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Post by Badly Drawn Stickman on Aug 29, 2020 9:00:30 GMT
Is cash in the holding a/c protected by the FSCS? If not, will it be if the MB takeover proceeds? Are folk leaving cash to pile up to a reasonable amount before withdrawing, or taking no chances and withdrawing even small amounts as they occur? The first one is a good question and one that a definitive answer to would be useful, I had assumed it was but had never verified it. I invariably withdraw as available, but more because I like money to be working rather than sitting idle and if I have gone to the trouble of seeing if it is there the extra few minutes to withdraw it is no hardship. I will at some point have to rescue my ISA allowance which takes us back to your first question being important to know.
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aju
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Post by aju on Aug 29, 2020 9:13:13 GMT
Big movement today on the 5 year market. A jump of 7 days from 22nd May to 29th May. At this rate the 5 year queue could be gone in the next few weeks On a related note, what’s the longest remaining duration contract that anybody has in 5yr? Given no new 5yr lending, which they stopped lending a while ago without telling anybody, I’m wondering when final closing day is. I’m over 99% done by November, but I have a smattering in a dozen sub £10 stretching further, ending in C184147516307 , due 21 months. On the first point I have a loan that has 39 months left of a 60 month loan. On the second point that loan was picked up by me on 12th August, i.e just over 2 weeks ago. It's not a new loan for the borrower though so not sure it fits your criteria. [caveat] I have my 5 year up for sale, I made a mistake on my initial selling values that completed 2 weeks ago, leaving me with £100 outstanding. I've a feeling that this loan was a loan i had and as part of the sale a portion was sold and then picked up to split some money out to allow the new loan to be created. So my view is that whilst it looks like a new loan to my data it's actually just a loan that was sold and the outstanding part repurchased. I don't know that for certain but its my guess this is the case.
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aju
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Post by aju on Aug 29, 2020 9:16:26 GMT
Is cash in the holding a/c protected by the FSCS? If not, will it be if the MB takeover proceeds? Are folk leaving cash to pile up to a reasonable amount before withdrawing, or taking no chances and withdrawing even small amounts as they occur? The first one is a good question and one that a definitive answer to would be useful, I had assumed it was but had never verified it. I invariably withdraw as available, but more because I like money to be working rather than sitting idle and if I have gone to the trouble of seeing if it is there the extra few minutes to withdraw it is no hardship. I will at some point have to rescue my ISA allowance which takes us back to your first question being important to know. I'm not sure it would not stay with the original banks unless its written in the Metro contracts. I seem to recall that it was in an FSCS banks and covered so I would expect it to remain so too.
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Greenwood2
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Post by Greenwood2 on Aug 29, 2020 9:36:39 GMT
The first one is a good question and one that a definitive answer to would be useful, I had assumed it was but had never verified it. I invariably withdraw as available, but more because I like money to be working rather than sitting idle and if I have gone to the trouble of seeing if it is there the extra few minutes to withdraw it is no hardship. I will at some point have to rescue my ISA allowance which takes us back to your first question being important to know. I'm not sure it would not stay with the original banks unless its written in the Metro contracts. I seem to recall that it was in an FSCS banks and covered so I would expect it to remain so too. T&Cs say it's in a client account with a major high street bank, so should be safe. Although, from memory (without looking it all up again) when certain P2P platforms failed it seems some funds may not have been as 'ring fenced' in a separate client accounts as you would have hoped. I tend to withdraw a couple of times a week if there are funds available.
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Post by Badly Drawn Stickman on Aug 29, 2020 9:49:07 GMT
I'm not sure it would not stay with the original banks unless its written in the Metro contracts. I seem to recall that it was in an FSCS banks and covered so I would expect it to remain so too. T&Cs say it's in a client account with a major high street bank, so should be safe. Although, from memory (without looking it all up again) when certain P2P platforms failed it seems some funds may not have been as 'ring fenced' in a separate client accounts as you would have hoped. I tend to withdraw a couple of times a week if there are funds available. It was on my 'to do' list to check before sorting the ISA allowance, so I have moved it up the list and sent an email to get confirmation of both ring fencing and protection.
