Ratesetter has stopped offering peer-to-peer investment products and will close all 45,000 existing investor accounts on 2nd April. In addition, it's also moving its loans to Metro Bank at the same time. Some more info below if you currently have an investment account.
Ratesetter investor accounts - any action needed?
Investors don't need to do anything at the moment, your account will be closed automatically on April 2 and your money will be returned to a holding account with Ratesetter. Investors will continue to earn interest at their existing rates until their accounts close on April 2. It expects all funds to be returned to customers by 7 April. You'll then need to log into your Ratesetter account to withdraw the cash from the holding account and put it into your bank account. Alternatively, if you have an ISA with Ratesetter, you'll be able to transfer this to a new provider
Ratesetter loans - any action needed?
If you're a Ratesetter borrower, there will be no change. This means you'll need to continue to repay your loan at the same rate and under the same terms and conditions as now. Source: Mirror