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Post by flatbroke on Feb 23, 2023 12:07:04 GMT
An interesting move. Can't think of another account that has higher interest for an ISA account than a standard one. Obviously an attempt to get people to add or move to their ISA, where they presumably suffer from less churn. Can't help not to compare. Virgin ISA. 4.25% available today. Loanpad ISA 4.20% available from 1st April and 4.40% from 1st May. Both unlimited IA. Virgin's downside is that you'll be charged 60 days' interest on the amount taken out before 31 Jan 2024. Loanpad's downside is that it has no FSCS protection. One of the advantages of Virgin's offer is that the rate is fixed until 31st Jan, I think 4.25% is very likely to stand as a very competitive rate for the next 11 months. LP's is variable, so in the event of reduction from FSCS providers (many predict that BoE's increases will come to an end soon) LP will reduce too. Premium 5.40% is a better deal, but not competitive enough considering generic p2p risks. Regarding Virgin I would point out that their ISA administration is abysmal. Attracted by Virgin's high ISA rates I attempted to transfer in two ISAs from an external bank at the beginning of November 2022. It took Virgin about 9 weeks before they even claimed the money! After I raised the issue Virgin stated that interest would be back dated but, despite prompts, no such adjustment has been made to date. Remember I referred to two accounts? One was to go into a 2 year and one to a 3 year ISA. Virgin mixed them up! This was brought to their attention by means of a complaint in early January but has still not been corrected. I cannot recommend Virgin Money. Currently on Trustpilot, of those banks who have been rated, Virgin are ranked at 110 out 111 with a star rating of 1.2. I know that Loanpad are in a different business but, by contrast, their star rating is 4.8.
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mogish
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Post by mogish on Feb 24, 2023 12:49:21 GMT
RCI Bank were also pretty poor overall. Great rates but impossible to do business with them by either merans of comms. Finally recieved a letter from them 2 months afetr applying apologising for the service and that the account was now closed!!
It does make you wonder if the marketing dept actually gears up for a product release or they just hope it will all go well.
So far LP seem to be a stress free investment. Long may it continue.
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firedog
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Post by firedog on Mar 2, 2023 21:21:29 GMT
Qardus doesn't have an ISA. I did wonder why I ever thought this and realised I must have seen it when looking at my cash account statement, where there are two options: Main Account and IFISA account. That presumably is an error on their part. Anyway, to bring this back to Loanpad, I noticed that they passed the 4700 investor mark yesterday. That's about 10% above what they had at the end of September when they started increasing rates.
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Post by Ace on Mar 2, 2023 21:30:04 GMT
Qardus doesn't have an ISA. I did wonder why I ever thought this and realised I must have seen it when looking at my cash account statement, where there are two options: Main Account and IFISA account. That presumably is an error on their part. Anyway, to bring this back to Loanpad, I noticed that they passed the 4700 investor mark yesterday. That's about 10% above what they had at the end of September when they started increasing rates. I hadn't noticed that. I guess it's a hangover from them being an authorised representative of ShareIn, who also provide the websites for others (Shojin, AxiaFunder) who do, or did, have ISAs.
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firedog
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Post by firedog on Mar 14, 2023 17:28:32 GMT
Decent hike for ISA account holders (though not, as yet, standard accounts): As of 01 April 2023 ISA Classic Account 4.20% ISA Premium Account 5.20% As of 01 May 2023 ISA Classic Account 4.40% ISA Premium Account 5.40% Latest email from Loanpad is the first confirmation I've seen that April's increased rates will apply to standard as well as ISA accounts. Bump in rates on standard accounts from 1 May too, but an even bigger jump than previously announced for ISA holders. From 1 AprilClassic 4.2% Premium 5.2% ISA Classic Account 4.2% ISA Premium Account 5.2% From 1 MayClassic 4.4% Premium 5.4% ISA Classic Account 4.6% ISA Premium Account 5.6%
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p2pfan
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Post by p2pfan on Mar 14, 2023 18:15:28 GMT
Decent hike for ISA account holders (though not, as yet, standard accounts): As of 01 April 2023 ISA Classic Account 4.20% ISA Premium Account 5.20% As of 01 May 2023 ISA Classic Account 4.40% ISA Premium Account 5.40% Latest email from Loanpad is the first confirmation I've seen that April's increased rates will apply to standard as well as ISA accounts. Bump in rates on standard accounts from 1 May too, but an even bigger jump than previously announced for ISA holders. From 1 AprilClassic 4.2% Premium 5.2% ISA Classic Account 4.2% ISA Premium Account 5.2% From 1 MayClassic 4.4% Premium 5.4% ISA Classic Account 4.6% ISA Premium Account 5.6% Appreciate the announcement. I've pulled a fair amount out of LP and was about to withdraw more as previously they'd only announced an increase to ISA investments, which seemed unfair to me (mine's not in an ISA). These more reasonable rates compared to zero-risk bank accounts would encourage me to stick with LP. I've always received LP newsletters before, but haven't received this one, which is strange.
