Business Savings Account

[sreed]

I was using Aldermore until rates started rising.

Now using Loanpad for slightly above 5% (going up to 5.5% next week).

No minimum balance, "easy-access" (though there's a day's delay due to how you need to move the cash from the account to cash balance before you can withdraw).

It's not risk-free or FSCS protected but (imho) good enough.

https://p2pindependentforum.com/board/130/loanpad

[northernladuk]

I was using Aldermore until rates started rising.

Now using Loanpad for slightly above 5% (going up to 5.5% next week).

No minimum balance, "easy-access" (though there's a day's delay due to how you need to move the cash from the account to cash balance before you can withdraw).

It's not risk-free or FSCS protected but (imho) good enough.

https://p2pindependentforum.com/board/130/loanpad

Rather you than me. Been burned badly in the p2p world so wouldn't be touching this with a 10ft barge pole. It might be fine when it works but when it goes south it goes big time. Bearing in mind you are taking on a massive risk with no protection for only a percentage point more IMO this is just not worth it.

[sreed]

Rather you than me. Been burned badly in the p2p world so wouldn't be touching this with a 10ft barge pole. It might be fine when it works but when it goes south it goes big time. Bearing in mind you are taking on a massive risk with no protection for only a percentage point more IMO this is just not worth it.

I see your general point (though personally I wouldn't lump LP in with the rest) and wouldn't put more than a relatively small amount in it.

But for the size of my ltd co cash pot (and dwindling as I've been on inside contracts for a bit now), and what I know of LP, I'm pretty happy with the risk that comes with the LP 5.5% return vs an FSCS protected Aldermore 3.15%. Famous last words!

[northernladuk]

I see your general point (though personally I wouldn't lump LP in with the rest) and wouldn't put more than a relatively small amount in it.

But for the size of my ltd co cash pot (and dwindling as I've been on inside contracts for a bit now), and what I know of LP, I'm pretty happy with the risk that comes with the LP 5.5% return vs an FSCS protected Aldermore 3.15%. Famous last words!

Your small amount vs losing the lot for 2.35% extra (minus tax ofc). Doesn't really work for me but if you are aware and have done your diligence then I see it can be an option for some.

[northernladuk]

I see your general point (though personally I wouldn't lump LP in with the rest) and wouldn't put more than a relatively small amount in it.

But for the size of my ltd co cash pot (and dwindling as I've been on inside contracts for a bit now), and what I know of LP, I'm pretty happy with the risk that comes with the LP 5.5% return vs an FSCS protected Aldermore 3.15%. Famous last words!

Your small amount vs losing the lot for 2.35% extra (minus tax ofc). Doesn't really work for me but if you are aware and have done your diligence then I see it can be an option for some.

[jmo21]

I invested in Zopa and FundingCircle years ago and lost on a couple of loans. Not big numbers, but it was enough to put me off. I also tried one that was based on property before that (can't even remember what it was called) and that site shut down completely.

At least LoanPad has a warning right up front. Not sure I'd want to risk company cash on it.

[escapeUK]

I use my HMRC Corporation tax account. I paid my tax 8 months early rather than it being sat around doing nothing, and they have kept putting up the interest rate every time rates move. They are now paying 4.25%.

It does stick in my craw a bit giving the thieves and wasters the money early, but I managed to get over it.

[sreed]

I use my HMRC Corporation tax account. I paid my tax 8 months early rather than it being sat around doing nothing, and they have kept putting up the interest rate every time rates move. They are now paying 4.25%.

It does stick in my craw a bit giving the thieves and wasters the money early, but I managed to get over it.

I didn’t know this was even possible! Definitely worth paying the CT bill early.

[PerfectStorm]

I didn’t know this was even possible! Definitely worth paying the CT bill early.

Can confirm! (Scroll down)

https://www.gov.uk/government/public...interest-rates

[jmo21]

3.35% for Shawbrook now. How exciting!