£12000 very short term investment

redux

Ryan_Futuristics wrote: »

You could read the terms on their site

It quotes the most recent lender offer accepted - so it fluctuates throughout the day ... Offer 3% and you might wait an extra half day to get your money lent out

Sorry, I was replying to your previous post which mentioned nearly 7% long term, which I said wasn't relevant to this thread.

Ryan_Futuristics

TheTracker wrote: »

Feb 2015:

Nov 2014:

I expect that, as Ryan F has declared himself unemployed previously (he is trying to make 12% above inflation with stock selection in order to fund a film career, an unsurprising career move for a fantasist), he may not feel he'd be eligible to open an account. References available if you think I'm making any of that up.

^^
Didn't pick this post out as not being relevant to the thread then?

masonic

Ryan_Futuristics wrote: »

...trying to exploit current account special offers (each of which, when I've looked into them, has had conditions or fees) and which I think you have to question ethically to some extent

It sounds a stone's throw from some kind of coupon scheme ... Banks are trying to tempt new customers with artificial rates on small parts of their savings ... They don't set all these conditions up so you'll open a dozen different current accounts and siphon money between them - and frequently they'll try and clamp down on it

Questioning the ethics of people exploiting current account offers really does smack of desperation. It's worth pointing out that when MSE first launched, one of the main things it championed was taking advantage of such offers or 'loopholes' as it frequently mischaracterised them. Over a decade later, not much has changed, so the idea that companies are bothered about a small minority of customers that use their products in a way they hadn't intended seems quite far fetched. Most now seem to have a good idea what will happen when they launch a product and set their terms according to what they are willing to allow. Where terms have been changed, it is usually for new customers only, for example, both Halifax and TSB reduced the number of accounts new customers can open without restricting customers who had already opened additional accounts.

The terms and requirements are quite straightforward and clear. If you're having difficulty with them, it's a good idea you've avoided more complex products such as P2P lending and investing in S&S where there are a lot more variables and considerations to be pored over before committing your money - oh, wait...

I also think you'll learn at some point it's good to have banks on your side sometimes

Please explain...

colsten

Added RF to my ignore list for a bit as I can't bear his utter ignorance any longer.

colsten

gkerr4 wrote: »

i have to agree slightly with ryan thought - this board is a little obsessed with current accounts.

exactly what other than current accounts would be most appropriate in your view for someone who is going to spend their money over the next few months?

Ryan_Futuristics

Getting lynched for recommending P2P lending above current accounts now ...

Re: having banks on your side

It depends what kind of money we're talking about ... My money with my local bank is covered for a lot more than the government's FSCA, for a start ... If you're trying to get a mortgage or a business loan or you want to spend over your credit limit when you're abroad, or you want to buy a plot of land in Chelsea that's going to be sold in about 3 minutes, it makes the world of difference having a manager on side

I'd be almost embarrassed to have a manager look at my elaborate current account scrimping exploits

It's right on the cusp of a con ... It might be technically legal, but no one wants you doing it ... And the more you do it, the tighter the controls have to get for everyone else

masonic

Ryan_Futuristics wrote: »

Getting lynched for recommending P2P lending above current accounts now ...

What you seem to be missing is that the money will be needed in a matter of weeks and probably on very short notice. Risk/reward for P2P does not make it an even slightly attractive proposition in those circumstances.

Re: having banks on your side

It depends what kind of money we're talking about ... My money with my local bank is covered for a lot more than the government's FSCA, for a start ... If you're trying to get a mortgage or a business loan or you want to spend over your credit limit when you're abroad, or you want to buy a plot of land in Chelsea that's going to be sold in about 3 minutes, it makes the world of difference having a manager on side

I'd be almost embarrassed to have a manager look at my elaborate current account scrimping exploits

I can't speak for all the banks I have held accounts with (because for the most part I haven't interacted with a single bank employee during the term of my account), but certainly a staff member at Halifax was falling over himself to make me change my mind about closing two of my three Reward accounts because I didn't have enough direct debits to cover them. Even down to some helpful suggestions as to how I could set up some additional ones.

We could all speculate about how a manager might react, but at the end of the day what counts is how they would actually react and I'd welcome any evidence you have that they would react badly. The anecdotes I've seen from the hardcore exploiters such as Yorkshire Boy have generally suggested the branches simply aren't bothered.

It's right on the cusp of a con ... It might be technically legal, but no one wants you doing it ... And the more you do it, the tighter the controls have to get for everyone else

You've really surpassed yourself with that comment. Yes, MSE is a secret training ground for a special breed of grifters who selectively target caring banks (who are only trying to give something back to their community) by... opening bank accounts and... using them in accordance with their T&Cs. :rotfl:

redux

Ryan_Futuristics wrote: »

Getting lynched for recommending P2P lending above current accounts now ...

Re: having banks on your side

A couple going into a bank or two and saying they want to set up a new joint account or two, one of which might be used in the short term mainly as an account for their forthcoming wedding, isn't doing anything that a bank might think a little odd. On the contrary it's extremely natural

If there happen to be accounts which might have a half decent rate of interest, then it's hardly surprising some replies here have mentioned them.

This thread isn't a deep debate about P2P loans versus bank accounts for all possible circumstances. It's about this particular case.

TheTracker

On the plus side he has made 9 comments in a thread without mentioning Woodford. That must be some sort of a record. FWIW even if I had a 7 figure amount in cash, rather than 6, I'd be doing the high interest bearing current account dance.

To the OP: you can throw it in a few high interest accounts, which are easy to open and maintain, and make maybe 40 quid a month interest. Or you can decide it not worth the effort and forgot the amount. Another option is to negotiate lower prices for earlier payment and cash payment for wedding expenses. For instance, ask the venue if they'd give a 3% discount for full payment now rather than 50%.

masonic

TheTracker wrote: »

On the plus side he has made 9 comments in a thread without mentioning Woodford. That must be some sort of a record.

Not even a chart.