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Post by chris1881 on Nov 5, 2015 13:18:24 GMT
Straightforward. Most current a/c's require a min sum (eg £500 or £1000) to be paid in each month. I transfer the same money in & immediately out. Some also require a couple of direct debits. A minor admin hassle each month but this is second nature to anyone used to the disciplines of p2p investing.
I have no regular income & have never had an application turned down.
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webwiz
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Post by webwiz on Nov 5, 2015 13:34:28 GMT
My strategy is simple. After having my money invested at 1.3% (less than a FSCS account with instant access) I am going elsewhere.
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Post by Financial Thing on Nov 5, 2015 14:24:18 GMT
My strategy is simple. After having my money invested at 1.3% (less than a FSCS account with instant access) I am going elsewhere. 1.3% within RS? Care to explain?
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Investboy
Member of DD Central
Trying to recover from P2P revolution
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Post by Investboy on Nov 5, 2015 15:17:11 GMT
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arbster
Member of DD Central
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Post by arbster on Nov 5, 2015 16:01:04 GMT
Yeah, I've thought about it, but how easy is it to open a new current account with no regular employment income and no real expectation of funds in / out on a monthly basis? Very easy indeed - my non-earning wife has several, and meets the monthly deposit requirements through set-up and forget standing orders. Several of the best ones have switching offers that improve the returns further (£675 for us in the past 6 months) and referral deals in some cases (£200 in the same period), and most have monthly saver accounts offering 4-6% which can be renewed every year. All it takes is a spreadsheet...
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Post by Deleted on Nov 5, 2015 16:07:43 GMT
if you are doing this switch with your bank a/cs are you picking up free travel insurance at the same time?
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arbster
Member of DD Central
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Post by arbster on Nov 5, 2015 16:09:17 GMT
if you are doing this switch with your bank a/cs are you picking up free travel insurance at the same time? Not yet, but will do as soon as the Nationwide 1-year at 5% runs out.
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arbster
Member of DD Central
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Post by arbster on Nov 5, 2015 16:15:35 GMT
To return to the original question, my RS strategy is mostly focused on getting into the 3-year market as close to 5.9% as possible. If repayments remain uninvested for too long they get scaled down to a token amount to alert me as to when the target rate is available with the excess either withdrawn (if there's capacity in the current accounts) or rolled into the monthly market at something over 3%.
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webwiz
Posts: 1,133
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Post by webwiz on Nov 5, 2015 16:48:24 GMT
My strategy is simple. After having my money invested at 1.3% (less than a FSCS account with instant access) I am going elsewhere. 1.3% within RS? Care to explain? It happened to me. It can happen to anyone who leaves their funds at the mercy of market rates. The alternative of constant monitoring is too time consuming for the rates on offer.
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pikestaff
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Post by pikestaff on Nov 5, 2015 17:11:04 GMT
1.3% within RS? Care to explain? It happened to me. It can happen to anyone who leaves their funds at the mercy of market rates. The alternative of constant monitoring is too time consuming for the rates on offer. My monthly money is at MR. I got 1.3% on 2 November. The rest is all at 2.9 - 3.5%, with an average rate (including the outlier) of 3.18%. It's annoying to have been caught out by a downward spike but if it does not happen too often I can live with it. Most of my RS money is in the 5 year account where I set my rate. I have been looking for 6.5% in recent weeks but dropped to 6.3% at the start of the month. Whether this is too big or too small a drop remains to be seen...
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bigfoot12
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Post by bigfoot12 on Nov 5, 2015 20:57:04 GMT
1.3% within RS? Care to explain? It happened to me. It can happen to anyone who leaves their funds at the mercy of market rates. The alternative of constant monitoring is too time consuming for the rates on offer. You mention in the other post that you have been lending for a long time in the monthly market. It seems strange that you would leave because you got caught out for ~£2.83.
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webwiz
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Post by webwiz on Nov 5, 2015 22:02:18 GMT
It happened to me. It can happen to anyone who leaves their funds at the mercy of market rates. The alternative of constant monitoring is too time consuming for the rates on offer. You mention in the other post that you have been lending for a long time in the monthly market. It seems strange that you would leave because you got caught out for ~£2.83. Why would I leave it there for £2.16? Their rates are simply not worth the effort of monitoring it. If it is not a leave and forget site it is of no use to me. But hey if it suits you guys that's fine by me.
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Post by yorkman on Nov 6, 2015 12:32:14 GMT
You mention in the other post that you have been lending for a long time in the monthly market. It seems strange that you would leave because you got caught out for ~£2.83. Why would I leave it there for £2.16? Their rates are simply not worth the effort of monitoring it. If it is not a leave and forget site it is of no use to me. But hey if it suits you guys that's fine by me. Can't understand why you don't just set a rate that you're happy with then 'leave and forget it'. You won't get stung at 1.3% again. Set a sensible level and it won't hang about for more than a couple of days. Better still, shift some of it into Annual, 3 or 5 year also using your own rate.
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Steerpike
Member of DD Central
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Post by Steerpike on Nov 6, 2015 13:20:52 GMT
Why would I leave it there for £2.16? Their rates are simply not worth the effort of monitoring it. If it is not a leave and forget site it is of no use to me. But hey if it suits you guys that's fine by me. Can't understand why you don't just set a rate that you're happy with then 'leave and forget it'. You won't get stung at 1.3% again. Set a sensible level and it won't hang about for more than a couple of days. Better still, shift some of it into Annual, 3 or 5 year also using your own rate. Perhaps RS could introduce a "floor rate" e.g. my rate is no lower than 3.3% but I'll take 3.4% if the market rate floats higher. This seems like such a good idea I am surprised that RS haven't thought of it...
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elliotn
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Post by elliotn on Nov 6, 2015 14:16:00 GMT
Yeah, I've thought about it, but how easy is it to open a new current account with no regular employment income and no real expectation of funds in / out on a monthly basis? Very easy indeed - my non-earning wife has several, and meets the monthly deposit requirements through set-up and forget standing orders. Several of the best ones have switching offers that improve the returns further (£675 for us in the past 6 months) and referral deals in some cases (£200 in the same period), and most have monthly saver accounts offering 4-6% which can be renewed every year. All it takes is a spreadsheet... Despite 6 figure savings, no debt, I got turned down on a couple for no income, wish I had your wife's charm!
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