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6.57 % Average interest in a BG bank

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    6.57 % Average interest in a BG bank

    I just found out about a Bulgarian bank that offers free-access to money account with interest at 6.57 % . For foreigners there is a 10 % withheld on all interest accumulated (tax)

    As far as i remember Last time in the UK interest were that high just before the Icelandic banks went bust .. we all remember that.

    Anyway , are there other EU spots witch such cool interest rates ? I never explored offshore accounts though ... perhaps there are some good offers .



    Does it make sense for Europeans to open such accounts in a small EU country ?


    Deposit protection is 100 000 EUR for Bulgarians , not sure for foreigners.

    The offer is here.
    First Investment Bank - Two-year Deposit Account with a Progressive Interest Rate

    Anyone wanting more info message me.
    Last edited by bizways net; 11 February 2011, 20:42.

    #2
    4.75% Coventry. 5 year bond still quite safe.

    Did see a Tesco bond until 2018 at 5.2% but wasn't covered by the FSA.

    Otherwise emerging funds for Fidelity look good.
    What happens in General, stays in General.
    You know what they say about assumptions!

    Comment


      #3
      So, there is a bank inside EU that offers 6.57% which is like 6.57 times over 1% ECB's interest rate, with LIBOR being under 1%?

      Comment


        #4
        Originally posted by MarillionFan View Post
        4.75% Coventry. 5 year bond still quite safe.


        Does FSA even insure bonds of private companies? It's not a deposit.

        Comment


          #5
          Originally posted by MarillionFan View Post
          4.75% Coventry. 5 year bond still quite safe.

          Did see a Tesco bond until 2018 at 5.2% but wasn't covered by the FSA.

          Otherwise emerging funds for Fidelity look good.
          The one in the OP is free access. You can take whatever/whenever you want. No penalties

          Comment


            #6
            Originally posted by AtW View Post


            Does FSA even insure bonds of private companies? It's not a deposit.
            You ******* moron. The Coventry is a building society. Therefore each investor is covered by FSA rules to the tune of £50K on an investment bond.

            Don't show yourself up.
            What happens in General, stays in General.
            You know what they say about assumptions!

            Comment


              #7
              Originally posted by MarillionFan View Post
              You ******* moron. The Coventry is a building society. Therefore each investor is covered by FSA rules to the tune of £50K on an investment bond. Don't show yourself up.
              If you want to put 50 grand for 5 years in bonds of some provincial building society that isn't even got Birmingham in it's name then you are the moron.

              Comment


                #8
                Originally posted by AtW View Post
                If you want to put 50 grand for 5 years in bonds of some provincial building society that isn't even got Birmingham in it's name then you are the moron.
                But that is not the point you were making was it!!!!!!!!!!!!!!!!!!!

                I accept your apology.

                Now come here and give me a cuddle.
                What happens in General, stays in General.
                You know what they say about assumptions!

                Comment


                  #9
                  Originally posted by MarillionFan View Post
                  But that is not the point you were making was it!!!!!!!!!!!!!!!!!!!
                  I highlighted "5 year bond".

                  Then I had a massive for the "5 year part", and then I expressed my doubt that bonds will be covered by guarantee (if they are then why not call it deposit then and get over with it?!?!).

                  Even if they are covered (show me link if you claim they are), only a moron would lock cash for 5 years to be paid less than 5%: if rates don't go up soon inflation over that period will be easily over 30%.

                  I am off to pub.

                  Comment


                    #10
                    Originally posted by AtW View Post
                    I highlighted "5 year bond".

                    Then I had a massive for the "5 year part", and then I expressed my doubt that bonds will be covered by guarantee (if they are then why not call it deposit then and get over with it?!?!).

                    Even if they are covered (show me link if you claim they are), only a moron would lock cash for 5 years to be paid less than 5%: if rates don't go up soon inflation over that period will be easily over 30%.

                    I am off to pub.
                    "only a moron would lock cash for 5 years to be paid less than 5%:" - Oh dear.

                    All investment bonds have a penalty for withdrawal. If you can use a spreadsheet you can factor in the cost of removing your money. So lets say interest rates go up and the rate is no longer attractive you can withdraw. You will pay a penalty but I've found that such a thing as a spreadsheet can be used to calculate the return. Incredible.

                    As my mortgage is 0.98% and offset I withdrew all of it, I am getting 4.75% on it but paying 0.98. What a moron.
                    What happens in General, stays in General.
                    You know what they say about assumptions!

                    Comment

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