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effingpot
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23-03-2016, 12:43 PM
1

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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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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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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05-04-2019, 12:22 PM
4

Re: Are you using Peer to Peer for savings?

My Ratesetter Everyday Rolling Account has been returning over 3%.

I have now split the holdings into 3 parts:

Cash ISA - 1 Year - over 4.5%

Everyday - 1 Year - over 4%

Everyday - Rolling - over 3%

So far, so good .....
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05-04-2019, 03:04 PM
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Re: Are you using Peer to Peer for savings?

I don't think I need worry about my £47.50.
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04-10-2019, 01:45 AM
6

Re: Are you using Peer to Peer for savings?

My Ratesetter Everyday Rolling Account was returning over 3%.

I have now split the holdings into 2 parts and, at the half-year:

Cash ISA - 1 Year - over 3.6%

Everyday - 1 Year - over 4.0%

So far, so good .....

RateSetter have just changed the names and format of their accounts to Access, Plus and Max - I have yet to find out what that means to me .....
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04-10-2019, 01:52 PM
7

Re: Are you using Peer to Peer for savings?

If I understand correctly, 1 & 5 year accounts are unaffected.

Rolling Accounts, however, attract differing rates of withdrawal interest for higher rates of return interest.

https://www.ratesetter.com/invest/everyday-investing
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02-02-2021, 01:31 PM
8

Re: Are you using Peer to Peer for savings?

Email today:

RateSetter announces that Metro Bank is purchasing the loan portfolio

Today we are announcing that Metro Bank is purchasing the RateSetter loan portfolio in line with Metro Bank’s strategic objective to grow in consumer loans.

The portfolio purchase means that all RateSetter investors will receive their money back in full and the investing side of RateSetter will close. In line with our Investor Terms we are providing two months’ notice of account closure and so this will happen on 2 April 2021.

All invested money will return to your Holding account from 2 April 2021, as will money on market. This process is expected to take five days. Naturally, no investment release fee will apply to money returned to your Holding account from the purchase. Invested money will continue to earn interest until then and repayments will continue to be treated in line with your account settings until then too.

We will contact you again when all your money is in your Holding account. You may wish to check that your bank account details are up to date in your RateSetter account ready for your withdrawal. If you have a RateSetter ISA, when your money returns to your ISA Holding account you may withdraw it or move your ISA to another provider by asking your new ISA provider to arrange the transfer.

We launched over ten years ago and grew to be the UK’s most popular P2P platform, attracting over three quarters of a million investors and borrowers. We are proud to have delivered an average annual return of 4.4%, while our credit management and pioneering Provision Fund ensured no investor ever lost a penny of capital – a unique track record that has been maintained throughout the current time of economic uncertainty and through to the purchase we are announcing today.
End of an era - the financial model is no longer viable .....
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06-04-2021, 03:37 PM
9

Re: Are you using Peer to Peer for savings?

Email last week:

Investing side of RateSetter closes on 2 April

As announced on 2 February the investing side of RateSetter is closing. All money will be returned to investors’ Holding accounts from 2 April to 6 April, with no investment release fees applied.
I've just checked my Holding accounts and, indeed, all money has been returned, including 4% interest (most of it tax-free).
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08-05-2021, 12:08 PM
10

Re: Are you using Peer to Peer for savings?

Well, I've transferred my RateSetter ISA but asked for the accrued interest to be set to my current account. I've transferred the remaining Ratesetter monies to my current account, where I'll retain the accrued interest and move the principal to an investment/savings account.

3 years of P2P saving has left me with several thousand pounds that, AFAIK, I could not have earned using any other (risk-free) method so I'll just spend the "windfall" unwisely ......
 
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