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Post by newlender on Jan 25, 2017 16:09:42 GMT
I received it today. The target rate for Z+ will be 6.1% from February 1st; the others have gone down too. Now I need to work out if it's worth it, after factoring in tax and the lack of protection. Suddenly RS's wobbly five year rate doesn't look quite so bad - it's up to 4.8% on a good day if you can catch it.
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Post by jackpease on Jan 26, 2017 8:25:35 GMT
I think part of the pattern of 'new reality'...
If you think - as I do - that property is overdue for a crash, that the stockmarket is overdue for a crash, and the B-word - then Zopa/RS/FC non-property is a relatively safe haven but sub 3%, less fees, tax, risk etc? Its not just whether we can make money out of that, its whether the platforms themselves can, so 3% is the threshold for me.
Jack P
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Post by wyndstryke on Jan 26, 2017 17:11:57 GMT
One day after the notification from Zopa, I got a similar one from Newcastle BS - my ISA dropping down to 1.05%. So it seems it's not only Zopa which is dropping rates.
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spiral
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Post by spiral on Jan 26, 2017 17:55:00 GMT
They're not all dropping rates. This email made me laugh the other day. "You may have noticed that we changed the rate on our Freedom Savings Account from 1.01% to a top rate of 1.02% AER gross variable for new account applications from 13 January 2017. As an existing customer, we've passed this rate increase onto you too. We've already made this change so there's nothing you need to do." Seems they're all fighting over the second decimal place now for the top rate.  |
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dandy
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Post by dandy on Jan 26, 2017 18:03:01 GMT
what are the classic and access rates changing to?
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aju
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Post by aju on Jan 26, 2017 19:48:48 GMT
Yesterdays "Update to Zopa’s lending rates" email that says rates are changing ...
From 31 January the headline rates will be:
Access: 2.9%
Classic: 3.7%
Plus: 6.1%
It would seem quite a drop on the plus - i think
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james21
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Post by james21 on Jan 26, 2017 20:11:00 GMT
When I started p2p not too long ago thought that 3% return was brilliant compared to banks, so opened account, moved on to sensible % returns soon thereafter, still have money with them but will likely pay their 1% to buy myself out
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Post by westonkev on Jan 27, 2017 21:11:30 GMT
Well Zopa are quite pleased with themselves, youtu.be/zRfyg7gsupAWhen I started P2P lending 11 years ago, I might not have bothered if I knew it would end up in videos like this and a 3.7% AER return..... |
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starfished
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Post by starfished on Jan 27, 2017 22:01:04 GMT
I can't unwatch that  |
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jan 27, 2017 22:36:59 GMT
Given they havent provided an update on any of my defaults for about 18 months, including the one where probate seems have taken for ever, cant say Im impressed. Customer service awards, not my experience, who's the competition? FC Hope you've put in for a table tennis table westonkev, you dont appear to be able to be a serious P2P platform without one.  PS Dont you work for TMP now, you seem to be missing your rep stars  |
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ben
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Post by ben on Jan 27, 2017 22:39:47 GMT
that was just painful to watch
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r00lish67
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Post by r00lish67 on Jan 27, 2017 23:59:56 GMT
Yes, but, don't you see? We're all in tribes, because if we're in tribes, it's sounds kind of cool and inclusive and primeval and authentic and not just like we're ordinary people sitting in an office not providing updates on loans whilst wishing we were actually adding meaning to our lives but unable to because there's no time because of the free ping pong table that no-ones dares use in case the bosses realise they have so little to do that they have time to play ping-pong so I better just keep my head down and participate in the company song and call myself an agile tribesman until I attempt in vain to throw myself under the 8.15 Southern train from Brighton but it never actually arrived..ahhhhh!!!!
<really wishing I could unwatch this>
<really glad I don't work in an office anymore>
< really wishing I knew where the hashtag button was>
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aju
Member of DD Central
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Post by aju on Jan 28, 2017 9:53:10 GMT
My thoughts entirely on your first paragraph samford71 am curious about you 2nd paragraph.
Perhaps you could temp me away, what "decent high yielding platform" with "better liquidity" and where is your "75% in a deposit".
I personally have been with zopa since 2006 so my rate is better than most with the bonus and before I started paying Mr Hammond/Osbourne/Brown and crew and never really been that interested in moving elsewhere but am always open to other ideas when I can compare them against what I already do.
I do understand zopa's version of p2p quite well, i'm not overly happy with the reducing rates and have 10% of our p2p blocks (mine and her indoors) in the non protected rates too. I have everything I can in best current accounts, very little in savings accounts except some relatively decent (1.05%) ISA rates currently with N/W waiting for the IFISA in zopa to materialise as well.
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Post by westonkev on Jan 28, 2017 10:45:59 GMT
PS Dont you work for TMP now, you seem to be missing your rep stars I'm currently consulting/contracting and so ideally I don't want to have my "rep forum" status updated quite yet. Maybe in the longer term if I do something more permanent....watch this space.  Kevin..
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oldgrumpy
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Post by oldgrumpy on Jan 28, 2017 11:33:46 GMT
westonkev Should've gone to SS. No not the optician. Could've given us all the genuine accurate and up to date info about what is really going on with overdue loans.
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