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Post by diversifier on Aug 29, 2020 9:50:17 GMT
I'm not sure it would not stay with the original banks unless its written in the Metro contracts. I seem to recall that it was in an FSCS banks and covered so I would expect it to remain so too. T&Cs say it's in a client account with a major high street bank, so should be safe. Although, from memory (without looking it all up again) when certain P2P platforms failed it seems some funds may not have been as 'ring fenced' in a separate client accounts as you would have hoped. I tend to withdraw a couple of times a week if there are funds available. Surely Metro would just switch from Barclays to....a client account at Metro? They are “a major high street bank” We don’t know how much is in it, but I can’t see why they wouldn’t award themselves a deposit of a few million current account paying 0%, rather than park it with a rival. It would be FSCS guaranteed, so that should be Ok with us. Obviously, if Metro fail, that’s another PITA waiting 6 months for the legal gears to grind for FSCS Comp. Ring-fencing.....well on the plus side, even the Lehman Brothers mess was sorted out after about three or four years.
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aju
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Post by aju on Aug 29, 2020 10:02:33 GMT
T&Cs say it's in a client account with a major high street bank, so should be safe. Although, from memory (without looking it all up again) when certain P2P platforms failed it seems some funds may not have been as 'ring fenced' in a separate client accounts as you would have hoped. I tend to withdraw a couple of times a week if there are funds available. Surely Metro would just switch from Barclays to....a client account at Metro? They are “a major high street bank” We don’t know how much is in it, but I can’t see why they wouldn’t award themselves a deposit of a few million current account paying 0%, rather than park it with a rival. It would be FSCS guaranteed, so that should be Ok with us. Obviously, if Metro fail, that’s another PITA waiting 6 months for the legal gears to grind for FSCS Comp. Ring-fencing.....well on the plus side, even the Lehman Brothers mess was sorted out after about three or four years. I am not storing money in the holding account if it gets to anything >50 I'm moving it to one of our savings accounts with good rate or failing that saving it in our accounts until it reaches £500 and then parking it in NS&I income bond. IN Rs that's every couple of weeks and Zopa it's slightly quicker - weekly at the moment.
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Post by diversifier on Aug 29, 2020 11:08:33 GMT
Surely Metro would just switch from Barclays to....a client account at Metro? They are “a major high street bank” We don’t know how much is in it, but I can’t see why they wouldn’t award themselves a deposit of a few million current account paying 0%, rather than park it with a rival. It would be FSCS guaranteed, so that should be Ok with us. Obviously, if Metro fail, that’s another PITA waiting 6 months for the legal gears to grind for FSCS Comp. Ring-fencing.....well on the plus side, even the Lehman Brothers mess was sorted out after about three or four years. I am not storing money in the holding account if it gets to anything >50 I'm moving it to one of our savings accounts with good rate or failing that saving it in our accounts until it reaches £500 and then parking it in NS&I income bond. IN Rs that's every couple of weeks and Zopa it's slightly quicker - weekly at the moment. In principle, you’re right! In practice, as I posted before, I bet Metro will make an offer most people won’t refuse: Sign up to a Metro auto-sweeper, that can *only* sweep to a normal Metro savings account, best rate currently about 0.8% The alternative is to login weekly for the next three years, and manually sweep to NS&I.
