|
|
Post by Deleted on Nov 9, 2018 21:48:42 GMT
With Ratesetter's 5yr rate hovering around the 6.5% mark for the past month I was tempted to take them up on the offer of an ISA transfer in for a bonus 1% on top.
Of course as the antiquated ISA transfer system slowly worked its way through, rates have dropped about 1% by the time my deposit arrived.
So now if I match at current rates I feel I've effectively lost out on the bonus, a frustrating system .... so to cut losses and start earning interest or hold out for more!?!
|
|
tyrex
Posts: 78
Likes: 36
|
Post by tyrex on Nov 9, 2018 22:04:37 GMT
I don't reckon that's a coincidence, there's a lot of money in the various markets at the moment so RS's marketing campaign must've worked.
Either that or nobody is borrowing from RS any more, which seems unlikely.
With a bit of care, a 1% bonus still puts you in the mid to high 6%s, that's not bad in my opinion.
|
|
IFISAcava
Member of DD Central
Posts: 3,664
Likes: 2,988
|
Post by IFISAcava on Nov 9, 2018 23:09:40 GMT
With Ratesetter's 5yr rate hovering around the 6.5% mark for the past month I was tempted to take them up on the offer of an ISA transfer in for a bonus 1% on top. Of course as the antiquated ISA transfer system slowly worked its way through, rates have dropped about 1% by the time my deposit arrived. So now if I match at current rates I feel I've effectively lost out on the bonus, a frustrating system .... so to cut losses and start earning interest or hold out for more!?! sick it in rolling and see if rates pick up again. If not, transfer to Lending Works.
|
|
ceejay
Posts: 971 
Likes: 1,149
|
Post by ceejay on Nov 9, 2018 23:13:36 GMT
This is why I've decided not to use RS for IFISA - I did have one, but transferred it out. The problem with RS is that the rates change unpredictably, which I can live with if I have the option to take my money elsewhere when I need to. But doing that with IFISA money is a real pain - it takes forever (in either direction), so straight away you're giving up some return. And, of course, if its a current-year subscription it may be even worse than that, since you have to transfer all or nothing, which is no use if say part of your investment has been returned.
|
|
|
|
Post by cassiopeia on Nov 12, 2018 15:05:44 GMT
I've managed to open a Ratesetter ISA, but can't print off their forms to transfer an existing one to them in the same process! After pressing on the appropriate tab it reverts to this:
Has anyone been successful since their update? (whenever that was). Perhaps Ratesetter don't wasn't people to transfer their ISA to them, at least not in time to collect the bonus!
|
|
|
|
Post by RateSetter on Nov 13, 2018 9:43:55 GMT
Hi cassiopeia , sorry to hear that you couldn't download the ISA transfer form. Could you please let us know which web browser you're using and we'll look into what's happened there? In the meantime, if you could email us at isatransfers@ratesetter.com we will send the form to you directly. Thank you. |
|
|
|
Post by cassiopeia on Nov 13, 2018 11:38:13 GMT
It's Avast Secure Browser
Version 69.1.867.100 (Official Build) (32-bit)
I've managed to download your form using Internet Explorer now I know what the problem is.
I thought the browser might be the issue, but the implication that your site pages had changed threw me off, so I didn't bother trying a different browser.
|
|
mjc
Member of DD Central
Posts: 342
Likes: 425
|
Post by mjc on Dec 10, 2018 14:48:44 GMT
This is why I've decided not to use RS for IFISA - I did have one, but transferred it out. The problem with RS is that the rates change unpredictably, which I can live with if I have the option to take my money elsewhere when I need to. But doing that with IFISA money is a real pain - it takes forever (in either direction), so straight away you're giving up some return. And, of course, if its a current-year subscription it may be even worse than that, since you have to transfer all or nothing, which is no use if say part of your investment has been returned. Having just signed up this morning, I need to get to grips with this rate changing lark! Seemed to change from 2.9 to 3.3 within a few minutes, so isn’t it possible to invest a proportion at an “acceptable” rate, then as it improves invest a bit more? I assume when you invest at one rate, that is what you get for the duration of the loan, even in the instant access account. Circa 3% with no FSCS is not very inspiring but if fairly safe better than 1% on the high st ISAs. However with MSEs £110 for new accounts with £1k for 12m is worth trying. As cassiopeia, I had problems printing transfer form from iPad, print button didn’t work, but other programs did. Reset iPad, but the form was lost. Grrrrrr! Rang, can’t be recovered - enter all details again....... fortunately I’d copied all, so put it in Pages, and that worked - without formatting!
