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Post by valueinvestor123 on Nov 29, 2019 10:33:42 GMT
How long does it typically take to match your funds in RateSetter in their access account? And how long does it take to release funds?
I can’t seem to work it out how quick it is. I need a place for some funds where it can be invested/withdrawn quickly.
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ceejay
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Post by ceejay on Nov 29, 2019 10:40:14 GMT
How long does it typically take to match your funds in RateSetter in their access account? And how long does it take to release funds? I can’t seem to work it out how quick it is. I need a place for some funds where it can be invested/withdrawn quickly. If you accept the derisory rate they offer, you can match very quickly. Getting funds out of the access account is pretty quick (day or two), *in normal market conditions* If this is money that you NEED to be able to access quickly then it should be in an FSCS Cash account, and not within a million miles of P2P.
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robski
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Post by robski on Nov 29, 2019 11:08:08 GMT
How long does it typically take to match your funds in RateSetter in their access account? And how long does it take to release funds? I can’t seem to work it out how quick it is. I need a place for some funds where it can be invested/withdrawn quickly. If you accept the derisory rate they offer, you can match very quickly. Getting funds out of the access account is pretty quick (day or two), *in normal market conditions* If this is money that you NEED to be able to access quickly then it should be in an FSCS Cash account, and not within a million miles of P2P. Yep, with one minor amendment, it maybe should be in multiple FSCS cash accounts with different lending groups, depending how much we are talking about here
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Post by valueinvestor123 on Nov 29, 2019 12:17:47 GMT
I transferred around 70k last night and it is still is "unmatched" at market rate, ie 3%.
How do they manage volumes and early withdrawals for the 'access' accounts?
I also use Octopus choice (which takes about 4 days or so to get the money out) and also Assetz' QAA account (which is 1-2 days) for anything short-term-ish. Don't know any other accounts with a rate higher than 0.1% and access.
I realise these are not without risk but so is inflation/bank acc. I would expect these low-paying accounts to be less risky than the rest of peer2peer platforms? Don't know - difficult to evaluate risk for me in these. I tend to believe that having money in many different 'risky' places is still safer than in one 'non-risky' place. Because risk perception changes.
What do others use?
My main investments are in mostly in stocks but I need to park cash somewhere when markets are refusing to dip significantly...
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Post by valueinvestor123 on Nov 29, 2019 12:23:07 GMT
Also could someone explain where the loans on Ratesetter originate from? Are they all personal loans with no assets behind them? What rate do borrowers typically borrow at at ratesetter?
Are there any stats to show what %age of defaulted loans have been recovered? (Though not sure if these stats are of any use).
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robski
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Post by robski on Nov 29, 2019 13:32:50 GMT
Also could someone explain where the loans on Ratesetter originate from? Are they all personal loans with no assets behind them? What rate do borrowers typically borrow at at ratesetter? Are there any stats to show what %age of defaulted loans have been recovered? (Though not sure if these stats are of any use). Some of what you are after is on here www.ratesetter.com/invest/statisticsYou do worry me a bit in that you dont sound like you researched much before you dumped £70k on something
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Post by propman on Nov 29, 2019 14:13:16 GMT
Also could someone explain where the loans on Ratesetter originate from? Are they all personal loans with no assets behind them? What rate do borrowers typically borrow at at ratesetter? Are there any stats to show what %age of defaulted loans have been recovered? (Though not sure if these stats are of any use). Some of what you are after is on here www.ratesetter.com/invest/statisticsYou do worry me a bit in that you dont sound like you researched much before you dumped £70k on something Now did I put it on red or on black? 
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Post by valueinvestor123 on Nov 29, 2019 14:26:51 GMT
Also could someone explain where the loans on Ratesetter originate from? Are they all personal loans with no assets behind them? What rate do borrowers typically borrow at at ratesetter? Are there any stats to show what %age of defaulted loans have been recovered? (Though not sure if these stats are of any use). Some of what you are after is on here www.ratesetter.com/invest/statisticsYou do worry me a bit in that you dont sound like you researched much before you dumped £70k on something I used to invest with them a few years ago (when the system and rates were bit different). I seem to remember the loans consisted exclusively of personal loans (and i didn't like this) but now I see there are more types available... I researched enough to see that they have still not gone into administration  Because some of the ones with assets behind the loans (which i perceived as a safer investment, overall), have. But I think the kinds of questions I have (to complete my 'research'), nobody would be able to answer anyway...
