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Post by df on Sept 5, 2023 10:19:04 GMT
Creeping closer to Loanpad's 5.34% AER equivalent, but better value given the FSCS protection. Time for another announcement from LP methinks. I doubt the santander offer will be there for very long, so will probably need to act fast if you want it. "This issue is available until 17 September 2023 unless sold out sooner." My guess "sooner" is the more likely scenario. I opened it straight away, don't want to miss this product. It took about a minute to open it on the app (I'm an existing customer).
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Post by df on Sept 5, 2023 10:22:48 GMT
Presume rscal means that the sub-£10 amount doesn't earn interest – it's only when it goes above that amount that it can shift to interest-bearing. I recall they were saying that they will change this to sub-£1 a while ago.
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Post by Ace on Sept 5, 2023 11:07:22 GMT
Presume rscal means that the sub-£10 amount doesn't earn interest – it's only when it goes above that amount that it can shift to interest-bearing. I recall they were saying that they will change this to sub-£1 a while ago. Yes, was about 18 months ago that they said they would drop it to 1p "soon". Rates up again. Quite a jump for the classic. As of 11 September 2023:
Classic / ISA Classic 5.50% Premium / ISA Premium 6.30%
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Post by Ace on Sept 5, 2023 11:10:34 GMT
I recall they were saying that they will change this to sub-£1 a while ago. Yes, was about 18 months ago that they said they would drop it to 1p "soon". Rates up again. Quite a jump for the standard. As of 11 September 2023:
Classic / ISA Classic 5.50% Premium / ISA Premium 6.30%
AER equivalents are up to: 5.65% for Classic, 6.50 for Premium.
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benaj
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Post by benaj on Sept 5, 2023 11:18:55 GMT
Yes, was about 18 months ago that they said they would drop it to 1p "soon". Rates up again. Quite a jump for the standard. As of 11 September 2023:
Classic / ISA Classic 5.50% Premium / ISA Premium 6.30%
AER equivalents are up to: 5.65% for Classic, 6.50 for Premium. Hey Ace, is there any auto reinvest feature that you know on Loanpad to achieve the maximum AER rate?
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Post by Ace on Sept 5, 2023 11:26:42 GMT
AER equivalents are up to: 5.65% for Classic, 6.50 for Premium. Hey Ace, is there any auto reinvest feature that you know on Loanpad to achieve the maximum AER rate? Yes, auto lend on the settings page.
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benaj
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Post by benaj on Sept 5, 2023 12:03:11 GMT
Thanks Ace. My bad, either I forgot about this auto-lend or didn’t know it existed since Loanpad incorporated. 😅 |
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warn
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Post by warn on Sept 5, 2023 17:55:09 GMT
Be aware that if you transfer any money into your Cash (Std or ISA) account, the auto-lend option is automatically turned off for you, which is what you'd want, else it would be automatically [re]invested that night. However, a minor glitch to watch out for, it's currently turned off in both the Std and the ISA account, no matter which Cash account was credited, which they know about and are planning to fix when the new software is unleashed.
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firedog
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Post by firedog on Sept 5, 2023 18:40:52 GMT
Be aware that if you transfer any money into your Cash (Std or ISA) account, the auto-lend option is automatically turned off for you, which is what you'd want, else it would be automatically [re]invested that night. However, a minor glitch to watch out for, it's currently turned off in both the Std and the ISA account, no matter which Cash account was credited, which they know about and are planning to fix when the new software is unleashed. That's strange – for me at least it's automatically turned on in my ISA account, but not in my standard account. (AFAIK Standard and ISA have different settings).
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Post by Ace on Sept 5, 2023 20:25:53 GMT
Be aware that if you transfer any money into your Cash (Std or ISA) account, the auto-lend option is automatically turned off for you, which is what you'd want, else it would be automatically [re]invested that night. However, a minor glitch to watch out for, it's currently turned off in both the Std and the ISA account, no matter which Cash account was credited, which they know about and are planning to fix when the new software is unleashed. That's strange – for me at least it's automatically turned on in my ISA account, but not in my standard account. (AFAIK Standard and ISA have different settings). For me, autolend is always stitched off for both accounts whenever any funds are moved to either cash account, same as warn.
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firedog
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Post by firedog on Sept 5, 2023 20:36:01 GMT
That's strange – for me at least it's automatically turned on in my ISA account, but not in my standard account. (AFAIK Standard and ISA have different settings). For me, autolend is always stitched off for both accounts whenever any funds are moved to either cash account, same as warn . Autolend is always switched off once I withdraw from an account, so I have to remember to turn it back on, but pretty sure it's followed whatever preference I have currently when depositing. Now I'll need to add some money to check.
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Post by df on Sept 5, 2023 21:12:38 GMT
Yes, was about 18 months ago that they said they would drop it to 1p "soon". Rates up again. Quite a jump for the standard. As of 11 September 2023:
Classic / ISA Classic 5.50% Premium / ISA Premium 6.30%
AER equivalents are up to: 5.65% for Classic, 6.50 for Premium. Yes, these are the realistic comparison figures. That's what AER is for, but I guess p2p platforms are not allowed to use it. The difference between Santander issue 3 and LP Classic is 0.45%. Not attractive. Santander easy access allows transactions from and to any bank account and they are instant and FSCS protection is the bonus that LP can't offer. Premium is probably more of a winner, but it looks like LP might be going through very challenging times.
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Post by Ace on Sept 5, 2023 21:16:32 GMT
For me, autolend is always stitched off for both accounts whenever any funds are moved to either cash account, same as warn . Autolend is always switched off once I withdraw from an account, so I have to remember to turn it back on, but pretty sure it's followed whatever preference I have currently when depositing. Now I'll need to add some money to check. I think we're probably just describing the same effect differently. From the FAQs: When you put money into your cash account from one of your interest-earning accounts, we turn off your interest preferences to stop these settings applying to this additional money, which you may not want. Just go into ‘Preferences’ and turn back on the settings if this happens.It's the transfer of funds from Classic or Premium to Cash in either ISA or Standard accounts that triggers the switching off of Autolend in both ISA and Standard accounts. This is so the funds don't get auto invested again before you get to withdraw them. This is probably what you are referring to as a withdrawal. The actual withdrawal, I.e. transfer to your external account, has no effect on the settings. Depositing funds into Loanpad does not alter the settings. Sorry if that wasn't clear.
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firedog
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Post by firedog on Sept 6, 2023 6:37:37 GMT
Ah yes, sorry - I misunderstood!
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firedog
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Post by firedog on Sept 6, 2023 6:43:26 GMT
Premium is probably more of a winner, but it looks like LP might be going through very challenging times. Probably is tough to manage at the moment, though I'm sure they keep a weather eye out for average investor balances, still around the same level as six months ago (while number of investors is up 8% in the same period).
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