Five Year Income

[jlend]

Now you can get a whopping 3.8% on 5 year if you follow the line RS would like you to trake, in fact make it difficult to take anything else!

Yes, I noticed yesterday that I could not see the full market immediately by clicking on 5yr (or anything else) in order to decide on "my" rate. That can still be seen by clicking "market data".
The route to actually setting my own rate has now been made even more unobtrusive by being hidden under small print  "Are you a RateSetter expert? Set your own rate here" where I can proceed as before.

How long will RS continue making this available? Will get the message so saying, "As market rate lending is so popular (!!!!) very few people use the self rate set facility so we are withdrawing it ..."

Byebye RS

Signed OldGrumpy

I had a quick skim read of the basic promotion blurb on the main Ratesetter site. 

I can't even see any mention of them promoting the ability to setting your own rates to new lenders... 
​​​​​​
How times have changed...

[oldgrumpy]

Just corrected a couple of typos in my post.

[Skint4achange]

Have just removed 20% of the funds sitting waiting to be matched over my 3 accounts (2 ISA and 1 everyday).  Moved the ISA funds to UB.

I am not even sure I can say that I get better returns from UB because it is a higher risk these days! RS is becoming so obscure, I have no idea what they are trying to hide!

[dualinvestor]

Now you can get a whopping 3.8% on 5 year if you follow the line RS would like you to trake, in fact make it difficult to take anything else!

Yes, I noticed yesterday that I could not see the full market immediately by clicking on 5yr (or anything else) in order to decide on "my" rate. That can still be seen by clicking "market data".
It's also on the route to actually setting my own rate which has now been made even more unobtrusive by being hidden behind small print  "Are you a RateSetter expert? Set your own rate here", where I can proceed as before.

How long will RS continue making this available? Will we get the message soon saying, "As market rate lending is so popular (!!!!) very few people use the self rate set facility so we are withdrawing it ..."

Byebye RS

Signed OldGrumpy

Near enough @oldgrumpy  but no banana!

"Good Afternoon schitzo,

Thank you for your feedback, RateSetter values all feedback as this allows us to ensure we provide the best possible experience. 

RateSetter has made these changes in order to ensure a cleaner and easier customer journey. I have taken your feedback and passed it on to management. "

[oldgrumpy]

"New" investment products starting October 3rd 2019.

Same products, new rules!!

The thing that leapt out at me was this:
 The repayments that you receive from borrowers will be automatically reinvested so you will need to release your investment in order to withdraw.
There is no option to take repayments directly to your Holding account. This makes liquidity consistent for all investors.

So I will no longer be able to keep my repayments in holding account in order to invest later when I see a good opportunity. Does "will be automatically reinvested" actually "will be placed on the market for reinvestment (at our chosen rate)?

Or can I ... if we turn OFF all reinvestment instructions, repayments have to be redirected to the holding account... though setting our own rate is to be retained, so maybe it'll be OK to hold money uninvested and waiting ... just specify "going rate" +5% then alter it when it is time to jump in ...??

In the event that you had chosen to direct reinvestments to the 1 and 5 Year markets but you no longer have access to those markets, your repayments will be directed to your holding account so you can choose where to invest from there.

This all need looking at carefully to see what traps are going to be set.

[ozboy]

I am always comforted that so many Platforms have Lender's interests at heart and strive so hard to keep us happy and that you can trust them to do the right thing with your money. 

[jlend]

"New" investment products starting October 3rd 2019.

Same products, new rules!!

The thing that leapt out at me was this:
 The repayments that you receive from borrowers will be automatically reinvested so you will need to release your investment in order to withdraw.
There is no option to take repayments directly to your Holding account. This makes liquidity consistent for all investors.

So I will no longer be able to keep my repayments in holding account in order to invest later when I see a good opportunity. Does "will be automatically reinvested" actually "will be placed on the market for reinvestment (at our chosen rate)?

Or can I ... if we turn OFF all reinvestment instructions, repayments have to be redirected to the holding account... though setting our own rate is to be retained, so maybe it'll be OK to hold money uninvested and waiting ... just specify "going rate" +5% then alter it when it is time to jump in ...??

In the event that you had chosen to direct reinvestments to the 1 and 5 Year markets but you no longer have access to those markets, your repayments will be directed to your holding account so you can choose where to invest from there.

This all need looking at carefully to see what traps are going to be set.

The 1 and 5 year accounts are staying unchanged, albeit they won't be available for new people who sign up with RS or currrent investors who don't use them. So you can carry on as now. It is uncertain how much in terms of borrower offers will be placed on the 1 and 5 year markets if the rates are much higher than the new Access, Plus and Max products. 

In the new Plus and Max products you cannot turn off automatic reinvestment of capital or interest, but you can as you say set your rate at +5 above the going rate. You can withdraw any unmatched offers on the Plus and Max products for free. The release fee is only to release matched money in Plus and Max

[Skint4achange]

Not sure if it's a glitch, but there is £97k on the 1 year at 9.6% at the moment!!

[investtherest]

Even 9.6% isn't tempting to me at a time like this....

[Skint4achange]

Nor me, but there are some that still see RS as a good investment.