£12000 very short term investment

TheTracker

Ryan_Futuristics wrote: »

But as soon as I research TSB (for example) it says interest on £2,000 max with regular £500 contributions

Lloyds £4-5k, with £1.5k in a month?

So you have to construct some network of money siphoning between 3 or 4 accounts, hope they don't change the terms, and you might get ... what ... 0.3% more than just depositing it in RateSetter?

Where on earth do you keep your cash while awaiting the "corrections", "dips", and "opportunities"? The MSE Bank Account forum is brilliant, it'll show you how to get 3%pa+ on £50k+ instant access with a few hours work. And several hundred quid bonus for another few hours work. The siphoning network takes minutes to create.

redux

I don't understand why this loan has been taken out a few months early.

Is it possible to have a chat with the lender, pay it back, with an agreement for the same loan again later?

colsten

Ryan_Futuristics wrote: »

But as soon as I research TSB (for example) it says interest on £2,000 max with regular £500 contributions

Lloyds £4-5k, with £1.5k in a month?

So you have to construct some network of money siphoning between 3 or 4 accounts, hope they don't change the terms, and you might get ... what ... 0.3% more than just depositing it in RateSetter?

Perhaps you are having some sort of a mental block about the simplicity of multiple current accounts and are looking for some grander scheme that doesn't exist? Multi-current-accounting is dead straight forward and simple. Shuttling money once a month between accounts isn't difficult.

We are not talking about just 0.3% more than "just depositing into RateSetter". If you would care to find out the facts, e.g. by just reading some of the responses (other than your own) to this thread, you would long have noticed that the OP can actually get a lot more than the 2.9% you suggest, without having to first become an expert in P2P, and without assuming the risks that come with P2P.

It is rather disturbing that you suggest it's a matter of "just depositing it in RateSetter" as you and I, and those who know anything about P2P, know that it's not done by just making a deposit. It is very unfair to suggest to the OP to put borrowed money into a P2P scheme. Will you pay for the wedding if something goes wrong between now and September? Will you pay back the OP's loan if a catastrophic failure happens? No? Thought not.

You have been ramping RateSetter a lot recently. I wonder who would share your opinion that it is a great choice for somebody who has their hands full with an upcoming wedding and is just looking for somewhere to park a bit of cash for the next 7-8 months.

Funnily, you also don't mention that RateSetter isn't FSCS protected, whilst multi-current account are (certainly for the amounts the OP is talking about).

Cue all those 1 post wonder posters who sign up just to endorse a RateSetter, or other P2P, suggestion.

Archi_Bald

Agree, any suggestion of lending borrowed money through Ratesetter seems highly inappropriate, and a few current accounts could help the OP, provided their applications will be accepted.

If the OP & partner are creditworthy and really switched on and have the time, they could probably make a couple of hundred profit from 5% current accounts whilst they have the £12K waiting to be spent. They could also potentially make a grand or so between them from switching offers and Halifax Reward offers - but that is independent of the £12K loan.

Ryan_Futuristics

TheTracker wrote: »

Where on earth do you keep your cash while awaiting the "corrections", "dips", and "opportunities"?

Offshore, with a purchasing pot in Barclays

Good luck with your "savings accounts" though :cool:

colsten wrote: »

Perhaps you are having some sort of a mental block about the simplicity of multiple current accounts and are looking for some grander scheme that doesn't exist? Multi-current-accounting is dead straight forward and simple. Shuttling money once a month between accounts isn't difficult.

We are not talking about just 0.3% more than "just depositing into RateSetter". If you would care to find out the facts, e.g. by just reading some of the responses (other than your own) to this thread, you would long have noticed that the OP can actually get a lot more than the 2.9%

If you think siphoning money between multiple current accounts is easier than just depositing it in RateSetter's 1 month term, I don't think you've done both

I read more posts here about people chasing up missing money from their current accounts than anything else tbh

colsten

Ryan_Futuristics wrote: »

Offshore, with a purchasing pot in Barclays

:eek::eek:

Ryan_Futuristics wrote: »

I read more posts here about people chasing up missing money from their current accounts than anything else tbh

Links please

adindas

Ryan_Futuristics wrote: »

2.9% before tax at RateSetter with their 1 month term

Who is going to put their money in P2P lending with only 2.9% if you could easily open a current account paying 3% with Santander 123?

I believe, it is only the people :
- Who can not see that 3% is higher than 2.9%
- An ignorant who are not aware that P2P is a risky undertaking considering that there is not any gurantee from FSCS.

For P2P lending I will need at leat the interest of 10% to cover those risk ...
Good luck then hopefully your money does not suddenly disappear ....

It is the same with pump and dumb in stock market ..

Ryan_Futuristics

colsten wrote: »

Links please

Use the search if you want

adindas wrote: »

Who is going to put their money in P2P lending with only 2.9% if you could easily open a current account paying 3% with Santander 123?

I believe, it is only the people :
- Who can not see that 3% is higher than 2.9%
- An ignorant who are not aware that P2P is a risky undertaking considering that there is not any gurantee from FSCS.

For P2P lending I will need at leat the interest of 10% to cover those risk ...
Good luck then hopefully your money does not suddenly disappear ....

It is the same with pump and dumb in stock market ..

You can set your RateSetter rate to 3% if you want - no one's ever lost money with them

Santander 123:
- A £2 account fee will be taken from your account each month
- Pay in at least £500 each month - transfers between Santander personal accounts won't count towards this
- Have at least 2 Direct Debits going out of the account

Yeah ... that sounds much better ...

masonic

Ryan_Futuristics wrote: »

But as soon as I research TSB (for example) it says interest on £2,000 max with regular £500 contributions

Lloyds £4-5k, with £1.5k in a month?

So you have to construct some network of money siphoning between 3 or 4 accounts, hope they don't change the terms, and you might get ... what ... 0.3% more than just depositing it in RateSetter?

I really am surprised that someone who paints a picture of themselves as an extremely sophisticated investor is put off by the need to set up one standing order on each current account.

It's certainly a lot less effort than declaring returns from P2P to HMRC or filling out a tax return. In your case, perhaps it is more difficult because your accountant deals with all of that.

You've also completely sidestepped the issue that there is zero FSCS protection on money deposited into Ratesetter.

And it is not 0.3% more, all of the money could be earning 5% in the current accounts described above, that's 72% more interest than would be achieved in Ratesetter.

masonic

Ryan_Futuristics wrote: »

I read more posts here about people chasing up missing money from their current accounts than anything else tbh

So now you resort to bare faced lies to defend your position?