warn
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Post by warn on Jul 25, 2014 14:14:57 GMT
I have a bank bond about to mature, and RS seems as good a place as any for the proceeds. I can't find a way of asking to lend at "Market Rate" as defined in the FAQ (i.e. today's rate but floating downwards if rates decline, just like reinvestments with no floor). Have I missed it, or is this a lacuna?
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spiral
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Post by spiral on Jul 25, 2014 14:46:24 GMT
AIUI, any manual deposits just sit in the holding account until you place them on offer. AT that point you select your rate and MR doesn't even come into play.
Once your rate is set, it will only change if you change it. This is also applicable to recycled funds.
There is no option to track the MR with money already on offer, this would have to be done manually.
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Post by jackpease on Jul 25, 2014 15:32:23 GMT
...and i think, again as i understand it, that if you change your rate you go to the back of the queue,
....and i think, if you want to move some of your money on offer, leaving some there unchanged, that it ALL goes to the back of the queue.
I'd been meaning to ask this myself for some time so be interested if i've got that right. I put a load in at the high one year rate a month ago and am too scared to touch it as i suspect as soon as i do the rate will go up but i'll be then at the back of the queue!
So if i had any advice i'd put chunks in at different percentages then if you have second thoughts you don't lose your place with all of it
Jack P
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oldgrumpy
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Post by oldgrumpy on Jul 25, 2014 15:44:57 GMT
I've just moved my current stash from an optimistic 6.4% (got that yesterday) to 6.3%, so I do go to the end of the 6.3% queue which is still in front of all the other 6.4% offers which were in front of me. I think that'll be matched today or maybe tomorrow, unless someone hurtles in with something silly like £50K at 5.9%!!!!!!!!!!!!!!!!!!
edit ... Jack has it right... for larger lump sums, break them up into individual smaller offers and list them separately - then move some bits whenever you feel it is necessary.
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agent69
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Post by agent69 on Jul 25, 2014 18:22:28 GMT
Once your rate is set, it will only change if you change it. This is also applicable to recycled funds. I don't think this is the case. If you set the rate at 6.2% and the market rate goes up to 6.3% you will get the 6.3
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Post by westonkevRS on Jul 25, 2014 21:37:19 GMT
It ain't hard. Just stick in a lending order at the last matched rate or below and it'll probably be lent and earning interest within the day.
The games only begin if you try to edge the extra 0.1% or so above the current 6.2% last matched rate. You might get lucky, or the market rate could drop.
Me, I take the current rate. Haven't got time for games and am very happy with 6.2%
Kevin .
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Post by westonkevRS on Jul 26, 2014 6:53:25 GMT
P.S. Debit card transfers (which are usually instant, and available to lend 24/7) are now fee-free for values over £1,000.  In fact I was the first RateSetter to use (i.e. test) this with real money! |
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pikestaff
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Post by pikestaff on Jul 26, 2014 7:12:27 GMT
It ain't hard. Just stick in a lending order at the last matched rate or below and it'll probably be lent and earning interest within the day... - I wouldn't do that without taking some time to observe the market. The last matched rate is often lower than the majority of bids being matched on the day. When it is, you will be losing out if you choose to match or beat it. Also, don't be too afraid of the queue. A few days wait is not a problem. Only get worried if your offers are not moving toward the front of the queue. The real game players don't even worry about that - they put high bids in and are happy to wait weeks for spikes in the rate. But that's a gamble. At the moment I've some money on offer at 6.4% that I'm thinking about moving to 6.3% because the queue in front of it is not getting shorter. I'd expect it to be lent reasonably quickly at 6.3%.
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spiral
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Post by spiral on Jul 26, 2014 9:08:23 GMT
Once your rate is set, it will only change if you change it. This is also applicable to recycled funds. I don't think this is the case. If you set the rate at 6.2% and the market rate goes up to 6.3% you will get the 6.3 You are right for money that is not on offer. I was referring to the manual process of placing it on the market in the sense that once you have chosen 6.2%, it will stay at 6.2% and not track the MR. Apologies for the confusion.
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spiral
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Post by spiral on Jul 26, 2014 9:10:06 GMT
P.S. Debit card transfers (which are usually instant, and available to lend 24/7) are now fee-free for values over £1,000. Kev, why wasn't this advertised/promoted? This is the first I have heard about this.
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jcb208
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Post by jcb208 on Jul 26, 2014 10:51:49 GMT
That is news to me as well ,just read in in FAQ "Note, your first three debit card transactions are free of charge. All debit card deposits over £1,000 are also free of charge"
Must be a new thing as I was charged £1.50 last week for a £2000 transfer by debit card
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baz657
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Post by baz657 on Jul 26, 2014 11:24:33 GMT
Is that £1000 and over, or does it have to be over £1000, i.e. £1001?
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Post by westonkevRS on Jul 26, 2014 11:53:33 GMT
The code only changed Friday morning, and the wording on the card payment and T&C page that afternoon. Let's call it a soft launch, and was something I personally wanted to push through.
We don't do that much shouting, prefer to quietly get on delivering...
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Post by westonkevRS on Jul 26, 2014 11:55:12 GMT
Is that £1000 and over, or does it have to be over £1000, i.e. £1001? I think £1,000 exactly. Or at least that's what I deposited on Friday and all looked good. A bit like me.
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Post by bracknellboy on Jul 26, 2014 11:57:04 GMT
if you try a debit card transactoin it states:
"Your payment will be subject to a £1.50 fixed charge for deposits lower than £1,000."
My bolding
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