Question about Ratesetter bonus

OK. I'll start by saying that I have tried to ask ratesetter and await their reply. But hopefully someone here can answer from experience.

Because my RS account has been empty and dormant for a while, they just offered me a bonus.
Earn a £100 boost when you invest £5,000
in the Ts and Cs they say:-
* In order to qualify for the £100 bonus, £5,000 must be deposited into your account and invested in any of the RateSetter markets before the 31st​ December​ 2017​. You must keep £5,000 invested for a minimum of 12 months in order to qualify for your bonus.
But I see a significant issue with that, if they mean 'continuously invested for twelve months', which I guess they do as they don't want me dumping the funds in my holding account.
As I asked them
Let’s say I invest £5000 and that is my only investment with you.
Let’s further say that I loan it out to the rolling market.
Now, at the end of say 30 days, or sooner, that loan gets repaid and goes to my holding account: I notice a couple of days later and reinvest it to the rolling market, but it takes a few days for a loan to form.
Clearly in those circumstances, my £5,000 has not been continuously loaned out, and so has not been continuously ‘invested’
Does that time spent in my holding account mean that I’ve killed off my eligibility for the bonus?
If not, why not, and how can I ensure continued eligibility?

Can anyone preempt their reply, from experience. Or do they mean 'invested for cumulatively 12 months'?
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Comments

  • only a guess but would think once invested that would be ok but to be sure why not try
    1.is there not an auto reinvest on rolling but you may not get a great rate
    2.put it in the one year and collect next xmas
  • The current bonus the timer stops on the 12 months while it's not invested. It starts again once you're reinvested. You'll be fine
  • jennyjj
    jennyjj Posts: 346
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    jennyjj wrote: »
    In order to qualify for the £100 bonus, £5,000 must be deposited into your account and invested in any of the RateSetter markets before the 31st​ December​ 2017​. You must keep £5,000 invested for a minimum of 12 months in order to qualify for your bonus.
    So. There seems to be value in this: £100 is a nice free 2% on my £5,000, which should earn about 4% at current RS rates.
    Where else can you get 6% ?
    I'll be taking them up on the offer. . . And my partner will be withdrawing £5,000 at the same time. :beer::money:
  • if you go to the P2P independent forum a lot of advice about how to get the best rate on RS(seems like at times yesterday it was 6.1%)
  • jennyjj
    jennyjj Posts: 346
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    jennyjj wrote: »
    As I asked them

    . . . Or do they mean 'invested for cumulatively 12 months'?
    Well, I've had two replies from RateSetter, and I'm not overly pleased by either of them.
    It seems they do mean 'invested continuously' They say that they will ignore time waiting for loans to be formed, but to avoid risk of being ineligible, I must not transfer, or allow to transfer, funds to my holding account. If I'm to use the rolling market, I must set it to auto-lend at the going rate, which is at the bottom of the interest rate queue.
    Normally, I set my funds to get returned to holding account so that I can relend them at 0.2% above the last loan rate.
    So, a free 2% but at the expense of getting 0.2% or mor above the 'going rate'
  • as you want the bonus why not fix at a good one year rate? or do you still want the choice of getting money back early?
  • jennyjj
    jennyjj Posts: 346
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    firestone wrote: »
    as you want the bonus why not fix at a good one year rate? or do you still want the choice of getting money back early?
    Even if I plumbed for a one year loan, there is plenty of potential for the loan to get repaid early, so I'd still need to have auto invest turned on. Will consider it.
    For now I've gone with rolling and autoinvest, but I'm not thrilled about it.
  • HawkE
    HawkE Posts: 45
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    edited 4 January 2018 at 7:22PM
    I also currently have a query open with Ratesetter about sign up bonus. In my case I did lend on the 1 year fixed market but after about 8 months the loan got repaid early. The settings I had on my account meant the money was immediately re-lent on the rolling market and ever since then has been simply been left on the rolling market...so it has never been sat in my account waiting to be lent.

    It is now well over a year since I signed up and the bonus payment (which at the time was £100 for investing £1000 or more for at least 12 months) has not been credited to my account.

    Has anyone else experienced this issue and, if so, how was it rectified?
  • jennyjj
    jennyjj Posts: 346
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    HawkE wrote: »
    I also currently have a query open with Ratesetter about sign up bonus. In my case I did lend on the 1 year fixed market but after about 8 months the loan got repaid early. The settings I had on my account meant the money was immediately re-lent on the rolling market and ever since then has been simply been left on the rolling market...so it has never been sat in my account waiting to be lent.

    It is now well over a year since I signed up and the bonus payment (which at the time was £100 for investing £1000 or more for at least 12 months) has not been credited to my account.

    Has anyone else experienced this issue and, if so, how was it rectified?
    That's what I fear will happen to me. Some of their bonuses seem to be offered without good procedures or even rules behind them
    If you reckon you qualified, I'd recommend you contact them with an assertive 'oi! where's my bonus?'
    Then come back here and tell us how it goes.
  • HawkE
    HawkE Posts: 45
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    jennyjj wrote: »
    That's what I fear will happen to me. Some of their bonuses seem to be offered without good procedures or even rules behind them
    If you reckon you qualified, I'd recommend you contact them with an assertive 'oi! where's my bonus?'
    Then come back here and tell us how it goes.


    Thanks, that was the gist of my query with them.....
    ........and they have just come back apologising for a technical error on their side and that the bonus will be credited to my account :D
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