coogaruk
Hello everyone! Anyone remember me?
Posts: 703
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Post by coogaruk on Feb 10, 2018 13:44:45 GMT
Bit of a no-brainer really, even for this non-taxpayer:
a) RateSetter is my largest P2P portfolio
b) Gives my £1000 Personal Savings Allowance a bit of a (albeit an artificial leg-up) 'boost'
c) Protects me from having to register for SA on savings interest alone
Will see how it goes. Who else here has opened a RateSetter ISA at their first opportunity?
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rambler
Member of DD Central
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Post by rambler on Feb 10, 2018 16:05:20 GMT
I've not yet had my invite. However I am in no hurry as I've used up this year's allowance (as I expect others have) so won't be able to invest until 6th April.
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DeafEater
Member of DD Central
Extremely Moderate
Posts: 218
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Post by DeafEater on Feb 10, 2018 17:54:50 GMT
Today I had the email telling me I'll be formally invited early next week. According to the email the invites are a phased roll out and going to longest standing investors first. I first put money their way in 2013 but I don't know where that places me in the queue. Rates were on the rise then but I'm below half my peak investment now.
I'll probably get the thing set up fairly rapidly but like many others, my ISA allowance for 17-18 is already spent and since RS aren't accepting transfers in from existing ISAs until the new financial year, it will be a few months until it gets funded.
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Post by stevexxx on Feb 10, 2018 21:49:29 GMT
Just had my notification too but I started an isa with Zopa so cant until april. With the rates so low though in both right now I,m looking at next years isa with Lendingworks currently 6% Shall keep options open for a while though, it will be ratesetter or lw whatever...
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Post by ruralres66 on Feb 11, 2018 10:03:54 GMT
"Today I had the email telling me I'll be formally invited early next week. According to the email the invites are a phased roll out and going to longest standing investors first. I first put money their way in 2013 but I don't know where that places me in the queue. Rates were on the rise then but I'm below half my peak investment now. I'll probably get the thing set up fairly rapidly but like many others, my ISA allowance for 17-18 is already spent and since RS aren't accepting transfers in from existing ISAs until the new financial year, it will be a few months until it gets funded."Just received, want to know what the transfer fee will be.......................****, thank you for being a RateSetter since 2013. We will soon be inviting you to open a RateSetter ISA. Our investors are key to our success, and we are particularly grateful to those, like you, who have supported us in the past. The RateSetter ISA is being made available to our existing investors in a phased approach, based on when they opened their Everyday Account. We expect to send you an invitation to open an ISA early next week. How does the RateSetter ISA work? ● Tax-Free: All your earnings in the RateSetter ISA are tax-free ● Flexible ISA: You can withdraw funds when you need them and replace them when you want - without affecting your ISA allowance. ● Simple: The ISA works just like your Everyday Account. ● Same Interest Rates as your Everyday Account. ● No Investment or Annual Fees: Just a Transfer fee if you need to exit your investment early.● A Balanced Portfolio: You can invest in the RateSetter IF ISA alongside any other Cash ISA or Stocks & Shares ISA You will have until 5th April 2018 to invest your 2017-18 ISA allowance in a RateSetter ISA. This allowance is £20,000 but will be lower if you have already used part of your tax-free allowance in another ISA. After April 2018, we will accept ISA transfers, which means that if you have Cash ISAs, Stocks & Shares ISAs and other Innovative Finance ISAs, you will be able to transfer some or all the funds from those accounts into your RateSetter ISA while retaining the benefit of the tax-free wrapper. Capital at risk. Instant access not guaranteed. No FSCS protection. Click here for Important information about the RateSetter ISA Please click here for information on default rates, Provision Fund coverage and past performance (Market Data).
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coogaruk
Hello everyone! Anyone remember me?
Posts: 703
Likes: 463
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Post by coogaruk on Feb 12, 2018 14:21:21 GMT
A quick update:
Opening the ISA was one thing (and it was a very straightforward and easy process, credit to RS for that) but actually lending money out has proved to be quite another. Not one match yet.
Some may feel I am being too greedy with my rates but in the current economic climate I have no desire to give my money away 'on the cheap'. I have set my minimum lending rates and (apart from a couple of minor relapses recently on my everyday account) am fairly intent on sticking to them.
Of course, if my holding accounts build up too much over the longer term then some sort of rethink will be in order.
