benaj
Member of DD Central
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Post by benaj on Dec 21, 2017 8:57:39 GMT
 ? 2.0 % matched @ 0825 2017-12-21. £138.26 @ 2.0% as 1 lending offer.
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Post by stevepn on Dec 21, 2017 10:28:51 GMT
Unfortunately the person concerned probably won't realise it is only 2.0% and is probably automatically re-investing. I had money automatically re-invested for months then one morning I logged on then realised was had some at 2.1% on 3 years. This is just one of the dirty tricks of Ratesetter.
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Post by newlender on Dec 21, 2017 12:48:59 GMT
Well, we all get the option to set a rate but, as been said many times before, this needs to be much more obvious. The phrase 'are you a Ratesetter expert?' probably stops a lot of people from progressing to the next page. The reinvestment page also lets us set a rate of course, but the phrase 'market rate' probably lures people into false security. RS are a business after all and they are simply using semantics to their advantage - it's all very thought-out and no accident. But we all have to be a bit savvy when dealing with financial institutions and I got the shock of my life when I checked the rate on one of my Cash ISAs recently - I was caught out by the tiered bands, which I hadn't really sussed.
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benaj
Member of DD Central
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Post by benaj on Dec 30, 2017 14:06:37 GMT
@ 2017-12-30 14:06: There are 2107 experts lending @ 3.4% (£646.5k), really that desperate?
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Post by skint4achange on Dec 30, 2017 14:19:01 GMT
@ 2017-12-30 14:06: There are 2107 experts lending @ 3.4% (£646.5k), really that desperate? You are starting to sound a bit obsessive about other peoples lending settings! 
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Post by stevepn on Dec 30, 2017 14:49:03 GMT
@ 2017-12-30 14:06: There are 2107 experts lending @ 3.4% (£646.5k), really that desperate? It is better than the 0.1% available at your local building society.
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Post by stevepn on Dec 30, 2017 15:04:50 GMT
@ 2017-12-30 14:06: There are 2107 experts lending @ 3.4% (£646.5k), really that desperate? I am a real RS expert I was lending @ 2.1% on 3 years and quite a few under 3.0%. I just auto re-invested and didn't look at my account for months. Logging into my account one day I suddenly saw all these low rates and realised these are the dirty tricks of RS to maximise their profits. My money has now gone down to just over £2,000 and my money goes elsewhere.
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Post by skint4achange on Dec 30, 2017 15:24:44 GMT
The thing is, you need people like the people who have their auto reinvest rates set very low. If everyone was an "Expert" and had their lending settings at say 5%, how attractive do you think that RS would be to borrowers?
Not very in my opinion. Once you take the lenders 5% cut, add the provision fund payment, the set up fees, the costs of running the company and then also add the profit margin of RS, the cost to the borrower would be too high.
This in turn would mean that the only people who borrow from RS would be people who can't get credit elsewhere because they are so high risk or have no intention of paying back. This would then increase the defaults, deplete the PF and make investors withdraw which in turn would cause the platform to collapse.
So............................... I have no problem with some auto reinvestment people having low rates set. In fact, it is part of the reason why I think the platform will remain more viable than some of the other platforms, IMHO.
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agent69
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Post by agent69 on Dec 30, 2017 15:53:46 GMT
@ 2017-12-30 14:06: There are 2107 experts lending @ 3.4% (£646.5k), really that desperate? It is better than the 0.1% available at your local building society. Why would you invest in a building society at 0.1% when there are plenty of fully protected instant access accounts out there at 3%
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Post by skint4achange on Dec 30, 2017 15:57:45 GMT
It is better than the 0.1% available at your local building society. Why would you invest in a building society at 0.1% when there are plenty of fully protected instant access accounts out there at 3% Which accounts are there out there at 3% fully FSCS covered? Not including the ones that are tied to a current account that only allow you to put £xxx amount in each month and then you have to close it each year.
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agent69
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Post by agent69 on Dec 30, 2017 19:44:42 GMT
Why would you invest in a building society at 0.1% when there are plenty of fully protected instant access accounts out there at 3% Which accounts are there out there at 3% fully FSCS covered? Not including the ones that are tied to a current account that only allow you to put £xxx amount in each month and then you have to close it each year. Check the MSE website. Plenty of info there.
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Post by skint4achange on Dec 30, 2017 20:40:31 GMT
Which accounts are there out there at 3% fully FSCS covered? Not including the ones that are tied to a current account that only allow you to put £xxx amount in each month and then you have to close it each year. Check the MSE website. Plenty of info there. I don't see any 3% instant access savings account on there, nor anywhere else.
The highest rate on an instant access unlimited deposits is 1.3% and that includes a 1.05% bonus for 1 year only.
I think the claim that there is an unlimited deposit, instant access account available at present is incorrect.
I wish it were correct, I would place half of my money in it and sleep soundly at night!
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agent69
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Post by agent69 on Dec 30, 2017 22:13:31 GMT
I think the claim that there is an unlimited deposit, instant access account available at present is incorrect. When did I say unlimited? If you are looking for 3% I'll give you Tesco and TSB as a couple of starters (you shouldn't ignore regular savers, especially if you are half of a couple, where a bit of work can get you well over 3% on >£50k). If you have a big stash and are risk averse you can put up to £1m in NS & I bond at 2.2% (90 days loss of interest for early withdrawals). All that said, where's the fun of a savings account? You don't get the opportunity to moan about the quality of security and you don't get to meet interesting people like the masses on here.
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Post by skint4achange on Dec 30, 2017 22:22:58 GMT
I think the claim that there is an unlimited deposit, instant access account available at present is incorrect. When did I say unlimited? If you are looking for 3% I'll give you Tesco and TSB as a couple of starters (you shouldn't ignore regular savers, especially if you are half of a couple, where a bit of work can get you well over 3% on >£50k). If you have a big stash and are risk averse you can put up to £1m in NS & I bond at 2.2% (90 days loss of interest for early withdrawals). All that said, where's the fun of a savings account? You don't get the opportunity to moan about the quality of security and you don't get to meet interesting people like the masses on here. I have 7 regular savers accounts already and they are a pain in the a**e to be honest. Setting all the direct debits in motion for all the current accounts that have to go with them. Not to mention how much of a pain it is when you have to renew them and find a new temporary new home for all the funds that have just become available at the end of term.
I have lots of money in NS&I also, but I would not tie my money into a 3 year bond for 2.2% when Brexit is on the horizon and the likelihood of increased interest rates is high.
However, I do agree about meeting interesting people, but I try never to moan about the security of what I invest in. If I am not happy with the security, I don't invest, simple.
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Post by newlender on Dec 31, 2017 5:31:55 GMT
The BOE Base Rate is probably going to rise but I doubt it will go above 1% this year. The rates on offer from P2P platforms are very attractive but I think that many of us here like the added spice of playing the system and can monitor our holdings on a regular basis. Nobody using RS has to accept rubbish rates and we can grab some quite juicy contracts if we time it right. As I've said previously the wording on some of the pages does lure the novices into accepting market rate or 'the rate to invest now is.....' but then they will probably learn as they go along, especially if they read this forum. I do suspect that the majority of reinvestment settings are set at market rate, which will suit a lot of those who can't keep monitoring their portfolio.
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