Is anyone saving using Ratesetter / Funding Circle or other P2P lenders?

[VagueButlmportant]

How safe to you feel it is?

How much have you put in as a % of your overall savings?

I tried Funding Circle first but got twitchy after a few losses, so moved it all to Ratesetter. I'm getting 6% interest, which is obviously great! I can't get that on the high street without moving my current account which I'm not able to do.

At the moment I've only got under 10% of my savings in there (this isn't very much because I've only just started saving)

Wondering whether to risk more?

I've had friends and family members who've both profited from and been burned by a whole variety of investments, Vague. My only recommendations, therefore, would be to do your homework but not to put all your eggs in one basket.

not yet but it is probably the next move as the endless message 'don't save, buy crap' continues.

I would never risk my entire savings, though!

OP - are you not able to open a new bank account to get some of the not-quite-as-bad rates? TSB is the easiest one, 5% and no direct debits needed. Don't open any of those that pay switching bonuses until you can actually switch.

I use ratesetter and have done for about 15 months. I try to have about 10% of my savings in there. I don't want to risk more because although the good bit of there 'provision fund' or whatever they call it means you shouldn't see any bad debts, it also means you don't see any unless everything goes horribly wrong, so difficult to get a 'feel' for it.

You do have to keep on top of it though - At 6% I presume you are in the 5 year market? I put some in all markets when I started and now 1 year in all of my 5 year stuff was repaid early, about half my three year and about 20% of my one year. Now I have automatic rates to reinvest any repayments on the monthly and three year stuff, and put the 1 year repayments into my holding account as the 1 year market can be quite volatile.