Best Product to replace "normal" bank savings account 2017
Jan 19, 2017 13:27:01 GMT
stevefindlay likes this
Post by nesako on Jan 19, 2017 13:27:01 GMT
Thanks guys for the responses so far, extremely helpful!
I realised, I probably should have worded the Title slightly differently, for me personally, it is not about replacing a Bank Savings Account, it is about having the next closest thing to it when you have already maxed out all available savings rates out there and have some spare cash, just sitting there, doing nothing... BUT I will leave it as is, so that people who DO think P2P is a direct replacement to Bank Savings account could read all the warnings posted here.
My personal scenario is that I have 4 Bank Accounts, using the maximum allocation of special "in credit" interest / regular savings. As of Jan this year, many accounts got a rate cut, so now a big chunk of my money get 2% or lower rate and as for any new money coming in, well unless I open more accounts I can only stick them to 1% paying NS&I Bonds. This is why I started looking in P2P investments. I used to do share dealing in super high risk shares (oil and gas), made 50% profit within a year to then lose it all in a week (oil price crash...). A year of daily checking / not sleeping very well at night being worried / being affected by greediness, well, anyhow, lesson learned - I do not seem to have strong nerves hence hands-off is the way for me to live a happy life!
Great response from steve@BondMason, I did have a peek at a website and it does look great for someone who plan to invest for longer term for sure! How does it work when Liquidating your account which has some Defaults? Do I have to wait until defaults are either written off or repaid or can I sell out all "up to date" loans to get access to money?
I realised, I probably should have worded the Title slightly differently, for me personally, it is not about replacing a Bank Savings Account, it is about having the next closest thing to it when you have already maxed out all available savings rates out there and have some spare cash, just sitting there, doing nothing... BUT I will leave it as is, so that people who DO think P2P is a direct replacement to Bank Savings account could read all the warnings posted here.
My personal scenario is that I have 4 Bank Accounts, using the maximum allocation of special "in credit" interest / regular savings. As of Jan this year, many accounts got a rate cut, so now a big chunk of my money get 2% or lower rate and as for any new money coming in, well unless I open more accounts I can only stick them to 1% paying NS&I Bonds. This is why I started looking in P2P investments. I used to do share dealing in super high risk shares (oil and gas), made 50% profit within a year to then lose it all in a week (oil price crash...). A year of daily checking / not sleeping very well at night being worried / being affected by greediness, well, anyhow, lesson learned - I do not seem to have strong nerves hence hands-off is the way for me to live a happy life!
Great response from steve@BondMason, I did have a peek at a website and it does look great for someone who plan to invest for longer term for sure! How does it work when Liquidating your account which has some Defaults? Do I have to wait until defaults are either written off or repaid or can I sell out all "up to date" loans to get access to money?
