gt94sss2
Member of DD Central
Posts: 281
Likes: 137
|
Post by gt94sss2 on Feb 12, 2016 17:31:48 GMT
|
|
|
Post by newlender on Feb 12, 2016 17:41:12 GMT
I clicked one of the links in the email to register my interest and my antivirus blocked the website saying it was dangerous and not registered!!
|
|
agent69
Member of DD Central
Posts: 5,943
Likes: 4,382
|
Post by agent69 on Feb 13, 2016 10:03:31 GMT
From the blog ISA rules do not allow direct transfers of existing marketplace lending investments into an IF ISA.
I guess this means that you will have to take your monthly repayments and drip feed them into the ISA.
|
|
|
Post by newlender on Feb 13, 2016 10:57:01 GMT
But you can still put your entire ISA allowance into RS in April if you choose. All interest will be tax free. And any old ISAs with other providers can be transferred in, I think. Do I really want to risk another £15K in P2P - not really - but the thought of transferring a couple of thousand from my Cash ISA into RS might be OK.
|
|
|
Post by closetotheedge on Feb 13, 2016 12:17:33 GMT
Whilst it would appear it will not be possible to simply lift £15k of current RS investments and drop them into a 2016/17 ISA wrapper. My maths points to the fact that if you have £75k or so already invested in the 5 year market then your annual repayments will be greater than £15k so by pointing the reinvestments into the ISA rather than the normal 5 year market will acheive the desired effect. I am encouraged that transfers in will be allowed as I could not find a desirable enough 2015/16 ISA so had not used that allowance. This means I can put £15k into a high street cash ISA at the end of March and then transfer it over a few days later.
Perhaps someone could put my aged and feeble mind straight if any of this is wrong.
On a separate ISA point, I look after 3 RS accounts and two of them have been emailed asking about plans for the new RS ISA. The third account has had no such email from RS. As this one is in my name I am feeling a little snubbed.
|
|
|
Post by newlender on Feb 13, 2016 13:27:52 GMT
Did you get the links in the email to work? (the ones asking how much you might put in). My firewall goes berserk when I click one of them.
|
|
agent69
Member of DD Central
Posts: 5,943
Likes: 4,382
|
Post by agent69 on Feb 13, 2016 13:44:31 GMT
Did you get the links in the email to work? (the ones asking how much you might put in). My firewall goes berserk when I click one of them. Link worked fine for me, bit disappointed with the option though. In response to the question " how much are you going to put into our ISA next year", my chosen response would have been " mind you own business"
|
|
|
Post by newlender on Feb 13, 2016 13:54:01 GMT
Can you please post the URL that the link directs you to and I'll try pasting it into my browser directly.
|
|
teddy
Posts: 214
Likes: 90
|
Post by teddy on Feb 13, 2016 23:09:14 GMT
I fully expect rates at RS to sink during April when all the ISA money floods in, but will the presumably large scale removal of ISA funds from the main UK banks force them to increase rates in order to prevent what would essentially be an across the board bank run?
|
|
|
Post by westonkevRS on Feb 14, 2016 6:43:54 GMT
I fully expect rates at RS to sink during April when all the ISA money floods in, but will the presumably large scale removal of ISA funds from the main UK banks force them to increase rates in order to prevent what would essentially be an across the board bank run? I don't think this will happen, in my opinion, on RateSetter. There's a lot of hype that can't be matched. But who knows.... Having said that it'll therefore be interesting to see how the rates compare on RateSetter where the markets set the rates compared to all other P2P sites and banks where the rates are set by management. Do management think they'll be able to get away with lower rates? Kevin.
|
|
jonah
Member of DD Central
Posts: 2,031
Likes: 1,113
|
Post by jonah on Feb 14, 2016 8:41:49 GMT
Not quite a fair comparison as Fscs has to add some value. That said, I currently plan on transferring some cash into an RS ISA.
|
|
|
Post by westonkevRS on Feb 14, 2016 8:51:24 GMT
Not quite a fair comparison as Fscs has to add some value. That said, I currently plan on transferring some cash into an RS ISA. Apologies, I didn't mean a direct comparison to rates. There'll probably always be a risk premium gap to FSCS products. I meant more the shift in rates offerred, how will they change upwards or downwards....
|
|
|
Post by newlender on Feb 15, 2016 10:06:30 GMT
It will be interesting to see how much RS has lent out by the end of June compared with now. I anticipate an above-average rise but not that spectacular. The assumption is that people will withdraw money from cash ISAs and put it into RS. Most cash ISA holders have put up with the dreadful rates on offer not because of the tax breaks but because of the security of their cash - that won't change. Most (all?) of the financial press is lukewarm towards P2P and won't recommend it. Same for financial advisors. RS don't advertise for new borrowers or investors (why?). The sensible advice about share ISAs is to hold on and not to cash in at the moment, so no new money there. Those of us who are up to our comfort limit for P2P already might risk a couple of thousand (me) but no more. I suspect that the big change will be for current RS investors to divert their repayments into the ISA (why wouldn't they, unless there's another platform out there that will pay more?). This won't bring any new money, except possibly from those who have been taking repayments and putting them into a cash ISA up until now. So how can RS encourage me or others to put >£15k into the new ISA from day one? - it probably can't as current investors are probably at their comfort zone and new ones will be too wary.
|
|
oldgrumpy
Member of DD Central
Posts: 5,087
Likes: 3,233
|
Post by oldgrumpy on Feb 15, 2016 10:35:45 GMT
..... So how can RS encourage me or others to put >£15k into the new ISA from day one? - it probably can't as current investors are probably at their comfort zone and new ones will be too wary. With some difficulty. Offering a cashback incentive will immediately make the rates drop by 1% or even more (for a while anyway). I am leaning towards a AC ISA because exit (if needed) is likely to be far quicker and cheaper than RS, and even with the provision fund accounts the rate (for now) is close to 7%.
|
|
|
Post by paulherring on Feb 15, 2016 12:40:45 GMT
|
|