cb25
Posts: 3,521
Likes: 2,665
|
Post by cb25 on Sept 21, 2022 9:51:05 GMT
Thats a clever way to fund your business, open up a banking arm and borrow from savers. Its 50% cheaper than the borrowing from the financial markets UK supermarkets did this about 20 years ago.. Ford aren't the only ones doing it, e.g. RCI Bank : "With the need to help customers finance their vehicles all over the world, Renault created its own, internal bank in 1974 - RCI Bank and Services. Forty years later, it remains privately owned by the Groupe Renault and operates in over 36 countries across four continents."
|
|
jonno
Member of DD Central
nil satis nisi optimum
Posts: 2,742
Likes: 3,137
|
Post by jonno on Sept 22, 2022 9:43:02 GMT
Marcus easy access up by 0.30% today to 1.8% (incl bonus).
|
|
|
Post by The Money Platform on Sept 22, 2022 12:47:02 GMT
The Money Platform has just updated it's Outcomes Statement - 13.1% Gross Return for 2021-22. themoneyplatform.com/outcomes-statementSome defeatist chat on this forum - people are making good returns from P2P. Though always worth remembering that as a lender, any loan you make is unsecured. Your capital is at risk. Lenders are not covered by the Financial Services Compensation Scheme.
|
|
aju
Member of DD Central
Posts: 3,484
Likes: 917
|
Post by aju on Sept 22, 2022 15:18:51 GMT
Psst! Don't tell Mrs Aju I'll get shot... ;-)
So yesterday I committed 10k to Zopa 1 yr fixed term @3% and blow me they upped the 1y to 3.3% today. That's £30 gone. By the time it comes good she'll have pulled her New state pension too and if there are no changes to limits between now and then she will pay the tax office £30 too for the pleasure. (She's very bitter about the tax man taking any of her money.)
I guess I should have know there might be an uptick as a result of today's interest rate hikes from Team Bailey!.
Oh well win some, lose some.
|
|
littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,017
Likes: 1,835
|
Post by littleoldlady on Sept 22, 2022 16:08:13 GMT
Every time I make a transfer to get a better rate the original account rate goes up within a day or two. I think they are all using me as a bell weather.
|
|
|
Post by overthehill on Sept 22, 2022 19:27:47 GMT
Every time I make a transfer to get a better rate the original account rate goes up within a day or two. I think they are all using me as a bell weather.
I take it most people know that they can usually cancel deposits within 14 days, might even be longer, then go with a better rate. Too much hassle usually unless you didn't pick the top rate for your original investment.
|
|
|
Post by df on Sept 22, 2022 21:37:12 GMT
Psst! Don't tell Mrs Aju I'll get shot... ;-) So yesterday I committed 10k to Zopa 1 yr fixed term @3% and blow me they upped the 1y to 3.3% today. That's £30 gone. By the time it comes good she'll have pulled her New state pension too and if there are no changes to limits between now and then she will pay the tax office £30 too for the pleasure. (She's very bitter about the tax man taking any of her money.) I guess I should have know there might be an uptick as a result of today's interest rate hikes from Team Bailey!. Oh well win some, lose some. I've committed the same crime with Al Rayan in June this year (only 3% of my funds, I strive to be careful . 1 year fixed @2.33 - it took few days to get this account opened and by the time it was opened I was too late for the next increase. Well, at least the first quarter of the term was successful, but the following three quarters my funds will be stuck in uncompetitive rate. Don't worry, I won't tell Mrs Aju, I wouldn't want to be a cause for any casualties
|
|
aju
Member of DD Central
Posts: 3,484
Likes: 917
|
Post by aju on Sept 23, 2022 15:53:50 GMT
Every time I make a transfer to get a better rate the original account rate goes up within a day or two. I think they are all using me as a bell weather.
I take it most people know that they can usually cancel deposits within 14 days, might even be longer, then go with a better rate. Too much hassle usually unless you didn't pick the top rate for your original investment.
Having read the Zopa rules fully I don't think I can cancel. If we had only committed < £1000 it might have been ok but above that it seems they have it locked in from the point its invested. It's probably because you start earning interest in the 14 days before and they. Nice try though. I did read the rules, they are hard to print to pdf on their site but i copied them into MS Word and then reformatted them into a readable pdf. I just wasn't thinking straight at the time and really should have known better. Similar to df It's not that big in our scheme of things and the rates will rise up over the next few weeks with Mr Bailey fighting to bring inflation down and the government fighting to push it up (That last bit is my take and i'm just glad we are not a lowly worker these days ...) Update: I've poked Zopa to see what they have to say having re-read the rules. There is not an option online to cancel and lose interest so i'm assuming they do this on their twitter site or over the phone. Sadly they won't be back online until 26th. Not confident it will matter though.
|
|
|
Post by erniec on Sept 23, 2022 17:39:54 GMT
Yes, it’s clear from the email you get from Zopa that once it’s open it’s open.
|
|
|
Post by overthehill on Sept 23, 2022 18:16:36 GMT
Best rates - 30sep2022.
