macq
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Post by macq on Apr 14, 2018 23:03:18 GMT
not instant access but if you have some idea of how long before you need it Masthaven bank have a unique product(i believe) where you set the term and they offer a rate from 6 months to 5 years and any term in between.So you set any number from 6 to 60 in their online calculator for a quote i.e 1.25% for 6 months or 1.41% for 8 months etc
MSE update daily the best rates on savings - at the moment 2 of the best are Tesco & Ford money
Would be worth checking who owns the Banks/BS you pick to make sure the £85,000 is not covered under the one company rule also are you in a position to use joint accounts to double the 85,000? The six month 1 million rule covers more things then just a house sale (but i think a second home is not covered)
Just remembered Metro Bank start their fixed term from 3 months so almost instant and some like Nationwide let you fix and then pay a penalty if you close early
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Liz
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Post by Liz on Apr 15, 2018 2:23:47 GMT
Just say that you're going to gold plate the deck and that the GDV will then be £300k. That way you'll get a cheap loan for £150k due to the low LTV of 50%. Simples  OMG!! 50% GDV! I must just buy a load of that myself if it is offered at 12%!
Oh, wait a minute.................................... 
Tell them you are an expert and it's worth what you say and the market knows nothing!
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Post by valerieb on Apr 15, 2018 8:32:46 GMT
I was in a similar position last year when £75k I'd gifted to a family member was unexpectedly returned to me when a house purchase fell through. I decided, not without a degree of trepidation, to park the money in AC's 30 day account. I'd previously tested out with small amounts that all the cash did come out after 30 days, even when invested in defaulted loans, so I judged the risk to be negligible and worth taking. House purchase is such a protracted process that you have ample time to request return of your funds and even if worry leads you to take the cash from the 30 day account early, you can still get 3.75% in the instant access account.
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r00lish67
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Post by r00lish67 on Apr 15, 2018 9:56:38 GMT
I was in a similar position last year when £75k I'd gifted to a family member was unexpectedly returned to me when a house purchase fell through. I decided, not without a degree of trepidation, to park the money in AC's 30 day account. I'd previously tested out with small amounts that all the cash did come out after 30 days, even when invested in defaulted loans, so I judged the risk to be negligible and worth taking. House purchase is such a protracted process that you have ample time to request return of your funds and even if worry leads you to take the cash from the 30 day account early, you can still get 3.75% in the instant access account. I'm sorry, there's some pretty dangerous lines of thinking in what you've said here in my view. First, I acknowledge the point that you won't have money tied up in suspended loans in normal market conditions, but you still ran a very real risk that in the intervening time between your large deposit and withdrawal that market conditions could have changed, in which case it's quite feasible you could have been locked into whatever loans you were holding at the time. I'm sure AC experienced a hit to the QAA when Collateral went down - if that'd have been greater, exactly that could have happened. AC explicitly reference that risk in their product description. Second, it's irrelevant that you have 'ample time to request return of your funds'. All Collateral investors have been requesting the return of their funds for what feels like eternity now - they don't seem to be arriving soon. Unless you're damn sure you're going to be incredibly quick off the mark - and I mean ahead of those investment professional types who might be storing vast swathes of cash in the QAA and monitoring closely, then you may again end up with your funds stuck. So you've tested one aspect, fair enough, but you're just not able to test the other aspect. As a result, IMV, putting important funds anywhere near this, or P2P in general, is a really bad idea.
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Post by valerieb on Apr 15, 2018 20:41:23 GMT
I suppose it all comes down to what level of risk you are prepared to take and how you assess that risk. I assessed the risk to be low and continue to use the account in a similar manner.