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jlend
Member of DD Central
Posts: 1,817
Likes: 1,444
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Post by jlend on Feb 12, 2018 14:44:55 GMT
"Today I had the email telling me I'll be formally invited early next week. According to the email the invites are a phased roll out and going to longest standing investors first. I first put money their way in 2013 but I don't know where that places me in the queue. Rates were on the rise then but I'm below half my peak investment now. I'll probably get the thing set up fairly rapidly but like many others, my ISA allowance for 17-18 is already spent and since RS aren't accepting transfers in from existing ISAs until the new financial year, it will be a few months until it gets funded."Just received, want to know what the transfer fee will be.......................****, thank you for being a RateSetter since 2013. We will soon be inviting you to open a RateSetter ISA. Our investors are key to our success, and we are particularly grateful to those, like you, who have supported us in the past. The RateSetter ISA is being made available to our existing investors in a phased approach, based on when they opened their Everyday Account. We expect to send you an invitation to open an ISA early next week. How does the RateSetter ISA work? ● Tax-Free: All your earnings in the RateSetter ISA are tax-free ● Flexible ISA: You can withdraw funds when you need them and replace them when you want - without affecting your ISA allowance. ● Simple: The ISA works just like your Everyday Account. ● Same Interest Rates as your Everyday Account. ● No Investment or Annual Fees: Just a Transfer fee if you need to exit your investment early.● A Balanced Portfolio: You can invest in the RateSetter IF ISA alongside any other Cash ISA or Stocks & Shares ISA You will have until 5th April 2018 to invest your 2017-18 ISA allowance in a RateSetter ISA. This allowance is £20,000 but will be lower if you have already used part of your tax-free allowance in another ISA. After April 2018, we will accept ISA transfers, which means that if you have Cash ISAs, Stocks & Shares ISAs and other Innovative Finance ISAs, you will be able to transfer some or all the funds from those accounts into your RateSetter ISA while retaining the benefit of the tax-free wrapper. Capital at risk. Instant access not guaranteed. No FSCS protection. Click here for Important information about the RateSetter ISA Please click here for information on default rates, Provision Fund coverage and past performance (Market Data). When they say transfer fee to sell out early they may well be referring to the same transfer fee they apply if you want to get out of the non isa everyday account. This is on their website and is 0% on the rolling market 0.3% on the 1 year 1.5% on the 5 year
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mary
Member of DD Central
Posts: 698 
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Post by mary on Feb 12, 2018 17:11:27 GMT
A quick update: Opening the ISA was one thing (and it was a very straightforward and easy process, credit to RS for that) but actually lending money out has proved to be quite another. Not one match yet. Some may feel I am being too greedy with my rates but in the current economic climate I have no desire to give my money away 'on the cheap'. I have set my minimum lending rates and (apart from a couple of minor relapses recently on my everyday account) am fairly intent on sticking to them. Of course, if my holding accounts build up too much over the longer term then some sort of rethink will be in order. The day the RS ISA opened rates plummeted on the 1 and 5 year, and have stayed below my target. So, for now, I'll withdraw as loans repay. Only if rates start to rise will I reinvest.
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jcb208
Member of DD Central
Posts: 821
Likes: 608
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Post by jcb208 on Feb 12, 2018 18:43:09 GMT
I had the invite today ,can I still open the ISA ready for next year as I have already opened and funded this years allowance
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coogaruk
Hello everyone! Anyone remember me?
Posts: 703
Likes: 463
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Post by coogaruk on Feb 12, 2018 19:34:55 GMT
I had the invite today ,can I still open the ISA ready for next year as I have already opened and funded this years allowance No. You can only open an ISA for the current tax year. To open one for 'next' year you'll need to wait until 6th April. When you say you've already funded this year's allowance, I assume you mean already invested the maximum limit of £20k across all types of ISA. If you still have some of your £20k allowance available and have not yet opened an IFISA for the current tax year with another provider, then you can open one with RS.
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Post by skint4achange on Feb 12, 2018 21:07:04 GMT
I had the invite today ,can I still open the ISA ready for next year as I have already opened and funded this years allowance If you have already used all of this years ISA allowance there really is no point in opening the RS ISA now as they are not accepting transfers in until the next tax year anyway.
If you want to transfer some of your previous ISA allowance into an IFISA and you haven't opened an IFISA this year you can, but just not with a company who are not accepting transfer in's.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,902
Likes: 11,126
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Post by ilmoro on Feb 12, 2018 22:13:13 GMT
I had the invite today ,can I still open the ISA ready for next year as I have already opened and funded this years allowance If you have already used all of this years ISA allowance there really is no point in opening the RS ISA now as they are not accepting transfers in until the next tax year anyway.
If you want to transfer some of your previous ISA allowance into an IFISA and you haven't opened an IFISA this year you can, but just not with a company who are not accepting transfer in's.
Not relevant. You can open as many IFISA in a year as you like provided they are funded by transferring previous year ISA money not subscribing fresh money.
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Post by skint4achange on Feb 12, 2018 22:40:52 GMT
If you have already used all of this years ISA allowance there really is no point in opening the RS ISA now as they are not accepting transfers in until the next tax year anyway.
If you want to transfer some of your previous ISA allowance into an IFISA and you haven't opened an IFISA this year you can, but just not with a company who are not accepting transfer in's.
Not relevant. You can open as many IFISA in a year as you like provided they are funded by transferring previous year ISA money not subscribing fresh money. Are you sure? Thought you could only open 1 ISA of each type in any one tax year? Or does that not matter if you are transferring in previous years allowances?
Learn something new every day! 
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Post by ruralres66 on Feb 13, 2018 9:11:29 GMT
Bit of a no-brainer really, even for this non-taxpayer: a) RateSetter is my largest P2P portfolio b) Gives my £1000 Personal Savings Allowance a bit of a (albeit an artificial leg-up) 'boost' c) Protects me from having to register for SA on savings interest alone Will see how it goes. Who else here has opened a RateSetter ISA at their first opportunity? I have started to go through with registering an account but cannot see on the RS website where to set my "Everyday account" rates. All that comes up on the choice menu of markets is the "market rate"- no link to set your own rates- or is market rate all that is on offer to us?
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amphoria
Member of DD Central
Posts: 156
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Post by amphoria on Feb 13, 2018 10:28:25 GMT
In the left hand column there is a box titled Last Matched Rates. Clink on the percentage figure for the market you are interested in. You will then be taken to a page where you can enter the amount to invest and the rate that you wish to invest at. If you click on the View Full Market link you can see what other offers have been posted to compare with the Borrower offers.
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