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Post by Badly Drawn Stickman on Mar 14, 2023 19:58:21 GMT
Appreciate the announcement. I've pulled a fair amount out of LP and was about to withdraw more as previously they'd only announced an increase to ISA investments, which seemed unfair to me (mine's not in an ISA). These more reasonable rates compared to zero-risk bank accounts would encourage me to stick with LP. I've always received LP newsletters before, but haven't received this one, which is strange. I suspect if you haven't yet, you will get one soon. Mine appeared just after 7 PM. I have been slowly rehousing for a while and doubt the promise of a small increase will alter that plan. Simply not enough spread to cover any risk currently. In truth some of the regular saving accounts are paying more. Sadly the problem is in the name with regular savings.....
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Post by Harland Kearney on Mar 14, 2023 22:48:36 GMT
Following from Loanpads Investor Update, leading forward.
As of 01 April 2023
Classic 4.20%
Premium 5.20%
ISA Classic Account 4.20%
ISA Premium Account 5.20%
As of 01 May 2023
Classic 4.40%
Premium 5.40%
ISA Classic Account 4.60%
ISA Premium Account 5.60%
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firedog
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Post by firedog on Mar 17, 2023 10:55:53 GMT
Your point about the time taken to get funds deployed is valid, as their new loan rate is around one a month. This could be supplemented by the SM. I've been buying loans there in my standard account, which I will transfer to the ISA on April 6th via the SM. I managed to successfully do that with this year's allowance. Just as an aside, I'm sure lots of people will be considering this at this time of year with any P2P lender that has a secondary market - but how do you mitigate the risk of your investment being bought by someone else? Do you put it on the market at a particular time, or just trust that you'll be quicker than anyone else?
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Post by Ace on Mar 17, 2023 12:28:40 GMT
Your point about the time taken to get funds deployed is valid, as their new loan rate is around one a month. This could be supplemented by the SM. I've been buying loans there in my standard account, which I will transfer to the ISA on April 6th via the SM. I managed to successfully do that with this year's allowance. Just as an aside, I'm sure lots of people will be considering this at this time of year with any P2P lender that has a secondary market - but how do you mitigate the risk of your investment being bought by someone else? Do you put it on the market at a particular time, or just trust that you'll be quicker than anyone else? Yes, a bit of both. I had two computers; one buying and one selling, and did it in the early hours of the morning.
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eeyore
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Post by eeyore on Mar 17, 2023 14:20:06 GMT
Just as an aside, I'm sure lots of people will be considering this at this time of year with any P2P lender that has a secondary market - but how do you mitigate the risk of your investment being bought by someone else? Do you put it on the market at a particular time, or just trust that you'll be quicker than anyone else? Yes, a bit of both. I had two computers; one buying and one selling, and did it in the early hours of the morning. And if you don't have two computers? - try two browsers on the same computer! It works for me... Note: Two copies of Firefox of the same version doesn't work but one Firefox and one Chromium (or two different versions of Firefox) does work - tested with Proplend and Crowdproperty. But it's slower - two computers would be preferred if only because it makes it easier to remember which user is which. Wasn't it on Ablrate that there were automated "bots" programmed to continuously search for new loan offerings and snaffling anything attractive?
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ilmoro
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Post by ilmoro on Mar 17, 2023 14:29:13 GMT
Yes, a bit of both. I had two computers; one buying and one selling, and did it in the early hours of the morning. And if you don't have two computers? - try two browsers on the same computer! It works for me... Note: Two copies of Firefox of the same version doesn't work but one Firefox and one Chromium (or two different versions of Firefox) does work - tested with Proplend and Crowdproperty. But it's slower - two computers would be preferred if only because it makes it easier to remember which user is which. Wasn't it on Ablrate that there were automated "bots" programmed to continuously search for new loan offerings and snaffling anything attractive? And allegedly every other platform that has subsequently gone pear shaped ... oops 😁
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morris
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Post by morris on Mar 17, 2023 18:57:33 GMT
PL is designed to prevent this. They told me 'you can't buy a loan you already own'.
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eeyore
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Post by eeyore on Mar 18, 2023 12:46:06 GMT
PL is designed to prevent this. They told me ' you can't buy a loan you already own'. firedog & Ace are referring to the sale of a holding in a loan in a non-ISA account and the re-purchase of the same holding in an ISA account. In the case of PL, the accounts should be separate identities, so the 'you' buying isn't the same as the 'you' selling. Do Proplend really prevent me from selling a holding and re-purchasing in an ISA account? [This is hypothetical for me - I don't have a Proplend ISA account.]
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firedog
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Post by firedog on Mar 18, 2023 16:09:40 GMT
Note: Two copies of Firefox of the same version doesn't work but one Firefox and one Chromium (or two different versions of Firefox) does work - tested with Proplend and Crowdproperty. But it's slower - two computers would be preferred if only because it makes it easier to remember which user is which. Now I'm confused - how can you test CrowdProperty if it doesn't have a secondary market?
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