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Post by westonkevRS on Jan 15, 2014 11:31:59 GMT
I know some readers don't like me posting about spikes in rates (Marketing, tut tut, put me on the naughty step), and for those I would suggest a "Mary Whitehouse" recommendation of don't read any further (i.e. turn off).
For the others that showed some interest, the monthly money hit 3% today which I think it a very good deal. This is normally in a 1.8% to 2.1% range; but is currently 2.8% as I write this. We've just had a lot of loan demand that uses this shorter term money.
One lender did ask if we could build into the system an "email alert" system based on customer set thresholds. This was received positively by Rhydian and the RateSetter Senior Management team. However we have a lot of technological changes being planned at the moment and so this will probably be integrated into a wider review or update. But rest assured the feedback and idea was acted upon, thank you and keep the ideas coming.
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Post by wibble on Jan 15, 2014 11:41:46 GMT
One lender did ask if we could build into the system an "email alert" system based on customer set thresholds. This was received positively by Rhydian and the RateSetter Senior Management team. However we have a lot of technological changes being planned at the moment and so this will probably be integrated into a wider review or update. But rest assured the feedback and idea was acted upon, thank you and keep the ideas coming. Great - I look forward to the changes... ... but please, please don't go down the Zopa route - if it ain't broke, don't fix it! Any update re: the faster payments I posted last week? E-mail alerts are great, but their usefulness will be lessened if I can't transfer money in quickly. To recap, even though I send money to RS via FP, it doesn't get added to my RS account until the next working day.
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bugs4me
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Post by bugs4me on Jan 15, 2014 11:58:28 GMT
One lender did ask if we could build into the system an "email alert" system based on customer set thresholds. This was received positively by Rhydian and the RateSetter Senior Management team. However we have a lot of technological changes being planned at the moment and so this will probably be integrated into a wider review or update. But rest assured the feedback and idea was acted upon, thank you and keep the ideas coming. Great - I look forward to the changes... ... but please, please don't go down the Zopa route - if it ain't broke, don't fix it! Any update re: the faster payments I posted last week? E-mail alerts are great, but their usefulness will be lessened if I can't transfer money in quickly. To recap, even though I send money to RS via FP, it doesn't get added to my RS account until the next working day. Agreed, they (RS) do seem to be a bit lacking in the area of crediting accounts speedily compared to you know who.
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Post by yorkshireman on Jan 15, 2014 13:17:49 GMT
I know some readers don't like me posting about spikes in rates (Marketing, tut tut, put me on the naughty step), and for those I would suggest a "Mary Whitehouse" recommendation of don't read any further (i.e. turn off). For the others that showed some interest, the monthly money hit 3% today which I think it a very good deal. This is normally in a 1.8% to 2.1% range; but is currently 2.8% as I write this. We've just had a lot of loan demand that uses this shorter term money.
Not for long. It’s nearly time for the City Boys to return to the trough and push rates down to 1.5 / 1.6% in order to buy short and turn a quick profit.
Nothing wrong in that but as I don’t have the resources to compete I’ll continue to give Ratesetter a miss until we see sensible rates.
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mikes1531
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Post by mikes1531 on Jan 15, 2014 13:34:49 GMT
... I’ll continue to give Ratesetter a miss until we see sensible rates. Just as a matter of interest, could you please let us know what you consider to be sensible rates?
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markr
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Post by markr on Jan 15, 2014 14:48:01 GMT
I've just popped in and the monthly rate is 3.7%, 0.7% higher than the 1 year bond!
Just for interest, how does the monthly market work? RS don't offer monthly loans, so where is this money used (presumably, to fund longer term loans and if so, what happens if the lender chooses not to relend at the end of the month)?
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Post by wibble on Jan 15, 2014 15:20:44 GMT
I've just popped in and the monthly rate is 3.7%, 0.7% higher than the 1 year bond! Just for interest, how does the monthly market work? RS don't offer monthly loans, so where is this money used (presumably, to fund longer term loans and if so, what happens if the lender chooses not to relend at the end of the month)? And there's nothing I can do about it because I can't transfer money to RS quickly!
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Post by westonkevRS on Jan 15, 2014 17:50:06 GMT
I''ll open a thread to discuss payment speed and use of monthly money, just want to be sure of all the detail first.
What I can say is that debit card payments are credited immediately, although only the first three are free. After that there is a cost, I think £2.50 per transfer.
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Post by yorkshireman on Jan 15, 2014 17:53:03 GMT
... I’ll continue to give Ratesetter a miss until we see sensible rates. Just as a matter of interest, could you please let us know what you consider to be sensible rates? 3% at present and seeing that you can get this and better on several instant access bank accounts why tie your money up for a month with Ratesetter, with the likelihood that it will drop below 2% after a month?
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Post by bracknellboy on Jan 15, 2014 18:05:02 GMT
What I can say is that debit card payments are credited immediately, although only the first three are free. After that there is a cost, I think £2.50 per transfer. It's £1.50. Fortunately, I'm still in the up to three free phase so was able to move money across through that method. You need Faster Payment by transfer, or no fee for debit card. Note that FC don't charge for debit card transactions.
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jhma
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Post by jhma on Jan 15, 2014 18:36:36 GMT
Just by chance I was able to get a few K in maturing 1 year bonds plus a free debit card transfer away at one-month rates up to 3% this morning. What fun!
Although it turns out that the maturity date for some of the matched loans is only about 15 days away, which I wasn't expecting. So not a lot of reward!
But if anyone can suggest a bank account for business funds which currently delivers 3% with a short access time then I'm all ears. I'm maxed out on personal accounts delivering up to 3% for instant access.
Best bank rates I know of for business three-month variable funds I have dropped to 1.6% this month (not available for new accounts) and I have just placed funds at 1.85% for three months and 1.9% 12 month fixed with a challenger bank. Both are £10,000 min investments though.
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mikes1531
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Post by mikes1531 on Jan 15, 2014 18:41:39 GMT
... I have just placed funds at 1.85% for three months and 1.9% 12 month fixed with a challenger bank. Both are £10,000 min investments though. Those sound very attractive. May I ask which bank?
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mikes1531
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Post by mikes1531 on Jan 15, 2014 20:34:04 GMT
If your loan contract is locked in for a longer term, the entire contract rate would be at the rate of the original contract. So if you had a 1 month loan at 3.5% which was locked in for 12 months, the entire contract rate would remain at 3.5%. " So if interest rates are rising, and the rate for 1-month money is above 3.5% when the rollover should have occurred, then not only is the lender unable to access their funds but they can't take advantage of the higher rates either?
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Post by westonkevRS on Jan 15, 2014 21:14:37 GMT
Mike, but this has never happened in over 3 years and is not expected to on the future. That said, in the very unlikely event that both rates were rising and we got our maturity transformation wrong then your scenario could occur.
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mikes1531
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Post by mikes1531 on Jan 15, 2014 22:52:54 GMT
Mike, but this has never happened in over 3 years and is not expected to on the future. That said, in the very unlikely event that both rates were rising and we got our maturity transformation wrong then your scenario could occur. I accept it's extremely unlikely, but I just wanted to make sure I understood what would happen if lightning struck. Hopefully, the issue never will come up.
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