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  • FIRST POST
    • jennyjj
    • By jennyjj 10th Dec 17, 11:04 PM
    • 290Posts
    • 385Thanks
    jennyjj
    Question about Ratesetter bonus
    • #1
    • 10th Dec 17, 11:04 PM
    Question about Ratesetter bonus 10th Dec 17 at 11:04 PM
    OK. I'll start by saying that I have tried to ask ratesetter and await their reply. But hopefully someone here can answer from experience.

    Because my RS account has been empty and dormant for a while, they just offered me a bonus.
    Earn a £100 boost when you invest £5,000
    in the Ts and Cs they say:-
    * In order to qualify for the £100 bonus, £5,000 must be deposited into your account and invested in any of the RateSetter markets before the 31st!!!8203; December!!!8203; 2017!!!8203;. You must keep £5,000 invested for a minimum of 12 months in order to qualify for your bonus.
    But I see a significant issue with that, if they mean 'continuously invested for twelve months', which I guess they do as they don't want me dumping the funds in my holding account.
    As I asked them
    Let!!!8217;s say I invest £5000 and that is my only investment with you.
    Let!!!8217;s further say that I loan it out to the rolling market.
    Now, at the end of say 30 days, or sooner, that loan gets repaid and goes to my holding account: I notice a couple of days later and reinvest it to the rolling market, but it takes a few days for a loan to form.
    Clearly in those circumstances, my £5,000 has not been continuously loaned out, and so has not been continuously !!!8216;invested!!!8217;
    Does that time spent in my holding account mean that I!!!8217;ve killed off my eligibility for the bonus?
    If not, why not, and how can I ensure continued eligibility?
    Can anyone preempt their reply, from experience. Or do they mean 'invested for cumulatively 12 months'?
Page 1
    • firestone
    • By firestone 11th Dec 17, 12:07 AM
    • 246 Posts
    • 106 Thanks
    firestone
    • #2
    • 11th Dec 17, 12:07 AM
    • #2
    • 11th Dec 17, 12:07 AM
    only a guess but would think once invested that would be ok but to be sure why not try
    1.is there not an auto reinvest on rolling but you may not get a great rate
    2.put it in the one year and collect next xmas
    • Adamjeffs
    • By Adamjeffs 11th Dec 17, 10:28 AM
    • 28 Posts
    • 9 Thanks
    Adamjeffs
    • #3
    • 11th Dec 17, 10:28 AM
    • #3
    • 11th Dec 17, 10:28 AM
    The current bonus the timer stops on the 12 months while it's not invested. It starts again once you're reinvested. You'll be fine
    • jennyjj
    • By jennyjj 11th Dec 17, 11:30 AM
    • 290 Posts
    • 385 Thanks
    jennyjj
    • #4
    • 11th Dec 17, 11:30 AM
    • #4
    • 11th Dec 17, 11:30 AM
    In order to qualify for the £100 bonus, £5,000 must be deposited into your account and invested in any of the RateSetter markets before the 31st!!!8203; December!!!8203; 2017!!!8203;. You must keep £5,000 invested for a minimum of 12 months in order to qualify for your bonus.
    Originally posted by jennyjj
    So. There seems to be value in this: £100 is a nice free 2% on my £5,000, which should earn about 4% at current RS rates.
    Where else can you get 6% ?
    I'll be taking them up on the offer. . . And my partner will be withdrawing £5,000 at the same time.
    • firestone
    • By firestone 11th Dec 17, 11:45 AM
    • 246 Posts
    • 106 Thanks
    firestone
    • #5
    • 11th Dec 17, 11:45 AM
    • #5
    • 11th Dec 17, 11:45 AM
    if you go to the P2P independent forum a lot of advice about how to get the best rate on RS(seems like at times yesterday it was 6.1%)
    • jennyjj
    • By jennyjj 14th Dec 17, 11:29 PM
    • 290 Posts
    • 385 Thanks
    jennyjj
    • #6
    • 14th Dec 17, 11:29 PM
    • #6
    • 14th Dec 17, 11:29 PM
    As I asked them

    . . . Or do they mean 'invested for cumulatively 12 months'?
    Originally posted by jennyjj
    Well, I've had two replies from RateSetter, and I'm not overly pleased by either of them.
    It seems they do mean 'invested continuously' They say that they will ignore time waiting for loans to be formed, but to avoid risk of being ineligible, I must not transfer, or allow to transfer, funds to my holding account. If I'm to use the rolling market, I must set it to auto-lend at the going rate, which is at the bottom of the interest rate queue.
    Normally, I set my funds to get returned to holding account so that I can relend them at 0.2% above the last loan rate.
    So, a free 2% but at the expense of getting 0.2% or mor above the 'going rate'
    • firestone
    • By firestone 15th Dec 17, 8:18 AM
    • 246 Posts
    • 106 Thanks
    firestone
    • #7
    • 15th Dec 17, 8:18 AM
    • #7
    • 15th Dec 17, 8:18 AM
    as you want the bonus why not fix at a good one year rate? or do you still want the choice of getting money back early?
    • jennyjj
    • By jennyjj 15th Dec 17, 10:00 AM
    • 290 Posts
    • 385 Thanks
    jennyjj
    • #8
    • 15th Dec 17, 10:00 AM
    • #8
    • 15th Dec 17, 10:00 AM
    as you want the bonus why not fix at a good one year rate? or do you still want the choice of getting money back early?
    Originally posted by firestone
    Even if I plumbed for a one year loan, there is plenty of potential for the loan to get repaid early, so I'd still need to have auto invest turned on. Will consider it.
    For now I've gone with rolling and autoinvest, but I'm not thrilled about it.
    • HawkE
    • By HawkE 4th Jan 18, 3:24 PM
    • 34 Posts
    • 10 Thanks
    HawkE
    • #9
    • 4th Jan 18, 3:24 PM
    Ratesetter Account Opening bonus not paid
    • #9
    • 4th Jan 18, 3:24 PM
    I also currently have a query open with Ratesetter about sign up bonus. In my case I did lend on the 1 year fixed market but after about 8 months the loan got repaid early. The settings I had on my account meant the money was immediately re-lent on the rolling market and ever since then has been simply been left on the rolling market...so it has never been sat in my account waiting to be lent.

