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Post by BrianC on Nov 30, 2018 15:13:22 GMT
After previously losing money with Zopa plus and AC’s MLI, for the past year the vast majority of my p2p money has been in RS and AC’s 30 day access account. I’m very happy with the return from both. AC’s 30 day account almost seems too good to be true.
However as I’m now approaching a six figure sum invested across the two platforms I really need a third to diversify but I really can’t decide which. Was looking at GS this morning but it appeared a little new and not as established as RS.
i don’t want to tie up money for any longer than 3 months. I still use RS 1 year account occasionally as the 0.3% exit fee is small.
So which well established sites offer anything similar to the ease of use, quick access and feeling of relative safety of RS and AC. I’m starting to think there aren’t any?
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r00lish67
Member of DD Central
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Post by r00lish67 on Nov 30, 2018 15:20:26 GMT
After previously losing money with Zopa plus and AC’s MLI, for the past year the vast majority of my p2p money has been in RS and AC’s 30 day access account. I’m very happy with the return from both. AC’s 30 day account almost seems too good to be true. However as I’m now approaching a six figure sum invested across the two platforms I really need a third to diversify but I really can’t decide which. Was looking at GS this morning but it appeared a little new and not as established as RS. i don’t want to tie up money for any longer than 3 months. I still use RS 1 year account occasionally as the 0.3% exit fee is small. So which well established sites offer anything similar to the ease of use, quick access and feeling of relative safety of RS and AC. I’m starting to think there aren’t any? Not that I can think of, none that are anywhere near as established anyway. LendingWorks is the other obvious 'easy' choice, but that's only 3yr/5yr as I'm sure you know.
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benaj
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Post by benaj on Nov 30, 2018 15:50:39 GMT
The established Quick access ones are usually banks. Nationwide Flex Direct virgins get 5% on £2.5k 1st year, TSB current classic plus also offers 5% on 1.5k.
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Post by df on Nov 30, 2018 15:54:31 GMT
After previously losing money with Zopa plus and AC’s MLI, for the past year the vast majority of my p2p money has been in RS and AC’s 30 day access account. I’m very happy with the return from both. AC’s 30 day account almost seems too good to be true. However as I’m now approaching a six figure sum invested across the two platforms I really need a third to diversify but I really can’t decide which. Was looking at GS this morning but it appeared a little new and not as established as RS. i don’t want to tie up money for any longer than 3 months. I still use RS 1 year account occasionally as the 0.3% exit fee is small. So which well established sites offer anything similar to the ease of use, quick access and feeling of relative safety of RS and AC. I’m starting to think there aren’t any? GS is the only one I can think of to fit your criteria. Yes it is a bit new, but it delivers what's promised. I've signed up in May 2017 and had no problem with it so far. I don't think anyone lost any money on GS yet. You can also try Welendus, but it is even more new (launched in Dec 2017). Most loans are very short and in theory exit should be easy, but I have no personal experience in selling loans on Welendus, I was only adding new money so far.
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Steerpike
Member of DD Central
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Post by Steerpike on Nov 30, 2018 16:23:34 GMT
After previously losing money with Zopa plus and AC’s MLI, for the past year the vast majority of my p2p money has been in RS and AC’s 30 day access account. I’m very happy with the return from both. AC’s 30 day account almost seems too good to be true. However as I’m now approaching a six figure sum invested across the two platforms I really need a third to diversify but I really can’t decide which. Was looking at GS this morning but it appeared a little new and not as established as RS. i don’t want to tie up money for any longer than 3 months. I still use RS 1 year account occasionally as the 0.3% exit fee is small. So which well established sites offer anything similar to the ease of use, quick access and feeling of relative safety of RS and AC. I’m starting to think there aren’t any? I am using Octopus Choice as an overflow for AC 30DAA, only 4% but reputable site and should be liquid under normal circumstances.
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mjc
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Post by mjc on Nov 30, 2018 16:46:09 GMT
Don’t know if you might find this helpful to decide. I also like the AC 30d and QAA.
This Still needs things added like IFISA y/n, exit fees, 4th Way star rating, and then user feedback. Only included platforms with a number of reviews.
TrustPilot - a quick look 30/11/18 shows:-
(p2p, number of reviews
5/4/3/2/1 * review percentage)
(from worst to best)
Lendy 637 reviews
38 5*
16
7
10
29 1*
FundingSecure 97
57
5
8
7
23
Crowd2Fund 100
63
25
7
1
4
Wellesley 484
74
18
2
2
4
Fundingcircle 4906
86
6
2
2
4
Proplend 46
72
20
7
2
0
Assetz Capital 449
76
17
2
3
3
Welendus 68
91
1
0
3
4
Growth Street 183
77
15
6
2
1
Abundance 314
69
23
7
1
0
CrowdProperty 61
80
13
7
0
0
Zopa 4894
92
5
1
1
2
LendingWorks 1241
90
8
1
0
1
Ratesetter 4718
93
5
1
0
1
30/11/18
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Post by df on Nov 30, 2018 20:44:26 GMT
The established Quick access ones are usually banks. Nationwide Flex Direct virgins get 5% on £2.5k 1st year, TSB current classic plus also offers 5% on 1.5k. You can have four accounts with TSB (2 sole and 2 joint) = 4.5k. So together with N-wide you are limited to 7k @5%. 5% FSCS is amasing, but if one has significantly more to invest p2p bank-alike alternatives become handy. I can't have 5% on N-wide Flex Direct because I've used this allowance years ago when it was introduced (iirc it was 5k then). Still run the account so I can use their 5% reg saver.
