No. of Recommendations: 2
They've gone into reverse on the Provision Fund,
(from their website):

"The Provision Fund Key Data:
How much is in the Fund? £17,067,672
£500,000 is a loan from RateSetter."

(I wonder what rate of interest the Provision Fund pays Ratesetter on this loan.)

Re: "funds set aside by RateSetter"; presumably this means that generally Ratesetter itself can take loans in parallel with its customers, which I would have thought would create some hard to resolve the conflicts of interest, e.g. who gets the best loans.

I was drawn into RateSetter by their irresistible '£100 on £1000 for a year' offer.
But I guess it's not for me as it seems neither a transparent peer to peer agent, nor a cosy Building Society account. The only saving feature perhaps, compared with prefs in a challenger bank, is that it can't get into really big trouble with fractional reserve banking!
Print the post  

Announcements

Closure of the UK Discussion Boards
The UK Discussion Boards are now closed to new posts.