coogaruk
Hello everyone! Anyone remember me?
Posts: 693
Likes: 449
|
Post by coogaruk on Feb 2, 2021 13:12:45 GMT
There is no outside world for RS. They are stuck inside the MB jail with no remission for good behaviour 
|
|
coogaruk
Hello everyone! Anyone remember me?
Posts: 693
Likes: 449
|
Post by coogaruk on Feb 2, 2021 13:18:12 GMT
Martin Lewis has a convincing argument that it's not helpful to think of the 1% as being an "average" rate. He argues that for most people, the "average" rate will be much less than 1%, on average. That's only if you have a small amount invested. Large holdings average 0.9%. Not a penny for me this month on an eligible 33k. My average is good though, with £225 won in the preceding 5 months.
|
|
markdirac
Member of DD Central
Posts: 128 
Likes: 51
|
Post by markdirac on Feb 2, 2021 13:21:07 GMT
Martin Lewis has a convincing argument that it's not helpful to think of the 1% as being an "average" rate. He argues that for most people, the "average" rate will be much less than 1%, on average. That's only if you have a small amount invested. Large holdings average 0.9%. Ahh. So Lewis is correct then. Thanks.
|
|
beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
Posts: 670
Likes: 322
|
Post by beagle on Feb 2, 2021 13:27:14 GMT
it would appear everyone was wrong - we all get/got our money back. Not everyone   fair point
|
|
aju
Member of DD Central
Posts: 3,419
Likes: 877
|
Post by aju on Feb 2, 2021 14:16:16 GMT
That's only if you have a small amount invested. Large holdings average 0.9%. Not a penny for me this month on an eligible 33k. My average is good though, with £225 won in the preceding 5 months. That's encouraging as we have a few of the previous good regsaver rates coming free and there will be more funds to dump into the safety of NS&I until things improve elsewhere - might be a bit of a long wait though.
|
|
coogaruk
Hello everyone! Anyone remember me?
Posts: 693
Likes: 449
|
Post by coogaruk on Feb 2, 2021 14:52:59 GMT
Not a penny for me this month on an eligible 33k. My average is good though, with £225 won in the preceding 5 months. That's encouraging as we have a few of the previous good regsaver rates coming free and there will be more funds to dump into the safety of NS&I until things improve elsewhere - might be a bit of a long wait though. I sadly(?) have a perfect storm of savings products maturing this year:
NS&I 3yr Guaranteed Income Bond currently paying 2.2% - Already reinvested into Arbuthnot 3yr Fixed Rate @ 1% (Product was withdrawn two days later - Now 5yr!)
NS&I 3yr Investment Guaranteed Growth Bond 2.2% - Likely to go in PBs
NS&I 1yr Guaranteed Income Bond 1.2% - No idea yet but probably an identical term FR with another provider, around 0.7% currently available, i.e. Zopa
Halifax 5yr Cash ISA 2% - No idea either but will probably retain in Cash ISA
First Direct Regular Saver 2.75% (AER) - Likely to start a new one, current rate is 1% (AER)
Add to that Today's announcement of RS's 'sudden' demise and I am put in the somewhat enviable position of having to find new homes for several pots of money of varying sizes, all in the space of a few months.
As a non-taxpayer I also already have my maximum SIPP allowance set aside from upcoming takeover deals currently in the pipeline, i.e. RSA
I have also recently gone into SIPP drawdown to maximise tax avoidance on pot value by the time I reach SP age.
Phew!
|
|
aju
Member of DD Central
Posts: 3,419
Likes: 877
|
Post by aju on Feb 2, 2021 16:02:43 GMT
That's encouraging as we have a few of the previous good regsaver rates coming free and there will be more funds to dump into the safety of NS&I until things improve elsewhere - might be a bit of a long wait though. I sadly(?) have a perfect storm of savings products maturing this year:
NS&I 3yr Guaranteed Income Bond currently paying 2.2% - Already reinvested into Arbuthnot 3yr Fixed Rate @ 1% (Product was withdrawn two days later - Now 5yr!)
NS&I 3yr Investment Guaranteed Growth Bond 2.2% - Likely to go in PBs
NS&I 1yr Guaranteed Income Bond 1.2% - No idea yet but probably an identical term FR with another provider, around 0.7% currently available, i.e. Zopa
Halifax 5yr Cash ISA 2% - No idea either but will probably retain in Cash ISA
First Direct Regular Saver 2.75% (AER) - Likely to start a new one, current rate is 1% (AER)
Add to that Today's announcement of RS's 'sudden' demise and I am put in the somewhat enviable position of having to find new homes for several pots of money of varying sizes, all in the space of a few months.
As a non-taxpayer I also already have my maximum SIPP allowance set aside from upcoming takeover deals currently in the pipeline, i.e. RSA
I have also recently gone into SIPP drawdown to maximise tax avoidance on pot value by the time I reach SP age.
