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effingpot
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effingpot is offline
Hampshire, UK
Joined: Mar 2016
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23-03-2016, 12:43 PM
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Are you using Peer to Peer for savings?

I'm interested to know if others are using the likes of Ratesetter for some savings? I have for 6 months and get 6.2% which seems pretty good. The only downside I can see is the money is (sort of) tied up for a few years (but you can access it immediately if you accept a lower rate) and there is no protection if they go bust - though they look pretty unlikely to do that.
Any thoughts?
Cheers
Mike
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Omah
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Preston,UK
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24-03-2016, 02:34 AM
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Re: Are you using Peer to Peer for savings?

I've checked out P2P lending on the Which site and the process seems favourable but only a few providers should be considered "safe", since this is a relatively new market.

Ratesetter has a contingency fund for day-to-day requirements and, to date, no customer has lost their investment.

Interest on peer-to-peer lending is currently taxable as income but the personal savings allowance means that the first 1,000 of interest each year is tax free.

With an ISA due to mature shortly, P2P is an option I will be actively considering.
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Omah
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04-03-2018, 05:28 PM
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Re: Are you using Peer to Peer for savings?

I've been using RateSetter for a year now and have just received a 100 "loyalty bonus" .....

The average net interest rate over the period has been 3.5%.

RateSetter have recently intoduced an ISA package - I shall be looking at that soon.
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