14sep2022. Aug2021->Aug2022. CPIH=8.6%, CPI=9.9%, next release 19oct2022.
22sep2022. BoE base rate=2.25%, next release 3nov2022
AER = Annual Effective Rate. Min. deposit <=10k. Apply online.
Type | AER Standard %
| AER Standard % via Raisin or Flagstone *
| AER Sharia %
| AER Sharia % via Raisin or Flagstone *
| easy access
| charter savings 2.25%, unlimited withdrawals
|
|
|
| notice
| oaknorth 2.4% (90 days)
|
|
| BLME 2.52% (90 days)
| 6 month
| united trust 3.12%
|
|
| BLME 3.02%
| 1 year
| shawbrook 4.0%
|
|
|
| 2 year
| shawbrook 4.4%
|
|
|
| 3 year
| united trust 4.%
|
|
|
| 5 year
| united trust 4.% |
|
|
| easy access ISA
| santander 1.9%, 3 withdrawals, flexible
| |
|
| 1 year ISA
| UBL UK 3.61%
| |
|
| 2 year ISA
| UBL UK 3.65%
| |
|
| 3 year ISA
| UBL UK 3.7%
| |
|
| 5 year ISA
| UBL UK 3.7%
| |
|
|
* If new to Raisin = £30 bonus for >10k. If new to Flagstone = £30 bonus for >10k
Always make sure the banks are not linked, so as not to exceed your 85k FSCS protection
|
|
cb25
Posts: 3,521
Likes: 2,665
|
Post by cb25 on Sept 27, 2022 8:29:36 GMT
Ford Money have removed their Flexible Saver account (pays 1.95%) from the market "Due to unprecedented demand, we have taken the decision to remove our Flexible Saver product from sale to new customers at this present time."
Yorkshire Building Society Rainy Day account pays 2.5% on first £5K, 2.0% on additional funds. "Allows withdrawals on two days per year based on the anniversary of account opening, plus closure at any time". Normally I wouldn't bother with it given the access restrictions and the fact YBS's Internet Saver Plus 11 will be paying 2.05% (for £50K+) from 5 Oct. However, as I have a YBS a/c anyway, I put £5K in it. If rate becomes uncompetitive, I'll simply close it. (Edit: corrected the name of the institution, having incorrectly stated earlier it was Yorkshire Bank. Thanks to df for pointing out the error).
|
|
|
Post by df on Sept 27, 2022 12:31:30 GMT
Ford Money have removed their Flexible Saver account (pays 1.95%) from the market "Due to unprecedented demand, we have taken the decision to remove our Flexible Saver product from sale to new customers at this present time."
Yorkshire Bank Rainy Day account pays 2.5% on first £5K, 2.0% on additional funds. "Allows withdrawals on two days per year based on the anniversary of account opening, plus closure at any time". Normally I wouldn't bother with it given the access restrictions and the fact YBS's Internet Saver Plus 11 will be paying 2.05% (for £50K+) from 5 Oct. However, as I have a YBS a/c anyway, I put £5K in it. If rate becomes uncompetitive, I'll simply close it. It's YBS, Yorkshire bank is now Virgin. I was thinking about it, but decided to wait for another week or two. One of the challenger banks might offer the same rate on their unlimited IA product, if not I will do the same as you did.
|
|
|
Post by dtb on Sept 28, 2022 14:46:08 GMT
|
|
aju
Member of DD Central
Posts: 3,484
Likes: 917
|
Post by aju on Sept 28, 2022 18:53:42 GMT
Yes, it’s clear from the email you get from Zopa that once it’s open it’s open. View AttachmentYep I had a long conversation last night and it was no go. Thing is though they seemed receptive to my arguments but rules is rule. I suggested mrs aju was really annoyed with this and is refusing to save anymore money with Zopa. There seems to be little leeway and to be fair its only a loss of £30 as a result. (We'll be holding off until rates are settled. Mrs aju noticed that Premium bonds were uplifted. She asked if we could put more funds in but i had to tell her she fully loaded. Pretty good rate and considered adding to my £25 pound holding but I think we should hold off until things are more sorted on the rates stuff. The final outcome of our conversation, after mentioning a number of employees in Zopa of old - probably all left now but they decided to raise a complaint for her we'll see where that goes.
|
|
littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,017
Likes: 1,835
|
Post by littleoldlady on Sept 29, 2022 7:00:55 GMT
There is a one year account at the same rate but no early withdrawals.
|
|