|
|
macq
Member of DD Central
Posts: 1,924
Likes: 1,192
|
Post by macq on Dec 10, 2018 15:09:40 GMT
This is why I've decided not to use RS for IFISA - I did have one, but transferred it out. The problem with RS is that the rates change unpredictably, which I can live with if I have the option to take my money elsewhere when I need to. But doing that with IFISA money is a real pain - it takes forever (in either direction), so straight away you're giving up some return. And, of course, if its a current-year subscription it may be even worse than that, since you have to transfer all or nothing, which is no use if say part of your investment has been returned. Having just signed up this morning, I need to get to grips with this rate changing lark! Seemed to change from 2.9 to 3.3 within a few minutes, so isn’t it possible to invest a proportion at an “acceptable” rate, then as it improves invest a bit more? I assume when you invest at one rate, that is what you get for the duration of the loan, even in the instant access account. Circa 3% with no FSCS is not very inspiring but if fairly safe better than 1% on the high st ISAs. However with MSEs £110 for new accounts with £1k for 12m is worth trying. As cassiopeia, I had problems printing transfer form from iPad, print button didn’t work, but other programs did. Reset iPad, but the form was lost. Grrrrrr! Rang, can’t be recovered - enter all details again....... fortunately I’d copied all, so put it in Pages, and that worked - without formatting! within this section on RS there is a thread over the last few days about newbie to RS which would help you.There are also if searched a couple of blogs online on setting a better rate.Basically what you don't want is market rate so when you invest your money having picked your product and the amount to invest at the top of the page it will say something along the lines of i am a Ratesetter expert click that to set your own rate (you should also set a rate for repayments)
|
|
|
|
Post by df on Dec 10, 2018 16:25:26 GMT
This is why I've decided not to use RS for IFISA - I did have one, but transferred it out. The problem with RS is that the rates change unpredictably, which I can live with if I have the option to take my money elsewhere when I need to. But doing that with IFISA money is a real pain - it takes forever (in either direction), so straight away you're giving up some return. And, of course, if its a current-year subscription it may be even worse than that, since you have to transfer all or nothing, which is no use if say part of your investment has been returned. Having just signed up this morning, I need to get to grips with this rate changing lark! Seemed to change from 2.9 to 3.3 within a few minutes, so isn’t it possible to invest a proportion at an “acceptable” rate, then as it improves invest a bit more? I assume when you invest at one rate, that is what you get for the duration of the loan, even in the instant access account. Yes, the rate you invested is fixed for the duration of the loan. To get best rates from RS you have to watch the market all the time. You can set any rate you want, but if it is too high you money will sit in the queue forever, not earning anything. Going with "market rate", your return is likely to be less.
|
|
|
|
Post by pigbreeder on Dec 10, 2018 16:36:45 GMT
I switched a lot of IFISA money into 5 year Ratesetter at 6.7% on the basis that you can't off set ISA losses to income tax. Then back filled elsewhere with new money to places I could guarantee a loss eg FC and FS. Was this sensible (notwithstanding negative views on FS and FC -someone has to support them)
|
|
|
|
Post by propman on Dec 10, 2018 17:03:20 GMT
eejay, as well as Market rate being generally worse than can be achieved, "Lend it Now" is even worse. Always set your own rates, this is most easily done by clicking on the current rates on the left hand side.
Pigbreeder, if you are guaranteed losses, then better to get out, tax relief can only be worth 45% of the loss so you still lose 55% of the gross loss! I thought you can offset losses in P2P against other P2P for tax, so better to keep some profitable P2P to soak up unavoidable losses.
- PM
|
|
|
|
Post by pigbreeder on Dec 10, 2018 23:38:12 GMT
My logic is that I have a fixed amount invested across a range of about 8 P2P sites. The split between ISA ans and non ISA is fixed each year. By their nature all companies are going to have bad debts but over four years the worst annual return in any one company that I have had has been 4% - the best just over 10% - so it's better than the bank and I don't like the stock market. I used to try and keep the ISA money in the best performing but this is getting harder and harder to predict so I have moved more to what I hope are the more secure sites, of which Ratesetter is one. When there is a default of a tax deductible loan at least there is a small marginal benefit given that the default has happened and I can't change that. If I could predict the future and never buy (or get given) a bad investment I guess I would be rich enough not to have to do this at all. However if there is a fundamental flaw in this approach I am very happy to have it pointed out.
|
|
