aju
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Post by aju on Sept 24, 2020 13:59:52 GMT
well all that would do would cripple the economy further Of course when you had a 15% mortgage, you had no funds in savings. Or at least we didn't and couldn't obviously because we had used everything we had on the deposit to avoid as much as possible on the 15%. I can remember those heady days in the 80's when it shot up in a matter of months, mind you it was regularly at 6/7% levels at the time. Had to take on board local foreign students as I had just been promoted to working in london from Cambridge at the time and at the level I was promoted to there was no more overtime either, just what the unions called TOIL or for the uninitiated "Time off in lieu" of extra hours worked. Those were the days, "eee the youf't of today don't know they're born. We used to live in shoe box in't middle of road!"
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Post by Financial Thing on Sept 24, 2020 14:37:11 GMT
Personally I think there are a few good p2p's left. The others will continue to thrive or die, filtered out by their own operations and the struggling economy. It was inevitable.
I've had successes and failures in p2p. I'm favoring Loanpad, Kuflink, Unbolted, Crowdproperty. I'm hopeful for Assetz but concerned how many SME's will suffer due to Covid. I'll give a nod towards Lendinvest, Proplend, Justus seems solid.
I also discovered a new non UK p2p option that seems to make sense. I'm investigating further.
Sitting in savings seems like a terrible option for us retirement seekers with 1% inflation and low interest rates hanging around for a while. Fine if you are financially well off and don't need growth on your cash but not for the rest of us.
I think a mix of index trackers and some equities for income is a solution.
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
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Post by beagle on Sept 24, 2020 14:37:50 GMT
I opened a different account with them a few months ago and the interest rate halved within weeks. This one is variable too. I wonder how long the rate will hold ? Anything past 23 November is a bonus. Best to look at fixed rates too if you have cash you can lock away. do you consider this an investment or savings though? If the rate is below inflation it isnt really either in some respects
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Steerpike
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Post by Steerpike on Sept 24, 2020 15:12:56 GMT
Many thanks for the heads up on this. Just ditched out of NS and I! I am still adding to NSANDI Income Bonds and will continue to do so until the 2nd half of November, hoping that there will be something attractive at that time.
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Post by erniec on Sept 24, 2020 17:06:46 GMT
I’ve moved some of our NS&I Income Bonds to Premium Bonds and the bulk to the 1 Year Fixed Savings account at Zopa at 1.29%.
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warn
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Curmudgeon
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Post by warn on Sept 24, 2020 18:09:54 GMT
... and the bulk to the 1 Year Fixed Savings account at Zopa at 1.29%. Which has already dropped to 1.20%!
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aju
Member of DD Central
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Post by aju on Sept 24, 2020 18:15:46 GMT
... and the bulk to the 1 Year Fixed Savings account at Zopa at 1.29%. Which has already dropped to 1.20%! Blimey, just made it in time for the 1.29% then, put Mrs Aju's fund in as soon as poss to get the additional interest, only a few quid but hey its a few quid in her pocket...
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Post by drphil on Sept 24, 2020 18:54:02 GMT
I opened a different account with them a few months ago and the interest rate halved within weeks. This one is variable too. I wonder how long the rate will hold ? A matter of days it seems! Now down to 1.1 for new applicants.
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wapping35
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Post by wapping35 on Sept 25, 2020 10:33:37 GMT
Which has already dropped to 1.20%! Blimey, just made it in time for the 1.29% then, put Mrs Aju's fund in as soon as poss to get hte additional interest, only a few quid but hey its a few quid in er pocket... Be careful folks. Zopa is advising rates on its web page which are over stated. I have lodged a compliant to them which they acknowledge to be correct. At the moment the 1 Year fixed states 1.2% but if you click the button to apply it cuts the rate to 1%. I have told them this is highly misleading marketing albeit if you read the small print it states the new lower rate. Zopa certainly have become a Bank with all the Banking tactics... They are apparently working on updating the website to reflect the correct lower rates.
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aju
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Post by aju on Sept 25, 2020 11:03:14 GMT
Blimey, just made it in time for the 1.29% then, put Mrs Aju's fund in as soon as poss to get hte additional interest, only a few quid but hey its a few quid in er pocket... Be careful folks. Zopa is advising rates on its web page which are over stated. I have lodged a compliant to them which they acknowledge to be correct. At the moment the 1 Year fixed states 1.2% but if you click the button to apply it cuts the rate to 1%. I have told them this is highly misleading marketing albeit if you read the small print it states the new lower rate. Zopa certainly have become a Bank with all the Banking tactics... They are apparently working on updating the website to reflect the correct lower rates. Thx, wapping35, for the heads up. Thankfully being the pedant that I am we took copies of everything before Mrs Aju committed her dosh to the product. Just checked again and we are definitely set at the correct rates as expected. I'm not at all surprised at Zopa and their lack of controls/design/test etc on their web systems. Lets hope they have some people from the real banking sector in their teams but to be honest the legacy banking sectors leave a lot to be desired in front end design too! I personally am still waiting on HSBC documents for a switch I started early last week - they did send a debit card in super quick time but they do have a penalty commitment on that one. Their website and emails say one thing but the reality is something different timescales wise anyway. I would have like to be able to be sending and setting up relevant details online but still waiting for snail mail letters to arrive over a week after setting a transfer from lloyds in play. Mrs Aju is going to be busy on the old scanner when the all arrive...
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Post by erniec on Sept 25, 2020 13:24:48 GMT
I’m now very pleased I moved our NS&I funds quickly as Zopa continues to reduce:
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Post by carol167 on Sept 25, 2020 14:34:52 GMT
Two days ago I opened a 1 yr fixed with both Aldermore and Paragon at 1.26% and 1.3% respectively.
I'm currently moving lots of money out of NS&I and now Marcus via my bank and into them, as daily limits allow.
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aju
Member of DD Central
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Post by aju on Sept 25, 2020 14:36:42 GMT
I’m now very pleased I moved our NS&I funds quickly as Zopa continues to reduce: Yeah me too, Now that NS&I and Marcus are reducing rates too I have quickly restructured our funds and am moving more funds into ZOPA bank. I am having to weigh up fixed terms and ongoing day to day stuff but I'm happy to hunker down for a while with good, not great, but safe rates. (I hope) still not sure that if Zopa goes t*ts when the fscs might be covering me and how long but hey its safer than the abject job losses (defaults solidifying in Zopa p2p etc) that are surely coming down the line over the next few months.
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
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Post by beagle on Sept 25, 2020 15:27:04 GMT
I admire your efforts Aju, truly diligent.
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Post by geofft on Sept 25, 2020 15:47:55 GMT
I admire your efforts Aju, truly diligent. I was thinking the same. I guess he's one of the people who make a bit of a hobby out of financial juggling - this gives them the rare distinction of having a hobby that actually puts money into their bank account (hopefully), as against all my hobbies past and present which have done precisely the opposite. Good luck to him, I'm sure he'll fill us in on his motivation....
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