    It is now well over a year since I signed up and the bonus payment (which at the time was £100 for investing £1000 or more for at least 12 months) has not been credited to my account.

    Has anyone else experienced this issue and, if so, how was it rectified?
    Last edited by HawkE; 04-01-2018 at 7:22 PM. Reason: Adding a title to post
    • jennyjj
    • By jennyjj 6th Jan 18, 11:35 AM
    • 290 Posts
    • 385 Thanks
    jennyjj
    I also currently have a query open with Ratesetter about sign up bonus. In my case I did lend on the 1 year fixed market but after about 8 months the loan got repaid early. The settings I had on my account meant the money was immediately re-lent on the rolling market and ever since then has been simply been left on the rolling market...so it has never been sat in my account waiting to be lent.

    It is now well over a year since I signed up and the bonus payment (which at the time was £100 for investing £1000 or more for at least 12 months) has not been credited to my account.

    Has anyone else experienced this issue and, if so, how was it rectified?
    Originally posted by HawkE
    That's what I fear will happen to me. Some of their bonuses seem to be offered without good procedures or even rules behind them
    If you reckon you qualified, I'd recommend you contact them with an assertive 'oi! where's my bonus?'
    Then come back here and tell us how it goes.
    • HawkE
    • By HawkE 6th Jan 18, 4:47 PM
    • 34 Posts
    • 10 Thanks
    HawkE
    That's what I fear will happen to me. Some of their bonuses seem to be offered without good procedures or even rules behind them
    If you reckon you qualified, I'd recommend you contact them with an assertive 'oi! where's my bonus?'
    Then come back here and tell us how it goes.
    Originally posted by jennyjj

    Thanks, that was the gist of my query with them.....
    ........and they have just come back apologising for a technical error on their side and that the bonus will be credited to my account
    • jennyjj
    • By jennyjj 7th Jan 18, 2:14 PM
    • 290 Posts
    • 385 Thanks
    jennyjj
    Thanks, that was the gist of my query with them.....
    ........and they have just come back apologising for a technical error on their side and that the bonus will be credited to my account
    Originally posted by HawkE
    I reckon that is part of their business model : Fail to pay stated bonuses 12 months after agreeing to and then only paying out to those investors that chase them. That would be horrendous if true.
    Can anyone assert otherwise?
    Does anyone concur?
    • Zanderman
    • By Zanderman 7th Jan 18, 2:26 PM
    • 1,592 Posts
    • 4,108 Thanks
    Zanderman
    I also currently have a query open with Ratesetter about sign up bonus. In my case I did lend on the 1 year fixed market but after about 8 months the loan got repaid early. The settings I had on my account meant the money was immediately re-lent on the rolling market and ever since then has been simply been left on the rolling market...so it has never been sat in my account waiting to be lent.

    It is now well over a year since I signed up and the bonus payment (which at the time was £100 for investing £1000 or more for at least 12 months) has not been credited to my account.

    Has anyone else experienced this issue and, if so, how was it rectified?
    Originally posted by HawkE
    Yes. Discussed on another thread here (possibly within the general p2p thread, can't remember exactly). I and a friend I referred failed to get bonus at 12 months. Both of us complained and both got the bonus.
    Their rather lame, and very worrying, explanation was that their procedures hadn't picked up that we should get the bonus. Although they clearly knew, from our account history, that we should.
    I am deeply suspicious about this - as the implication (several others reported the same problem) is that RateSetter's systems are, in effect, mis-selling the referral process and doing people out of £100. How many are affected and haven't noticed, or can't be bothered to complain? RateSetter may simply be being incompetent - but it is, unless and until resolved for all, a nice little earner for them...
    • Lomcevak
    • By Lomcevak 18th Jan 18, 5:30 PM
    • 706 Posts
    • 4,209 Thanks
    Lomcevak
    My account has been saying

    RateSetter Welcome Bonus £100
    Congratulations, you have qualified for this offer. We are processing your bonus and it should be paid into your account within 1 week.
    for the last ten days, any idea if it'll eventually be paid automatically, or do I need to chase now?

    (edit: this was the older offer of invest £1,000 and keep invested for a year, so slightly different to the OP)
    MFiT-T4#126, £135k to 60k: £59,607/£75,000(79.49%), 2017 MFW#11 £6,556/£12,000 (54.63%)
    £30k-in-’18#11 £16,584.46/£30,000 (55.28%)
    • msallen
    • By msallen 18th Jan 18, 7:09 PM
    • 840 Posts
    • 922 Thanks
    msallen
    My year was up a few months ago now, but it was paid into my account (placed on the rolling market) automatically the day after.

    That marked the beginning of the end of my dealings with Ratesetter, as I withdrew everything soon afterwards. If they're now stalling on paying the bonus it doesn't bode well, so I'm glad I did!
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