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Post by BrianC on Nov 30, 2018 22:01:23 GMT
Thanks for the replies. My main bank account is Nationwide flex plus so I’m already using that. I could look at other banks but tbh I’m looking at investing larger sums. At the moment I see my options as trying Growth Street or just putting more and more in RS and AC. I’m hoping to be moving house sometime in the next six months so after that will have much less spare cash to invest in p2p. Things can change tho so I could still be in p2p with large sums for a longer period. Maybe I’ll just have to risk having a lot of eggs in a few baskets. I’ve also maxed out premium bonds fwiw. Thanks
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Post by df on Nov 30, 2018 23:23:14 GMT
Thanks for the replies. My main bank account is Nationwide flex plus so I’m already using that. I could look at other banks but tbh I’m looking at investing larger sums. At the moment I see my options as trying Growth Street or just putting more and more in RS and AC. I’m hoping to be moving house sometime in the next six months so after that will have much less spare cash to invest in p2p. Things can change tho so I could still be in p2p with large sums for a longer period. Maybe I’ll just have to risk having a lot of eggs in a few baskets. I’ve also maxed out premium bonds fwiw. Thanks Diversification across platforms is a safer approach. One of the biggest risks is collapse of platform. It may be worth considering LW as well. 5-year rate is 6.5%, selling fee is 0.6%. There is also some cash drag for new money, but you should still get your 5%+ if you withdraw in 6 month time. Better than RS 5-year option.
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Post by Ace on Nov 30, 2018 23:30:17 GMT
For diversification, how about putting some in GS at 5.3% (so about 2.65% for 6 months) and some in LW 5 year account. I know that the LW 5 yr might seem an odd choice for a short term loan, but it actually works out the same as GS for 6 months (6.5% annually, so 3.25% for 6 months, which equates to 2.65% after paying the 0.6% quick withdraw fee). There is a risk that you may have to pay a higher fee to compensate new lenders if the rates rise, but you'd be well up if your move takes longer. Edit: Crossed with df . |
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shimself
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Post by shimself on Dec 2, 2018 11:34:32 GMT
Don’t know if you might find this helpful to decide. I also like the AC 30d and QAA. This Still needs things added like IFISA y/n, exit fees, 4th Way star rating, and then user feedback. Only included platforms with a number of reviews. TrustPilot - a quick look 30/11/18 shows:- (p2p, number of reviews 5/4/3/2/1 * review percentage) (from worst to best) ..... It seems to me that those platforms with the least contact with individual loans come out best. (Lending works, zopa etc) and those where you know most about the progress of individual loans (FS, AC) come out worst. No news is good news. Put another way those platforms with maximum diversity are the most popular
I'm as incensed as anyone by the cockups that I know about, but still my best return is REBS despite the numerous failures (and even what I think have been frauds commited by borrowers).
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zlb
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Post by zlb on Dec 2, 2018 22:09:39 GMT
Don’t know if you might find this helpful to decide. I also like the AC 30d and QAA. This Still needs things added like IFISA y/n, exit fees, 4th Way star rating, and then user feedback. Only included platforms with a number of reviews. TrustPilot - a quick look 30/11/18 shows:- (p2p, number of reviews 5/4/3/2/1 * review percentage) (from worst to best) Lendy 637 reviews 38 5* Nice idea, although you never know what's on the horizon for any which are only a few years old....just wonder whether some are reviews from borrowers in case of domestic like Zopa?
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mjc
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Post by mjc on Dec 3, 2018 6:59:38 GMT
Yes, a small proportion of reviews are clearly from borrowers, most from lenders. Can’t think of other businesses that have two different groups of potential reviewers from different sides of the fence. Only TP can correct this anomaly, both are highly relevant.
For example Welendus get excellent reviews to those that get 8%, but I doubt borrowers paying 540% would give the same rating - if they reviewed.
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Post by df on Dec 3, 2018 18:45:44 GMT
Don’t know if you might find this helpful to decide. I also like the AC 30d and QAA. This Still needs things added like IFISA y/n, exit fees, 4th Way star rating, and then user feedback. Only included platforms with a number of reviews. TrustPilot - a quick look 30/11/18 shows:- (p2p, number of reviews 5/4/3/2/1 * review percentage) (from worst to best) ..... It seems to me that those platforms with the least contact with individual loans come out best. (Lending works, zopa etc) and those where you know most about the progress of individual loans (FS, AC) come out worst. No news is good news. Put another way those platforms with maximum diversity are the most popular
I'm as incensed as anyone by the cockups that I know about, but still my best return is REBS despite the numerous failures (and even what I think have been frauds commited by borrowers).
I did some research before joining Rebs (21 months ago). All reviews I could find were negative. Surprisingly, I'm still on 10%+. I have very little amount in Rebs, but it performs much better than I expected.
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shimself
Member of DD Central
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Post by shimself on Dec 5, 2018 9:36:12 GMT
It seems to me that those platforms with the least contact with individual loans come out best. (Lending works, zopa etc) and those where you know most about the progress of individual loans (FS, AC) come out worst. No news is good news. Put another way those platforms with maximum diversity are the most popular
I'm as incensed as anyone by the cockups that I know about, but still my best return is REBS despite the numerous failures (and even what I think have been frauds commited by borrowers).
I did some research before joining Rebs (21 months ago). All reviews I could find were negative. Surprisingly, I'm still on 10%+. I have very little amount in Rebs, but it performs much better than I expected. They were hopeless at recovery. They are now "professional", which means occasionally effective and in any event we are kept informed. I don't know but I think they must have developed a list of never again introducers
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