Plum Automatic Saving

Money, investing, mutuals etc

Re: Plum Automatic Saving

Postby expressman33 » Sun Nov 19, 2017 11:49 am

planteria wrote:this looks interesting too.. 3% interest :mrgreen:

https://withplum.com/


* 3% p.a not guaranteed but Rolling Market average for 2016. Rolling Market rate, pre-tax, assumes re-investment and no early repayment.

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Re: Plum Automatic Saving

Postby planteria » Sun Nov 19, 2017 11:50 am

yes. it remains to be seen whether Plum 'Savers' bag 3% :think:.

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Re: Plum Automatic Saving

Postby hugginhill » Sun Nov 19, 2017 12:46 pm

The offered return on this is nothing like enough given the level of risk. P2P lending hasn't weathered a significant downturn. When it inevitably comes, the capital losses are likely to be substantial. Whatever the spin the platforms put on things, their borrowers are those who cannot access mainstream sources of funds - the first to go to the wall when the going gets tough.

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Re: Plum Automatic Saving

Postby Dream on » Sun Nov 19, 2017 2:24 pm

planteria wrote:me, potentially, along with many others. anyone who is investing is putting money at risk. anyone that is holding cash generating a rate of interest below inflation is losing money. and if the values are low enough then rewards/interest from current accounts could be greater than the amount being put at risk.
You have fuddled thinking. The risk of losing money invested in this scheme is far more than any money lost to inflation. But, its your money!!

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Re: Plum Automatic Saving

Postby planteria » Sun Nov 19, 2017 5:18 pm

no, i don't. and of course it is at more risk.. well done :problem:.
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Re: Plum Automatic Saving

Postby pabenny » Sun Nov 19, 2017 5:37 pm

planteria wrote:.. it is at more risk..


Or more accurately, more is at risk: A bank deposit is guaranteed by FSCS which means that your capital is protected (albeit in nominal terms only). The purchasing power will be eroded to the extent that the interest does not exceed inflation - so at today's rates, you you have a maximum loss of about 2% (interest of 1% less inflation of 3%)

In P2P lending the capital sum is at risk. So whilst you may earn interest of more than inflation, you could also lose some or all of the capital.

Several people here have expressed the view that the inherent risks involved in P2P lending are high. You may be willing to take the risk of capital loss in return for the possibility of earning above-inflation returns; I don't believe that the returns are sufficient to justify those risks. And I as I said earlier, Plum looks to be a particularly risky way of getting involved in P2P lending.

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Re: Plum Automatic Saving

Postby planteria » Mon Nov 20, 2017 9:22 am

straightforward stuff, yes.. if we can cover our 'investments' with account bonuses or interest that having the account enables us to qualify for, then in effect it would be zero cost, and thereby risk - or at least partly cover the investments. that's the angle that folks are looking at elsewhere.
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Re: Plum Automatic Saving

Postby Thunderfog » Mon Nov 20, 2017 11:22 am

planteria wrote:straightforward stuff, yes.. if we can cover our 'investments' with account bonuses or interest that having the account enables us to qualify for, then in effect it would be zero cost, and thereby risk - or at least partly cover the investments. that's the angle that folks are looking at elsewhere.


Over time they will change the goal posts to the other side of the mountain. They are just being nice today because they need "active" members.
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Re: Plum Automatic Saving

Postby planteria » Wed Nov 22, 2017 10:08 am

maybe. as in this thread.. viewtopic.php?f=5&t=81215 it will be interesting to see if Plum turns out to be useful in this respect.
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Re: Plum Automatic Saving

Postby pabenny » Wed Nov 22, 2017 10:20 am

If you want a DD to meet account qualifying criteria, I recommend charity donations.

The return is good karma (or whatever way you see the benefit of helping others) and if you are a higher rate taxpayer, you can gain some additional tax relief on the sums donated.
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