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Post by flobberchops on Jul 30, 2019 7:13:18 GMT
Hi all, I'm a very passive RateSetter investor who signed up a year ago almost entirely to get the £100 signup bonus they were offering at the time.
I put £1000 in my account, applied for the 1 year product, saw that it was successfully invested on 26/07/2018 and went about my life for a year. On returning I see the money unexpectedly matured early in October last year and is now mostly sitting in the Rolling Market plus forty-odd quid of accrued interest. No £100 bonus seems to have been paid. I'm wondering whether this has happened to anybody else, and whether they still successfully claimed the bonus? I've put the same question to RS customer services.
Thanks in advance
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p2pmark
Member of DD Central
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Post by p2pmark on Jul 30, 2019 7:21:48 GMT
As long as you don't withdraw it, you'll still get your bonus.
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tyrex
Posts: 78
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Post by tyrex on Jul 30, 2019 9:15:35 GMT
As long as you don't withdraw it, you'll still get your bonus. Just to clarify: as long as you leave it on loan in one of the three markets. Having it in your holding account isn't enough. In my experience, the £100 is paid around 30 days after the 1 year period is up. I entered RS in June 2018, and received my bonus a few weeks ago.
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aju
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Post by aju on Jul 30, 2019 15:52:43 GMT
So myself and Mrs Aju started off with our £1000 punts into ED and now since april have quite a bit in the RS ISA sides too. So if I now start moving money from the ED side to the ISA side does that negate my reward, I'm sort of thinking that I am into RS as a whole for more than the 1000 so that should be ok.
Anyone thought about that one or better had experience of it. It never stays in holding long.
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Post by Deleted on Jul 30, 2019 16:31:01 GMT
I think that should be ok, but you could email RS before removing the last £1,000 from Everyday. T&Cs were as follows in November:
£100 for £1,000 Promotional Terms and Conditions 1.You’re eligible for the bonus if you: a) Have not previously invested with RateSetter. b) Register by clicking on the promotional link and open a RateSetter account. c) Invest through the RateSetter ISA or Everyday Account within 8 weeks of registration (by putting your money on loan in any of our markets or combination of our markets). d) Register on or after the 4th April 2018. 2. You will qualify for a £100 bonus if you invest and put on loan a minimum of £1,000 within 8 weeks post registration and keep this invested for 365 days. 3. Your minimum £1,000 investment can be made up of new subscriptions and/or transfers from other ISA providers. It should take no longer than 15 working days for a Cash ISA transfer, and 30 working days for a Stocks & Shares ISA or an Innovative Finance ISA transfer. Please note the time it takes for your ISA to be transferred to RateSetter is dependent on your current ISA provider and may take longer than 30 working days. 4. The maximum bonus per customer under this promotion is £100. 5. Earned bonuses will be credited to your Everyday Account and invested in the Rolling Market at market rate within 30 working days of qualifying. The Rolling Market will reinvest the bonus each month automatically. You can change your investment settings and request to withdraw your money at any time (subject to the Investor Terms (/investor-terms/)). 6. This bonus is not available in conjunction with any other offer – but you can still refer friends to RateSetter and earn ‘referrer’ bonuses. 7. The promoter of this offer is RateSetter (a trading name of Retail Money Market Ltd), 6th Floor, 55 Bishopsgate, London, EC2N 3AS and we reserve the right to amend or withdraw the offer at any time. Last updated on the 21st June 2018
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aju
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Post by aju on Jul 30, 2019 17:35:37 GMT
Thx @inv11, looks like we'll be ok although we still have 1000 each in the ED account.
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robski
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Post by robski on Jul 31, 2019 8:33:02 GMT
I think they said once before its ok to be in holding, or even on the market and not lent as long as your clearly not gaming the system.
I suspect the bonus is manually applied and hence someone checks the position of the account. If the/any loans repay early then thats not your fault, if you were to however put the reinvenstment at say 10% then they may well likely not payout since you would be clearly trying not to relend the money
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Post by geosaddler on Jul 31, 2019 14:42:02 GMT
Does anybody know how reliable RS are for paying out the £100 bonus? I've been £2k+ invested for 1 year and 2 weeks now and no sign of the bonus.
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aju
Member of DD Central
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Post by aju on Jul 31, 2019 15:13:04 GMT
Does anybody know how reliable RS are for paying out the £100 bonus? I've been £2k+ invested for 1 year and 2 weeks now and no sign of the bonus. According to @inv11 's post above So I guess you need to wait up to 6 weeks before it will arrive in Rolling. After that if it's still not arrived then I'd be on RS's case. Edit: Not sure but to qualify perhaps the starting point is when it is fully invested to a product so it could be later than you might think. I could be wrong on that one though yet... My highlighting on that one.
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tyrex
Posts: 78
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Post by tyrex on Jul 31, 2019 21:23:41 GMT
Does anybody know how reliable RS are for paying out the £100 bonus? I've been £2k+ invested for 1 year and 2 weeks now and no sign of the bonus. For my experience, see the last paragraph in my post above.
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slush
Member of DD Central
Here to learn. Please be gentle.
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Post by slush on Aug 1, 2019 11:32:21 GMT
Neither of my parents received their £100 bonus. Miraculously their 12 month investments re-paid early and were briefly held in their holding accounts. After 3 months of chasing RS to find out why their bonuses hadn’t been paid – RS finally trumped up with this excuse. Leaves a very bad taste – both have now withdrawn from RS as a consequence.
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thedog
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Post by thedog on Aug 3, 2019 12:39:27 GMT
Interesting. Can I be nosy and ask if they'd deposited just enough to meet the offer criteria and then just left that as the only investment ( I guess so if a single early repayment took them outside the offer terms)?
If so I guess RS took the view that if they were trying to game the system and weren't likely to be "real" future clients then they'd do the same.
Not being critical of you/them for exploiting the offers at all - Mrs Dog and the pups do exactly the same - but that may be their thinking.
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Post by flobberchops on Aug 5, 2019 22:50:58 GMT
Happy to report that about three days after my first post the bonus arrived, and I've since successfully withdrawn it.
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