High interest but short term

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  • jimjames
    jimjames Posts: 17,620 Forumite
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    AnotherJoe wrote: »
    Just in case no one noticed, OP meant that to be 62 thousand and has updated initial posting (making the subsequent comments somewhat "eh"?)

    Would have been helpful if they'd actually posted that they made an error too!
    Remember the saying: if it looks too good to be true it almost certainly is.
  • masonic
    masonic Posts: 23,276 Forumite
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    adindas wrote: »
    I wonder why "Moneything" and "P2P" could offer such high interest while the well known perr to pee lwending platforms such as Zopa and Ratesetters could only offer lower than 3%. Where is the hack ?? Are they UK companies and regulated ???
    The question you should be asking is why would anyone settle for the low rates of Ratesetter and Zopa on short term products. I'll confess to having some money invested in Ratesetter's 5 year market from the days when I was more naive, but I am running those funds down and certainly wouldn't invest more now. Rates, to some extent, are determined by what lenders demand and unfortunately there are plenty of lenders who will accept a return that does not adequately compensate them for the risk they are taking on some platforms.

    If you are interested in P2P, then I suggest you head over to http://p2pindependentforum.com/ and educate yourself.
  • yorkie3
    yorkie3 Posts: 33 Forumite
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    edited 19 April 2016 at 8:17AM
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    I agree with pretty much everything masonic has written. For short term and high interest then P2P is one of your better options. Don't forget that SavingStream retain all interest up front so there is no risk of default in that sense. Your real risk would be platform failure, inability to sell on SM and 2008 style property crash which are all acceptably low risk for your investment period. Don't forget interest is paid gross so you'll need to account for tax at some point.

    Edit: SavingStream have new loans launching at the end of this week which usually stimulates secondary market activity. If you're quick, you could get fully invested by the end of the week.
  • yorkie3
    yorkie3 Posts: 33 Forumite
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    hamish05064 wrote: »
    Best would be to make investment in SIP or mutual funds

    For a lump sum, short term investment, that seems like poor advice.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
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    yorkie3 wrote: »
    For a lump sum, short term investment, that seems like poor advice.
    The advice is likely immaterial to the posters aim of getting enough posts to be able to make posts with links and thus better spam..
    And Id go further it's not poor advice but rubbish advice. There isn't even any such thing as a "SIP" and a SIPP isn't an investment. I have reported them.
  • nearlyretired2004
    nearlyretired2004 Posts: 501 Forumite
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    I'm new to SavingStream but have set up prefunding for all new loans ...

    Where do you get your info that new loans are launching at the end of the week ....?

    I'll go back and check, but last time I looked I could see nothing about to launch except one loan that said it would launch by 18th April.... and as far as I can see.... didnt

    Also cant see anything on the updates tab since 4 days ago.

    Thanks as always
  • yorkie3
    yorkie3 Posts: 33 Forumite
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    nearlyretired2004 wrote: »
    I'm new to SavingStream but have set up prefunding for all new loans ...

    Where do you get your info that new loans are launching at the end of the week ....?

    I'll go back and check, but last time I looked I could see nothing about to launch except one loan that said it would launch by 18th April.... and as far as I can see.... didnt

    Also cant see anything on the updates tab since 4 days ago.

    Thanks as always

    They are in the pipeline section. On P2PIndependent, SavingStream said the following: "Looking at Herculaneum and potentially Old Hall Street by the end of the week." PM me if you need more details as I'm not sure I'm allowed to link out to other forums.
  • nearlyretired2004
    nearlyretired2004 Posts: 501 Forumite
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    saw your PM and replied ....
  • adindas
    adindas Posts: 6,813 Forumite
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    edited 19 April 2016 at 12:10PM
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    masonic wrote: »
    The question you should be asking is why would anyone settle for the low rates of Ratesetter and Zopa on short term products.

    I would not myself. For such a low interest of less than 3% i will max out the high interest current accounts first. It is an instant access, risk free. Simple decision on this no brainer ....
  • badger09
    badger09 Posts: 11,210 Forumite
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    kjp15 wrote: »
    I have £62,000 to invest but only for a few months, where do I put it for highest interest?

    The thread has been derailed - which is such a surprise, with the result that OP is probably wondering why he/she bothered posting.:cool:

    OP, if you need all the £62k in a few months, then you should probably be looking at current accounts and some regular savers (which allow instant access)

    There is lots of information on the forum

    http://forums.moneysavingexpert.com/showthread.php?t=5374614

    and the main site

    http://www.moneysavingexpert.com/banking/
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