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Post by dan1 on Oct 14, 2017 7:59:48 GMT
And Santander 123 now only 1.5% but on 20k. Oh no, with DD offboarded we'e gone all MSE Btw Santander regular saver 5% with a 123 World account & OC requires £2.5k deposit.
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Post by martin44 on Oct 14, 2017 8:30:19 GMT
The problem with all these accounts is the tiresome need to input funds every month and usually a minimum of two direct debits, Pre P2P i had six accounts on the go, it took what seemed an age to set the whole thing up transferring money and direct debits between each other. Don't bother with it any more, but if anyone has the time and inclination it does work.  |
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Post by martin44 on Oct 14, 2017 8:42:30 GMT
A little TIP to anyone who is thinking about the multiple account set up, if you have to set up two direct debits , set them up to give £1 a month to a charity.  |
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Post by df on Oct 14, 2017 18:04:30 GMT
Even within younger generation the believe in brand names is still at large :-) but he must have heard of Lloyds, it is 252 years old, 2% on 5k plus 3% on club monthly saver is better than idle cash in Natwest or similar. True, he'd be comfortable with them from a risk perspective. But, opening a new current account and associated regular savers would then generally fall outside of his other financial life aim of "keeping things simple" . My crowning achievement of late was to get him to open the 5% regular saver which comes with the First Direct account that he already has - even then, he was wavering...  Congratulations! This First Direct regular saver is a reliable little earner. I recall back in 2011 it paid 8%, more than any other bank account at the time.
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Post by df on Oct 14, 2017 18:40:27 GMT
The problem with all these accounts is the tiresome need to input funds every month and usually a minimum of two direct debits, Pre P2P i had six accounts on the go, it took what seemed an age to set the whole thing up transferring money and direct debits between each other. Don't bother with it any more, but if anyone has the time and inclination it does work. At some point I had about 40 of them. It is very easy to set SO and forget about it for a long time. But I'm tired of dealing with DD's. Quickly run out of them and started donating to charities, which is a good thing, but it makes your already very small returns even lower. I haven't given up on this yet, but already closed one of my Santander 123 and can't be asked to go for M&S offer (they want something like 4 DD's to be set up and paying with another bank before you switch to Marks&Sparks). What you get in return is not really 5%. Drip feeding and charity requirements cut it down to about 2.5%. Don't know why they love direct debits so much, is there some financial gain in paying them out?
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Post by martin44 on Oct 14, 2017 19:53:34 GMT
The problem with all these accounts is the tiresome need to input funds every month and usually a minimum of two direct debits, Pre P2P i had six accounts on the go, it took what seemed an age to set the whole thing up transferring money and direct debits between each other. Don't bother with it any more, but if anyone has the time and inclination it does work. At some point I had about 40 of them. It is very easy to set SO and forget about it for a long time. But I'm tired of dealing with DD's. Quickly run out of them and started donating to charities, which is a good thing, but it makes your already very small returns even lower. I haven't given up on this yet, but already closed one of my Santander 123 and can't be asked to go for M&S offer (they want something like 4 DD's to be set up and paying with another bank before you switch to Marks&Sparks). What you get in return is not really 5%. Drip feeding and charity requirements cut it down to about 2.5%. Don't know why they love direct debits so much, is there some financial gain in paying them out?You'r guess is as good as mine, always baffled me as well, i think you may have set some kind of record there.. 40. 
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Post by beeje13 on Oct 14, 2017 20:23:16 GMT
At some point I had about 40 of them. It is very easy to set SO and forget about it for a long time. But I'm tired of dealing with DD's. Quickly run out of them and started donating to charities, which is a good thing, but it makes your already very small returns even lower. I haven't given up on this yet, but already closed one of my Santander 123 and can't be asked to go for M&S offer (they want something like 4 DD's to be set up and paying with another bank before you switch to Marks&Sparks). What you get in return is not really 5%. Drip feeding and charity requirements cut it down to about 2.5%. Don't know why they love direct debits so much, is there some financial gain in paying them out?You'r guess is as good as mine, always baffled me as well, i think you may have set some kind of record there.. 40. They don't want to make it too easy for us lot to just park up cash earning interest - a lot more people would do it. Chances are if you have direct debits with the account you are engaging with the bank more and potentially buy other products/services with them. There used to be some savings accounts that you could fund with direct debits, I'm not sure if they still exist, and they may not offer competitive rates. I have a TSB current account and that needs £500 month funding and 2 active direct debits, and a Tesco Current account which has no requirements at all (not the case for new customers niw though).
