More savers are turning to peer-to-peer lenders to make money, but how is your money protected?
The interest rate from sites like Zopa, Ratesetter and Funding Circle are much higher than you’d earn in a bank, but what should you look out for?
How do you fancy the idea of earning up to 6% interest on your money? Sounds appealing? Thought as much! That’s not an unusual return for people who lend money via ‘peer-to-peer’ lending sites such as Zopa, Ratesetter and Funding Circle. But you’re money’s not protected if the site goes bust and there’s a shortfall.
How long should it take to transfer a stocks and shares ISA?
Some investment platforms are taking longer than they should do to transfer stocks and shares ISAs
If you want to transfer your stocks and shares ISA, you might have a long wait. Whereas it can take three weeks to transfer a cash ISA from one provider to another, it can take up to six weeks – or even longer if you want to transfer your stocks and shares ISA from one investment platform to another. Why the wait? And what can you do about it?
If your ISA provider drops the interest rate without warning or withdraws a fixed rate account, what can you do?
If you’ve taken out a cash ISA this year, you may feel that the low interest rates are enough grounds to complain (and who could blame you?). But, every year – at around this time - the free to use Financial Ombudsman Service gets a steady stream of complaints about banks or building societies not transferring or opening ISAs correctly or chopping and changing interest rates. So, when can you complain and when is it a case of ‘saver beware’?