Banks and ISAs and Peer-to-Peer Lending

jimjames

agent69 wrote: »

Heard it all before, still waiting for the proof

Ha ha, the proof's in my account every month! Keep waiting, we'll pick up the 5% interest then if you're not bothered enough to read these forums

colalba

Archi_Bald wrote: »

Are you sure you understand Nationwide's ISA offerings? Their best instant access ISA was until recently 1.6%, and it now stands at 1.5%. Pretty much top of what you can get anywhere for instant access ISAs.

In order to get the 1.5% you need to operate a nationwide current account. I made the assumption the OP wasn't a Nationwide customer or they wouldn't be making the complaint about rates dropping in the first place. Best you can get without this there for an instant access cash ISA is 1.2%

agent69

jimjames wrote: »

Ha ha, the proof's in my account every month! Keep waiting, we'll pick up the 5% interest then if you're not bothered enough to read these forums

Think this just supports my previous post. I read the forum all the time and I see posts like yours all the time. Long on claims and short on facts.

The original post said that there were several accounts that pay more than 3% on more than £20k. I'm calling BS on that one. If I'm wrong please tell me where a single man can put £25k and get over 3%, let alone the 5% you're claiming.

TheTracker

agent69 wrote: »

Think this just supports my previous post. I read the forum all the time and I see posts like yours all the time. Long on claims and short on facts.

The original post said that there were several accounts that pay more than 3% on more than £20k. I'm calling BS on that one. If I'm wrong please tell me where a single man can put £25k and get over 3%, let alone the 5% you're claiming.

Open Current Accounts with TSB (2k @ 5%), Lloyds (5k @ 4%), BoS (3 x 5k @ 3%), Tesco (2 x 3k @ 3%) for £28k. Set up standing orders to shuffle money between them to meet Ts&Cs. Typically when these accounts first become available the bank allows you to open multiple accounts, later clamping down on number, hence many people here have more accounts than these.

If you want to boost returns, open Regular Savers. You can shove £1950/month into those offered by FD, M&S, HSBC, TSB, Lloyds, Nationwide, paying 4-6%.

I hold £70-90k cash accounts paying about 3.7%. I'm very bullish on P2P and hold 10% of portfolio in it. But I wouldnt go near RS or Zopa until I'd exhausted high interest current accounts and reached my comfort level of asset backed secure lending P2P platforms. I just don't think RS/Zopa offers enough above this 3.7% for me to use them instead.

jimjames

TheTracker, I really don't think he's/she's interested in details, they appear to be happy in their beliefs. Anyone reading the forum would have seen many, many posts detailing exactly how to do it.

6 TSB accounts at 5%, 3 Nationwide at 5%. Total £19.5k, then top up with regular savers or Lloyd's 4%

agent69 wrote: »

Think this just supports my previous post. I read the forum all the time and I see posts like yours all the time. Long on claims and short on facts.

The original post said that there were several accounts that pay more than 3% on more than £20k. I'm calling BS on that one. If I'm wrong please tell me where a single man can put £25k and get over 3%, let alone the 5% you're claiming.

Maybe you need to read what was actually written not what you think was written. It might be enlightenment as would reading other posts that give examples with full details.

But if you need spoonfeeding to that extent then it's probably not for you.

Archi_Bald

colalba wrote: »

In order to get the 1.5% you need to operate a nationwide current account. I made the assumption the OP wasn't a Nationwide customer or they wouldn't be making the complaint about rates dropping in the first place. Best you can get without this there for an instant access cash ISA is 1.2%

Operating a qualifying Nationwide current account is child's play, and well worth the effort for the benefits that come with it. Currently, the benefits comprise the FlexClusive ISA and the FlexClusive Regular Saver.

Note that I am not saying that you must have your day-to-day current account at Nationwide. Although they do tempt you with a rather tasty switching offer.

Sam_J12

sharpe106 wrote: »

I agree p2p is risky but then so is most stocks and shares

I strongly disagree with this assessment. Assuming you define risk as the probability of losing the value of your capital, then in the long term stocks are not a risky investment provided you have sufficient diversification. The risk in P2P lending is different and revolves around the businesses offering P2P lending services and their solvency. There is the potential to lose the entire investment because of a dodgy company, especially since FSCS does not cover it. Look at Trustbuddy for a recent, small scale, example. That is the reason I would not consider P2P currently.

Archi_Bald

agent69 wrote: »

Think this just supports my previous post. I read the forum all the time and I see posts like yours all the time. Long on claims and short on facts.

The original post said that there were several accounts that pay more than 3% on more than £20k. I'm calling BS on that one. If I'm wrong please tell me where a single man can put £25k and get over 3%, let alone the 5% you're claiming.

Are you really sure you read the forum all the time? As if you had, it would have been almost impossible to miss the countless threads about making 3%+ from all sorts of accounts, and on more than £20K.

fridae

Thanks to everybody who has contributed, even the unhelpful remarks of 'thrugelmir' (are you a banker?)

As regards Santander's 123 scheme and Nationwide's FlexPlus. I don't go with the idea of paying a bank anything, even with the 'cashback' deals. Why cashback anyhow, why not just reduce prices? Obviously an American import, designed just like credit (debt) cards to keep people spending.

But I've gone off on a tangent there. Thanks again for taking the time to help.

mollycat

fridae wrote: »

Thanks to everybody who has contributed, even the unhelpful remarks of 'thrugelmir' (are you a banker?)

Bit unfair; he/ she has a history on this board of being very helpful.

His post seemed reasonable enough to me.

Thanked by 6 people as well!