A new savings bond unveiled by grooming brand King of Shaves has prompted moneysupermarket.com to warn those looking for a place to keep their money to avoid the product.
Customers attracted to the quirkily-named Shavings Bond by the firm have been told by the price comparison site to read the terms and conditions as, while it offers a six per cent annual return, it may not be a good savings option.
The three-year deal does not allow customers to access their savings for the entirety of the term and the money is not protected under the Financial Services Compensation Scheme, meaning that it is not guaranteed that King of Shaves will pay back the cash.
Kevin Mountford, head of banking at moneysupermarket.com, said: "If you are willing to throw caution to the wind then Zopa may even give a better return for no greater gamble, although without the added benefit of free shavings products thrown in."
Chesham Building Society recently withdrew a savings bond with a UK best rate of 3.95 per cent gross return due to the level of demand for the package.
moneysupermarket.com warns over savings bond
Financial Services > Savings > Savings and Investments News
moneysupermarket.com warns over savings bond
Wed, 01 Jul 2009
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