Phew! I assume you have most if not all of that in ISA cover but it is a funny old game these days when such low rates are considered premiums. It's hard to hide from the tax man with company pension and now NSP also being taxed too before it even gets to my bank. Mrs Aju is slightly younger and our main Tax cover for a lot of things so I have to keep in her good books in case she runs off with our funds. It is getting harder but apart from p2p we have been able to abandon the ISA's pretty much since we sold out of RS (we still have locked in funds in Zopa in both ISA and Non ISA ) and had moved to much lower safer rates. The £1000 allowance covers a lot that and Mrs Aju's non tax payer status at present ( she has also generously donated £1250 of her allowance cover to me too) even with her company pension is a good haven for tax cover. (Won't be able to do so much when she makes it to NSP in 2/3 years time but we have time to re-structure our cover if rate pick up again). We are very lucky though having had good advice from parents and colleagues when we were young. Recent company pensions are not the best these days but we got in at the right time in the early 70's. Not everyone has these luxuries though, sadly.
|
|
Greenwood2
Member of DD Central
Posts: 3,858
Likes: 2,411
|
Post by Greenwood2 on Feb 2, 2021 17:59:16 GMT
it would appear everyone was wrong - we all get/got our money back. Not everyone It was a risk/reward situation. We might or might not have got our money back long term, when the PF got up to 100% and Metro decided it was now pretty safe to buy the loan book it turned out fine, but lenders have still lost interest and for those that stayed with RS some may have lost more in interest than the selling fees.
|
|
|
|
Post by df on Feb 2, 2021 22:03:43 GMT
Where are people moving their RateSetter cash to ? To the bank for now. I'm very lucky to have a 1.15% (soon reducing to 1.02%, but still good in the current environment) instant access account. I'm looking at exploring some platforms I've never touched before, keeping an eye on Elfin, Loanpad, Kuflink and OnStep at the moment, but I'm not in a rush (prefer to wait and see more of COVID and Brexit impact on economy before actively re-engaging with p2p).
|
|
sl75
Posts: 2,092
Likes: 1,245
|
Post by sl75 on Feb 3, 2021 18:13:44 GMT
Yes the end is near, one of my better investing decisions, Ratesetter has been good for me it would appear everyone was wrong - we all get/got our money back. It's far from "everyone" who thought that...
Even your own poll shows "Everyone gets capital back in full - no losses" as the most popular option!
The people who thought the sky was falling down seemed to be the most vocal, but not the most numerous...
|
|
coogaruk
Hello everyone! Anyone remember me?
Posts: 693
Likes: 449
|
Post by coogaruk on Feb 3, 2021 18:21:33 GMT
It's far from "everyone" who thought that...
The people who thought the sky was falling down seemed to be the most vocal, but not the most numerous...
As I have already pointed out.
But are you ready to accept yet that it really is 'Game Over' now?
|
|
|
|
Post by kevin1841 on Mar 18, 2021 9:59:04 GMT
So are most thinking that it's not worth looking to keep the ISA wrappers due to the narrow choice and small returns?
|
|
Ace
Member of DD Central
Posts: 4,208
Likes: 4,576
|
Post by Ace on Mar 18, 2021 10:41:13 GMT
So are most thinking that it's not worth looking to keep the ISA wrappers due to the narrow choice and small returns? I'm not sure I understand the logic here. First, there's a large choice of competent P2P platforms across the risk/reward spectrum. Even at the safest end of that spectrum (Loanpad IMO) you can get 4%, which is worth protecting in an ISA. Personally, I prefer to use ISAs for the platforms where I'm likely to want to trade on the SM, like ABLrate. Trying to correctly complete a tax return for multiple SM trades is a nightmare, so using an ISA to avoid that is a massive extra bonus for me. The only downside of using an ISA is the inability to offset losses. Personally I haven't found this to be a problem. Tax saved on interest has far outweighed lost loss relief.
|
|
beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
Posts: 670
Likes: 322
|
Post by beagle on Mar 18, 2021 11:41:48 GMT
So are most thinking that it's not worth looking to keep the ISA wrappers due to the narrow choice and small returns? why would anyone forfeit any tax exemption?
|
|
|
|
Post by marcusponds on Mar 18, 2021 16:16:35 GMT
Hmm, surprised so many are “investing” into safe products guaranteed to lose money after inflation. i’m reinvesting the majority of repayments in ac and Zopa, as they both look like survivors to me. The balance I am putting into loanpad and Proplend, both of whom seem to be managing in the pandemic. I agree, inflation losing products are not really worth it. Zopa I am not so sure on. im getting a steady 4% from Zopa even with the delays in reinvestment and accounting for losses. I haven't addded more for years, but not thinking of withdrawing either. BTW anyone see getting weird screen formatting and typing issues?
|
|
