Ratesetter isa transfer £20 offer existing customer

nrsql

Just received an offer from ratesetter for existing customers.
Transfer an isa and get £20.
Seems can open a small isa then transfer. Doesn’t seem to be any minimum.
What’s the catch?
Existing customers so not increasing customer base.
Is it possible to open a £1 isa somewhere then immediately transfer?

When you go to the site it’s a £10 minimum. Still seems worthwhile.
Oh - that’s a new customer bonus not the existing transfer.

masonic

Curious, today they offered me £50 to transfer an ISA worth £5000 or more. No mention of a smaller payout for a smaller ISA.

soulsaver

Ratesetter are trying to attract more punters while, as I type, there is £7mill+ looking for a home at 3% or above... and £27k borrowers at 2.9% and (zero) below?

I admit I can't see the value in their 'new product' but tell me I'm wrong to say I wouldn't touch those metrics with the proverbial...

I see dark at the end of the tunnel...

£20? My RS...

nrsql

Are you saying they need money to lend out?
Then they should put some restrictions on the offer. A min amount and min time invested.
I think at the moment you could open an isa with £1, transfer it, collect the £20 then transfer it out again - unless there are some less obvious terms somewhere.
Could you open an isa without funding it then transfer?

soulsaver

masonic wrote: »

Curious, today they offered me £50 to transfer an ISA worth £5000 or more. No mention of a smaller payout for a smaller ISA.

Here, at the bottom of their home page - not for existing customers:
https://www.ratesetter.com/terms/welcome/20-welcome-bonus-102019

I haven't seen the personal invite, but I already hold an all but cleaned out £40k IFISA with them.

nrsql

soulsaver wrote: »

Here, at the bottom of their home page - not for existing customers:
https://www.ratesetter.com/terms/welcome/20-welcome-bonus-102019

I haven't seen the personal invite, but I already hold an all but cleaned out £40k IFISA with them.

That’s a different offer. This one is an invitation via email for existing customers with a link to different ts and cs.
I have an isa with them but got the invitation - maybe that was a mistake.

soulsaver

nrsql wrote: »

That’s a different offer. This one is an invitation via email for existing customers with a link to different ts and cs.

I know it is, which is why I put the second paragraph.. and a link.

masonic

So there are three different offers doing the rounds. One for existing customers with ISA, one for existing customers without ISA and one for new customers.

mobilejunkie

I am fuming with Ratesetter. One year ago I put in £1,000 based on a bonus offer via MSE. The website is appalling and obscure - you can't really see where your money is or who it's invested with, what rate it's actually earning or much else. I earned about half what I expected. Now I've just been told that the person/body it was lent to (they chose them and I have no idea who or what it even was) repaid their loan early - in June. Since I didn't reinvest the money it's been sitting there earning zilch ever since AND because it wasn't invested (I thought it was and didn't change any settings from when i originally set up the account) they won't pay the bonus.

Absolutely disgusted with them. Note for those who don't realise, this is a higher risk investment without FCS protection. Unlike most investments, you are left in the dark as to where your money is invested or what rate it is actually attracting. ANY inducement is something they have no intention of paying. It is not worth the risk and definitley completely untransparent.

I have naturally made a formal complaint which I will pursue to the FOS if necessary. I have withrdrawn my money and as a seasoned and experienced investor (Since the early 80's) I will never go near them again - and would strongly advise everyone else not to get sucked in.

masonic

It's important to read and understand the T&Cs of any cashback offer before taking it up. It's also important not to engage in things you are not comfortable with just for cashback.

You failed to meet the T&Cs of the offer and really have no grounds for complaint.

mobilejunkie

masonic wrote: »

It's important to read and understand the T&Cs of any cashback offer before taking it up. It's also important not to engage in things you are not comfortable with just for cashback.

You failed to meet the T&Cs of the offer and really have no grounds for complaint.

If any of that were true I'd agree. It isn't.