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aju
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Post by aju on Nov 29, 2019 15:29:49 GMT
I used to invest with them a few years ago (when the system and rates were bit different). I seem to remember the loans consisted exclusively of personal loans (and i didn't like this) but now I see there are more types available... I researched enough to see that they have still not gone into administration Because some of the ones with assets behind the loans (which i perceived as a safer investment, overall), have. But I think the kinds of questions I have (to complete my 'research'), nobody would be able to answer anyway... Not sure you are correct in that last paragraph, there are some very clever and well researched people frequenting these forums and my experience so far has been that most are willing to offer guidance in some form or another - not advice they can be held to but one can still learn from. IMHO anyone coming into this arena with 70k or more spare needs to seriously consider their options carefully. These platforms are most certainly not for the faint hearted. That said I've been around P2P since the very early years of its inception, I stay in the big boys arena (Zopa, RS etc) as my needs are much simpler than some. I am just using these platforms, 2 at the moment, for a simple need of investing spare money that protects me from inflation and gives me a little on top having already planted larger sums into the best rates that are protected. I have suffered a considerable amount of defaults on Zopa in the past and still am but conversely we are still very much in profit after 10 years or more in that platform - lately its got worse again. Mind you if a platform like Zopa or RS folded then I'd not be a happy bunny but then i'd not be surprised either. I'm by no means an expert and definitely not at the level of just coming in with 70k sums lent in one foul swoop - that said I'm not sure that would be an issue with RS and the way its PF is structured and operative. Now Zopa on the other hand had a PF but it was at the individual loan level which was different but still worked - it's still there for pickup loans (sold loans that are protected) but like the RS one its still dependant on the company staying afloat for want of a better term as the loans won't be lost - I think - but the value might be sucked up by administration costs.
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benaj
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Post by benaj on Nov 29, 2019 16:11:02 GMT
How long does it typically take to match your funds in RateSetter in their access account? And how long does it take to release funds? I can’t seem to work it out how quick it is. I need a place for some funds where it can be invested/withdrawn quickly. Matching: If you set your rate @ 8%, keep praying until the miracle happens. Going rate? 2-6 days, sometimes shorter depending on market conditions. Below Going rate? for anything under £1Mil, expect money to be matched within 24 hours. Release funds? a. Release Your Investment - Time varies, my latest experience, within 24 hours. Expect the unexpected, such as glitch, It could delay your release by at least 15 days after Withdrawal request. The worst one, RYI not working and fail to release any money due to a glitch, and you need to wait until it has been fixed. b. Withdraw money from holding account - time varies, normal 1 working day, funds arrive in late evening. A place to invest funds where it can be matched quickly and instantly, consider a FSCS saving account such as Marcus, or if you are more confident about P2P, Assetz Capital or LoanPad would probably suit your needs. Asset Capital withdrawal times varies, mostly same day. Loanpad has been very good in the past, same day bank transfer from holding account. For 70k, without diversifying platform, AC might be a better choice, QAA limit is 300k @ 4.1%, Loanpad classic account limit is 20k.
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aju
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Post by aju on Nov 29, 2019 16:19:33 GMT
How long does it typically take to match your funds in RateSetter in their access account? And how long does it take to release funds? I can’t seem to work it out how quick it is. I need a place for some funds where it can be invested/withdrawn quickly. Matching: If you set your rate @ 8%, keep praying until the miracle happens. Going rate? 2-6 working days, sometimes shorter depending on market conditions. Below Going rate? for anything under £1Mil, expect money to be matched within 24 hours. Release funds? a. Release Your Investment - Time varies, my latest experience, within 24 hours. Expect the unexpected, such as glitch, It could delay your release by at least 15 days after Withdrawal request. The worst one, RYI not working and fail to release any money due to a glitch, and you need to wait until it has been fixed. b. Withdraw money from holding account - time varies, normal 1 working day, funds arrive in late evening. A place to invest funds where it can be matched quickly and instantly, consider a FSCS saving account such as Marcus, or if you are more confident about P2P, Assetz Capital or LoanPad would probably suit your needs. Asset Capital withdrawal times varies, mostly same day. Loanpad has been very good in the past, same day bank transfer from holding account. For 70k, without diversifying platform, AC might be a better choice, QAA limit is 300k @ 4.1%, Loanpad classic account limit is 20k. I'd agree with benaj on Marcus, we use it - well Mrs Aju does - for those sums of money - I pay tax on pension so don't bother with it at the moment. It is slightly less than it was before September but she (well I prompted her) renewed at 1.5% just before they reduced it slightly. More luck than judgement though on that one. Am a bit worried though about our shares portfolio and Mr Corbyns ideas ( I'm guessing they are mcdonalds really) if they come off - again tax wise anyway. Might have to see about putting them into an ISA but it's a god awful faff the last time I looked into it and since we split them last year it a double faff. 
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Post by erniec on Nov 29, 2019 16:25:48 GMT
My goto for FSCS is Virgin Money and the free coffee when I’m in Edinburgh is a bonus.
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aju
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Post by aju on Nov 29, 2019 16:38:05 GMT
My goto for FSCS is Virgin Money and the free coffee when I’m in Edinburgh is a bonus. I checked those but marcus allows anytime withdrawals and at 1.5% it worked for us. Mind you now I know how to get a free coffee that could save quite a bit i'll have t6o have a serious think!
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benaj
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Post by benaj on Nov 29, 2019 16:45:57 GMT
My goto for FSCS is Virgin Money and the free coffee when I’m in Edinburgh is a bonus. I like free coffee and snacks too. 7 days a week except bank holidays.
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Post by erniec on Nov 29, 2019 17:12:23 GMT
My goto for FSCS is Virgin Money and the free coffee when I’m in Edinburgh is a bonus. I like free coffee and snacks too. 7 days a week except bank holidays. I find no problem in managing only two withdrawals per calendar year and have both ISA and non-ISA, both at 1.5%. The rates are a bit lower now for new accounts but mine remain as when set up.
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Because some of the ones with assets behind the loans (which i perceived as a safer investment, overall), have.
