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Frequently Asked Questions


Saving Investing Data & Security Your Account

How will my savings be invested?

Your savings will be invested at RateSetter, one of the biggest peer-to-peer lenders in the UK, on the Rolling Market plan.

The Rolling Market is the most flexible RateSetter plan. You can access your money freely as long as there are funds in the market to replace the amount being withdrawn. By default, interest and re-payments will be reinvested in the Rolling Market using the prevailing market rate.

RateSetter is authorised and regulated by the Financial Conduct Authority (Ref. 633741). RateSetter is a trading name for Retail Money Market Limited (company no. 7075792) and their offices are at 55 Bishopsgate, London, EC2N 3AS.

How is the interest calculated and paid?

Your interest accrues for every day that your funds are on loan and is paid monthly as the borrower repays their loan.

Can you guarantee a 3% interest?

No, unfortunately we cannot. RateSetter is a market place for lenders and borrowers and therefore the rate changes with supply and demand (and can change many times during the day). The 3% rate is based on the average per annum rate in 2016 and may be different on the day you invest.

Will you cover the cost of losses in any RateSetter investment?

If you’re using RateSetter your capital is at risk and therefore these investments will not be covered by us. RateSetter does provide a Provision Fund to help reduce risk but it is not a guarantee for the future and your capital and interest are at risk if the Provision Fund is depleted by increased borrower defaults, and investments in RateSetter are not covered by the FSCS. You can find out more about the Provision Fund here.

Will I get my own RateSetter account?

No, all of your interactions with RateSetter will be through Plum. We're obliged to provide RateSetter with your personal details (like address, phone, and bank account details) for Know Your Customer (KYC) requirements.

What are the risks associated with lending on RateSetter?

By investing via RateSetter, you are lending your money to a number of people that wish to borrow on RateSetter, some of which may not pay back their loans.

To mitigate this risk, RateSetter has introduced a number of provisions:

  • Excellence in underwriting: robust credit and affordability checks on all borrowers
  • Portfolio management: RateSetter’s loan book is diversified across many borrowers of different types and channels
  • The Provision Fund: if a borrower misses a payment, the RateSetter Provision Fund reimburses the investor; if the loan goes into default, the Provision Fund takes over the loan and repays outstanding capital to the investors. However, repayment by the Provision Fund isn’t guaranteed and your capital and interest are at risk if the Provision Fund is depleted by increased borrower defaults, and investments are not covered by the Financial Services Compensation Scheme.

Learn more about RateSetter's protection here.