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littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,045
Likes: 1,862
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Post by littleoldlady on Oct 14, 2017 21:14:07 GMT
I don't see why funds should stay barren when there is approx. £1m available at 13% in an 18mths loan. Some potential downsides have been wisely noted but they are hypothetical and the loan may turn out to be sound. Each loan carry risks and it is good to have them spellt out. Over an 18-month term investors usually have the option of trading out if they develop cold feet. I have put all my spare money available in this loan. The hypercautious could still invest and then trade for some more promising loan at the next opportunity. If it comes to a question of trust in the platform then I can't think of a better platform among the high-interest league. Crikey! I can only assume that your moniker means 'easy come easy go'.
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Post by eascogo on Oct 14, 2017 21:42:58 GMT
I don't see why funds should stay barren when there is approx. £1m available at 13% in an 18mths loan. Some potential downsides have been wisely noted but they are hypothetical and the loan may turn out to be sound. Each loan carry risks and it is good to have them spellt out. Over an 18-month term investors usually have the option of trading out if they develop cold feet. I have put all my spare money available in this loan. The hypercautious could still invest and then trade for some more promising loan at the next opportunity. If it comes to a question of trust in the platform then I can't think of a better platform among the high-interest league. Crikey! I can only assume that your moniker means 'easy come easy go'. You guessed right! I'm a poor learner with a fair amount locked in default at FS. I have now moved to MT but not altered my approach very much.
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Post by martin44 on Oct 14, 2017 23:21:11 GMT
Crikey! I can only assume that your moniker means 'easy come easy go'. You guessed right! I'm a poor learner with a fair amount locked in default at FS. I have now moved to MT but not altered my approach very much.Cheeky.  
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upland
Member of DD Central
Posts: 479 
Likes: 175
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Post by upland on Oct 15, 2017 7:29:34 GMT
My preferred have been Lendy. Fundingsecure. Collateral and Moneything. I am ok with Moneything, have completely fallen out with Fundingsecure and Collateral and my patience is wearing thin with Lendy. martin44 , what aspects of Collateral do you find of concern ?
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Post by martin44 on Oct 15, 2017 8:33:29 GMT
My preferred have been Lendy. Fundingsecure. Collateral and Moneything. I am ok with Moneything, have completely fallen out with Fundingsecure and Collateral and my patience is wearing thin with Lendy. martin44 , what aspects of Collateral do you find of concern ? Some resulted findings from past Due Diligence doesn't sit well with me, all MPO, and in time, who knows, i might get over it. 
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upland
Member of DD Central
Posts: 479
Likes: 175
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Post by upland on Oct 15, 2017 8:46:37 GMT
martin44 , what aspects of Collateral do you find of concern ? Some resulted findings from past Due Diligence doesn't sit well with me, all MPO, and in time, who knows, i might get over it. Many thanks.
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Post by df on Oct 16, 2017 1:52:27 GMT
You'r guess is as good as mine, always baffled me as well, i think you may have set some kind of record there.. 40. They don't want to make it too easy for us lot to just park up cash earning interest - a lot more people would do it. Chances are if you have direct debits with the account you are engaging with the bank more and potentially buy other products/services with them. There used to be some savings accounts that you could fund with direct debits, I'm not sure if they still exist, and they may not offer competitive rates. I have a TSB current account and that needs £500 month funding and 2 active direct debits, and a Tesco Current account which has no requirements at all (not the case for new customers niw though). This kind of makes sense. It didn't cross my mind because I haven't bought any services from banks in past 15 years. But now remember closing Barkley's regular saver at the branch - I've asked why do they put restriction on funds and he explained that they are loosing money on higher percentage saving accounts, they only do these offers in hope that the customers will like their experience with the bank, switch current account to them and start borrowing from them. Savings accounts that you can fund by direct debit don't exist anymore, unfortunately. But RS offer this facility, which I use. I welcomed the news when Tesco decided to stick with the old deal for existing customers. I have two current accounts with them. I have three with TSB, they never asked for direct debits - probably escaped this by being an "old customer".
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ceejay
Posts: 975
Likes: 1,149
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Post by ceejay on Oct 16, 2017 7:03:35 GMT
I bank with First Direct, so looked up their offer: 5% on up to £300pm. Sounds ok, but it's only for a year, so the average balance will only be £1800 ... and a 4% premium over a normal cash account means that you're going to all the hassle of setting it up and declaring it on your tax return for a benefit of just £72. Can I be bothered?
In the case of this product, I can see another ulterior motive - at the end of the year, the cash gets transferred to a regular savings account that atm pays just 0.05%. I wonder how much of the cash that gets paid into these accounts gets forgotten and stranded in such places?
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