Regular Saver Expired

Cotta

Hi All,

My Regular saver with Nationwide at 5% matured last night, I now have £3500 that needs to be transferred elsewhere. I will be setting up a new Regular Saver with Nationwide at 5% but this only allows for deposits of £250 per month.

I have one other regular saver with First Direct and with my salary I am easily able to meet these payments each month.

One final point, I have recently setup a TSB account (just before all of the recent trouble), is this an option for my £3250?

Any advice on what to do with my £3250 would be appreciated.

Thanks in advance

Alexland

Have you already done the single and (if applicable) joint Flex Direct accounts for £2,500 at 5%?

Maybe stick £1,000 in Ratesetter for the £100 referral bonus and a 1 year projected return of around 3% although your capital would be at risk.

Alex.

Cotta

Yes my Flexdirect is now down to 1% after having it for 1 year.


What is Ratesetter?

Alexland

Cotta wrote: »

What is Ratesetter?

It's a P2P lending platform where you set the interest rate you want and then it gets put in a queue awaiting allocation to borrowers. At the moment people asking for a return of around 3% on a 1 year investment would be getting their money loaned out with a day or so. People asking higher interest rates are less likely to get matched. If you look on the MSE Referrals board there are people (not me) willing to share half of their referral bonus too which could mean you get £25 within a month and then £100 at the end of the year plus your circa £30 interest equals 15.5% return.

Still with any P2P your capital is at risk if there are a high number of defaults (above their bad debt provision fund and the interest earned) you could get back less than you invested. The money won't be as accessible as cash but it should be less volatile than long term S&S investments. We already have a small fortune in S&S so figured it was worth a punt for £1k each.

I'm also doing £500 in Kerflink which is property bridging loans again with referral bonus opportunities.

Alex

Cotta

I'm on Funding Circle already if this is what you mean?

Alexland

Cotta wrote: »

I'm on Funding Circle already if this is what you mean?

Yes same kind of concept there are just some bonuses to be earned by trying others.

Cotta

Alexland wrote: »

Yes same kind of concept there are just some bonuses to be earned by trying others.

Capital is at risk with this though?

eskbanker

Cotta wrote: »

Capital is at risk with this though?

Yes, just as it is with Funding Circle....

Cotta

Ok not really what I am after then.

binaryuniverse

Tesco pay 3% on up to £3000, with some requirements (£750pm pay in, 3 DDs, etc).

Would make the perfect account to drip feed the regular saver from.

Cotta

binaryuniverse wrote: »

Tesco pay 3% on up to £3000, with some requirements (£750pm pay in, 3 DDs, etc).

Would make the perfect account to drip feed the regular saver from.

I'll opt for this then.