant access accounts by 0.15% which made it to 0.25% - not an attractive offer in the current instant access market.
We’re getting in touch to let you know about an important announcement, but don’t worry, you don’t need to take any action.
Following a comprehensive strategic review of the business, Masthaven Bank has taken the decision to withdraw from the UK banking market over the next two years. During that time we will reduce and ultimately sell our loan books and return deposits to our savings customers.
Masthaven is well funded and has sufficient capital and liquidity to repay savings customers in an orderly fashion by the end of 2023.
Masthaven is working closely with the UK banking regulators, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). Both organisations are aware of the bank’s plans and the measures it has put in place to ensure that the interests of customers, employees, intermediaries, suppliers and other stakeholders are considered and protected during the two-year process.
What does this mean for me?
You don’t need to take any action. Your savings are safe, and your account and access to eBanking will continue to operate as normal.
Throughout this process your savings will continue to be protected by the Financial Services Compensation Scheme.
We remain committed to all our customers and delivering the best service during this time. You can contact our teams in the normal way but following this announcement our phone lines may be busier than normal.
We’ll write to you again by 30th June 2022 to give you a further update and explain what this will mean for you in more detail.
In the meantime, we’ve put together some FAQs that should help answer any questions you have.
We’ll continue to keep you updated and would like to take this opportunity to thank you for continuing to bank with us.