Originally Posted by PeterB
The whole point of why the 5 yr TD 20 percent interest accounts had so many investors was because they were covered by PDIC (up to 250K) so you may as well say that they were a government backed deposit.
You could open many different accounts in any of the Legacy banks and joint accounts are treated as separate accs.. It certainly was not hard for a slightly more savvy investor to squeeze 30/40 thousand pounds in..(depending on greed factor)..The early investors did OK as they received their tax free interest for well over 3 years.
The pre needs PNB22 products were for the naive or very very greedy investor as these "products" were not insured and producing over 40 percent here for a year or so..
The thread starter can tell you more about these so called "products" as he was one of the losers.
Ive had a chat with 2 Brits here that also invested..one for 2 mill and the other for 6. Surprisingly,Neither seemed bitter.