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aju
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Post by aju on Aug 29, 2020 11:45:22 GMT
I am not storing money in the holding account if it gets to anything >50 I'm moving it to one of our savings accounts with good rate or failing that saving it in our accounts until it reaches £500 and then parking it in NS&I income bond. IN Rs that's every couple of weeks and Zopa it's slightly quicker - weekly at the moment. In principle, you’re right! In practice, as I posted before, I bet Metro will make an offer most people won’t refuse: Sign up to a Metro auto-sweeper, that can *only* sweep to a normal Metro savings account, best rate currently about 0.8% The alternative is to login weekly for the next three years, and manually sweep to NS&I. Lets wait and see, if Metro wants to create an account for me and it has the ability to sweep automatically (S/O say) then i'd consider it perhaps. Thing is I am having to go in anyway and sweep to holding before they lend it back out so what is the difference. I have all the direct links to where I need to be in both Zopa and RS so its not really that time consuming in fact its just a routine in the mornings along with reading emails etc. I'm actually still sweeping to Marcus until it reaches £500 or more then I can sweep it to NS&I (until something better comes along. (To be accurate it goes directly to Santander for me and Lloyds for Mrs Aju, I move it to Mrs Aju Lloyds as the Marcus uses this as her feeder. When it reaches £500 I could move to NS&I, I haven't been as marcus is 2% until the end of the week. I'll probably sit down and work the best route out when Marcus goes down to 1.05%. I do this so regularly i'm usually on auto pilot most of the time anyway, i'd suggest its 15 minutes tops to do everything including documenting as well in spreads. Time is very cheap at the moment for us since the start of hte first lockdown and to be honest I spend more time badgering companies for refunds.
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Greenwood2
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Post by Greenwood2 on Aug 29, 2020 12:13:25 GMT
I am not storing money in the holding account if it gets to anything >50 I'm moving it to one of our savings accounts with good rate or failing that saving it in our accounts until it reaches £500 and then parking it in NS&I income bond. IN Rs that's every couple of weeks and Zopa it's slightly quicker - weekly at the moment. In principle, you’re right! In practice, as I posted before, I bet Metro will make an offer most people won’t refuse: Sign up to a Metro auto-sweeper, that can *only* sweep to a normal Metro savings account, best rate currently about 0.8% The alternative is to login weekly for the next three years, and manually sweep to NS&I. I'm not sure Metro would be keen to be linked to RS retail business in any way. They don't want to be responsible for the existing loan book and getting involved in the RS retail client funds might be getting too close for comfort. If things started to go bad at RS, Metro don't want lenders looking to them to step in and bail RS out. Not that some lenders won't naively expect that anyway.
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adrian77
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Post by adrian77 on Aug 29, 2020 16:37:38 GMT
This is a very intelligent comment - I suspect you are right. Maybe they will only give us the option for a 3 month or longer account which would help their short-term cashflow even more?
I guess it all hinges on what the RS default rates are likely to be and how much of the loanbook is secured on assets rather than unsecured as to whether this would be profitable for RS/Metro to do this. That said lending money out at say 8% and funding it with money "bought" at 0.8% or less does not seem bad business to me
Time will tell
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Greenwood2
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Post by Greenwood2 on Aug 29, 2020 18:01:00 GMT
This is a very intelligent comment - I suspect you are right. Maybe they will only give us the option for a 3 month or longer account which would help their short-term cashflow even more? I guess it all hinges on what the RS default rates are likely to be and how much of the loanbook is secured on assets rather than unsecured as to whether this would be profitable for RS/Metro to do this. That said lending money out at say 8% and funding it with money "bought" at 0.8% or less does not seem bad business to me Time will tell I don't think that was being suggested, just that funds that became available to lenders (in their holding account) might be swept into a Metro account rather than languishing in an unattended RS account. I think a lot of lenders would like Metro to take over their loans, but that is not going to happen.
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adrian77
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Post by adrian77 on Aug 29, 2020 19:10:12 GMT
sorry if I misunderstood you - my holding account balance is swept into my bank account on a daily basis! That said I am toying with the idea of putting my available funds into a Metro account as it pays more than my current bank - I am sure they would love us all to do his as you say.
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Post by RateSetter on Sept 1, 2020 17:13:39 GMT
Good evening all. Today we have delivered £0.1m and the full update is below:
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iRobot
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Post by iRobot on Sept 1, 2020 17:17:08 GMT
Good evening all. Today we have delivered £0.1m and the full update is below: OK - first it's low (a new daily low, if you exclude zero-return days) but is it also surprise given the long BH weekend might have given an opportunity for some 'catching up' to have boosted today's figure?
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