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Ratesetter

Aidanmc
Posts: 1,068 Forumite

I'm considering investing in an IF ISA with Ratesetter. It would be my first time to invest in an IF product. I would be interested to hear others experiences with Ratesetter.
I understand these investments are not FSCS protected.
I understand these investments are not FSCS protected.
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Comments
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Rates have dropped quite a bit in last couple of months.
You could struggle to get 5%
However its worth dipping toe in just for sign up bonus0 -
I did ratesetter recently for the bonus.
My wife invested £1000 and then referred me and I invested £1000.
She got a £50 referral bonus and we each got a £100 introductory bonus at the end of the year.
We invested on the rolling market which meant we got about 3%. So for a £2000 investment we got roughly £310 back. Therefore it was well worth it for this rate of return. I think the introductory offer has now changed slightly? However I not sure I would dabble in Ratesetter for the 3% on the rolling market when I could get a similar rate with no risk.
I thought the website / customer support etc from ratesetter was absolutely fine. I just a bit sceptical about P2P.0 -
I've been with them for just under 2 years, investing in the 5 year market. Current rates are at 5.4% and my portfolio is at 5.3%. The platform is easy to use and understand and if you wish remove your investment it's easy to do via the secondary market. The rates do vary quite a bit but I find if you log in to check quite often you can deposit and invest quickly to grab a good rate.
Overall probably my favourite P2P platform although I have noticed funds sitting a little longer in the holding account recently.0 -
They are only really worth investing the minimum to get a signup bonus. Otherwise it's not really enough reward for the risk.
They paid my wife's signup bonus automatically but I am having to chase mine after waiting 30 working days. Still I expect they will payout eventually. Then the accounts will be closed.
Alex0 -
Ratesetter was my preferred P2P provider due to the provision fund. Zopa and Funding Circle bad debt levels have been growing and you don't find out quite how bad it is until you try to leave. My 2018 interest from Funding Circle was wiped out completely by bad debt.
RS is OK if you think the provision fund is big enough to cover bad debts.0 -
I had to do a little bit of chasing too.
They did stump up fairly quickly after a phone call.0 -
What annoys me is they know it's a tracked referral (as they already paid the referrer) but they don't bother sending you a message telling you if they have paid or not. I guess they are hoping people will forget and not claim.0
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you need to realise with Ratesetter that the best rates are probably when you set your own rate so is a little more hands on then it first appears.For the same sort of rates(but better at the moment)but set and forget you could look at Lending works which is more auto invest0
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you need to realise with Ratesetter that the best rates are probably when you set your own rate so is a little more hands on then it first appears.For the same sort of rates(but better at the moment)but set and forget you could look at Lending works which is more auto invest
I tried LW a few months back & money was sat waiting to be lent out for over a week so withdrew it & gave up on it.0 -
I tried LW a few months back & money was sat waiting to be lent out for over a week so withdrew it & gave up on it.0
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