Ratesetter £100 bonus

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henryandmay
henryandmay Posts: 54 Forumite
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edited 8 August 2018 at 11:23PM in Savings & investments
Has anyone taken advantage of this?

https://invest.ratesetter.com/home

Is it worth doing?

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  • MallyGirl
    MallyGirl Posts: 6,626 Senior Ambassador
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    edited 8 August 2018 at 5:22PM
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    The rates are not great (in P2P terms) since your capital is at risk but the £100 bonus makes it worth a punt if you can afford to lose the money (worst case). I did something like this back in the day. You do have to tie your money in for a year.

    Note: I am talking about the signup bonus in general. You have posted a referral link for Monevator which is not allowed here
    I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
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    All views are my own and not the official line of MoneySavingExpert.
  • Flobberchops
    Flobberchops Posts: 1,279 Forumite
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    Yes. I've recently signed up for a 1 year fix which at the time was giving 4.6%. The additional £100 cashback (paid at the end of term) will raise this to an effective 14.6%, which (assuming no losses) isn't half bad. Higher rates are possible in P2P but those would tend to be self-select loans, higher risk and potentially less liquidity and/or shorter term than the full year. So, I considered the RateSetter promotion attractive, at least for the first year, I may well withdraw the lot and abandon it after that.
    : )
  • ChopperST
    ChopperST Posts: 1,257 Forumite
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    Flobberchops wrote: »
    Yes. I've recently signed up for a 1 year fix which at the time was giving 4.6%. The additional £100 cashback (paid at the end of term) will raise this to an effective 14.6%, which (assuming no losses) isn't half bad. Higher rates are possible in P2P but those would tend to be self-select loans, higher risk and potentially less liquidity and/or shorter term than the full year. So, I considered the RateSetter promotion attractive, at least for the first year, I may well withdraw the lot and abandon it after that.

    Totally agree. I was an early adopter and have loans at 6%

    Mrs Chopper will certainly be tempted for a year with the promotional offer though.
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