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r00lish67
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Post by r00lish67 on Apr 15, 2018 21:41:45 GMT
I suppose it all comes down to what level of risk you are prepared to take and how you assess that risk. I assessed the risk to be low and continue to use the account in a similar manner. Absolutely. Don't get me wrong, I also invest in Assetz QAA and I consider it safer than most of my other P2P holdings, although I wouldn't go as far as calling it low risk myself. And ultimately what you do is your call. The point I took issue with, and still do, is the logic that was presented of a) doing a 'test' to take a bit in and out and b) having lots of time to request withdrawals, as being the basis for assessing that the risk is "negligible" and that the QAA might be suitable for money that really needs to be kept safe. In fact, neither of these mitigate the risk that one's capital could be locked out or degraded in the event of market conditions changing. Even fully accepting Assetz' own statistics and stress tests etc about their resiliency, ultimately the QAA only functions if everyone believes in it. If, say, a couple of other platforms were to go down, combined with an extra few defaults at Assetz or a little scandal perhaps - hardly unimaginable territory here - and everyone gets a wee bit scared and decides to just take "their" bit out of QAA? Well, then, it's goodbye house for now. So, my answer? Ratesetter Rolling  Nah, I agree with the OP - for truly important money, there's no way I'd be putting it in P2P. A tedious FSCS protected savings account is the order of the day.
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Post by valerieb on Apr 16, 2018 9:46:24 GMT
I don't fundamentally disagree with what you are saying. I think we are talking at cross purposes when you dispute the logic of my action in testing the 30day withdrawal process. I had never previously invested in that account favouring instead to put all resources in the manual account (I prefer to make my own decisions) with waiting cash swept into the QAA. In making the withdrawal, I was simply checking that the account did indeed, under normal market conditions, do what it and others claimed it did - at first sight, that seemed a little too good to be true!
Similarly, having ample time to retrieve money was not at all connected to my risk assessment (I've been involved with FC for years and know just how long zombie loans can drag on - hey, but FC can be dogged in their pursuit) but related to deciding when to put in withdrawal requests so as to have the cash in the bank for the various house purchase bills but not jumping ship so early as to miss out on higher interest.
So, I think we only differ as to the degree to which we judge the 30day account and AC generally to be resilient in this uncertain world. Personally I regard this investment as one of my least risky and I wouldn't judge myself to be a particularly adventurous investor.
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Liz
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Post by Liz on Apr 16, 2018 16:57:06 GMT
I don't fundamentally disagree with what you are saying. I think we are talking at cross purposes when you dispute the logic of my action in testing the 30day withdrawal process. I had never previously invested in that account favouring instead to put all resources in the manual account (I prefer to make my own decisions) with waiting cash swept into the QAA. In making the withdrawal, I was simply checking that the account did indeed, under normal market conditions, do what it and others claimed it did - at first sight, that seemed a little too good to be true! Similarly, having ample time to retrieve money was not at all connected to my risk assessment (I've been involved with FC for years and know just how long zombie loans can drag on - hey, but FC can be dogged in their pursuit) but related to deciding when to put in withdrawal requests so as to have the cash in the bank for the various house purchase bills but not jumping ship so early as to miss out on higher interest. So, I think we only differ as to the degree to which we judge the 30day account and AC generally to be resilient in this uncertain world. Personally I regard this investment as one of my least risky and I wouldn't judge myself to be a particularly adventurous investor. Read the OP, he is intelligent enough not to want to invest money into p2p that he needs very soon. I agree that putting house money into p2p would be Wreckless. Platforms do fail with no protection, so a few percent earned is not worth it.
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Post by valerieb on Apr 16, 2018 17:57:13 GMT
Yes, for your information, I did read the OP but despite that, and strange as it may seem to you, I thought I would share my experience. The originator of this thread said he was tempted, nay even very tempted, to invest his money this way when someone else suggested it so I thought he might be interested in hearing from someone who had done so when in a similar, (no, not exactly the same) situation. You may judge it WRECKLESS (go the whole hog and use capitals throughout rather than just for the W; on reflection the word doesn't have a 'w' does it?) but I judged it a carefully assessed risk which yielded me 4.25% over 9 months. I agree that platforms can and have failed but I was as sure as I could be, and to a level I judged acceptable, that this one wouldn't ..... and it didn't, although no, that isn't a guarantee that it never will.
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Post by nellerdk on Apr 18, 2018 17:38:30 GMT
It's way off P2P topic (as there is no way I'm lending it there) but I figured the great and the wise around here might think of something I've missed so .... Selling up and moving to rented until the right property shows up where I'm off to, leaving a lump sum to find a home for. So what would you do with (non specifically) 250-500k that you could need again tomo, or not for months! the first thing you need to figure out it your risk tolerance. How risk taking can you be ? How long is your investment time horizon? Here is a little rule of thumb for stock investing: 
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