p2p suggestions and easy access? | P2P Independent Forum

p2p suggestions and easy access? May 30, 2016 19:47:22 GMT

Quote

Post by jonah on May 30, 2016 19:47:22 GMT

May 30, 2016 13:20:09 GMT borofan said:

Problem with RS accounts is that most of them only last one year at decent rates and have small limits.
And I think the calculation for the interest is /12, then x6.5, so 6% interest over the year is actually 3.25%.

3.25% for the account, but you can also get interest on the cash not in them, i.e. Before it gets there. So, if in a 3% current account for example, that's /12 then x5.5 for 3%.

I agree it's less than say 5yr ratesetter rates or GBBA or saving stream... But it's more than rolling ratesetter rates and its Fscs backed.

I use current accounts for my day to day cash, 4-6% regular savers for safe but growing cash and p2p for less safe but hopefully grower faster cash.