Peer-to-peer lenders to be regulated from 2014

Peer-to-peer lenders to be regulated from 2014
Date of Publication: Tuesday, 11 December 2012 11:39

Peer-to-peer lenders, which link savers to borrowers online, are celebrating a "watershed moment" after it was announced that they are to be fully regulated by the UK's new market regulator, the Financial Conduct Authority, in early 2014.

 

This mode of lending, pioneered by UK firms such as Funding Circle, RateSetter, and Zopa, matches borrowers with lenders to allow both to find better deals than those on offer from banks or alternative lenders.

 

P2P lending through these sites reached £250 million in the summer.

 

Though funds are not currently covered by the Financial Services Compensation Scheme (FSCS), the sites put loan applicants through a credit check and then divide savings across many borrowers to reduce the risk of exposure to any one defaulting member.

 

The thriving popularity of P2P lending is due in part to the difficulty in raising small cheap loans from banks (though rates are good for larger loans) and the extortionate rates charged by payday lenders.

 

That borrowers are able to find affordable rates is one of the reasons why defaults are relatively low.

 

However, it is also popular with savers, who are able to gather returns at much better rates than those offered by banks, without locking money away for years and with more security than investing in stocks and shares.

 

Frustrated lenders and crowdfunding providers had argued that rules tailored to traditional markets were curtailing the growth of the sector.

 

The introduction of "proportionate regulation" was also necessary for the credibility and development of the sector, said the Peer-to-Peer Finance Association.

 

Any FSCS guarantee that might be agreed as part of the regulation shift would encourage more people to put up the cash for lending. (Find out more about the Financial Services Compensation Scheme.)

 

Lenders described a "watershed moment" for the industry after the Government said they were to be fully regulated by the new Financial Conduct Authority from April 2014.


Are you a saver or borrower with peer-to-peer lenders? How have you found the experience? Could they lessen the influence of high-street banks? Let us know by leaving a comment below.

 

Mark Hornby

 

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Top 5 Current Accounts

Provider
AER
Min Bal
O/D Rate
O/D Buffer
Apply
View Full Table >
5.00%
£1,000
0%
£2,000
5.00%
£1
No Offer
£25
0%
£1
No Offer
No Offer
N/A
£1
No Offer
Not Stated
N/A
£1
No Offer
Not Stated

Nationwide Flex-Direct Account

Nationwide
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TSB
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Halifax Current Account

Halifax
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Halifax Reward Current Account

Halifax
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Halifax Ultimate Reward Current Account

Halifax
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NatWest
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Barclays
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Santander 123 Current Account

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Santander Everyday Current Account

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TSB Classic Account

TSB
  • Free banking - no charge for everyday transactions when you’re in credit.
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  • Switching to us in just 7 working days – We can help to move Direct Debits and standing orders from any existing accounts to your TSB current account.
  • Access to over 600 branches and a network of ATM's worldwide

RBS Select

RBS
  • Free everyday banking - no monthly subscription charges.
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Natwest Select Platinum Current Account

NatWest
  • Pay £16.00 per month and get the following benefits:
  • Green Flag car breakdown cover - even on your driveway
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M&S Premium Current Account

Marks & Spencer
  • **Get £50 M&S gift card for opening an account and a further £100 M&S gift card for switching their account to M&S Bank**
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  • Access to our exclusive high rate monthly savings account
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  • Automatic £500 overdraft available as soon as you open your account – and the first £100 is interest-free (subject to status).

M&S Premium Current Account with insurance

Marks & Spencer
  • **Get £50 M&S gift card for opening an account and a further £100 M&S gift card for switching their account to M&S Bank**
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  • Triple points for M&S reward vouchers with your M&S Credit Card in M&S (in store and online). Representative 16.9% APR variable
  • Access to our exclusive high rate monthly savings account
  • £45 worth of treats and delights vouchers
  • £127 worth of hot drinks vouchers for the M&S Café
  • Birthday gift e.g. afternoon tea for two, worth £10
  • Access to exclusive M&S offers
  • Automatic £500 overdraft available as soon as you open your account – and the first £100 is interest-free (subject to status)

Top 5 Savings Accounts

Provider
AER
Notice
Interest Paid
Min Bal
Apply
View Full Table >
1.30%
Instant
Monthly
£1,000
1.00%
Instant
Annually
£1,000
1.20%
Instant
Monthly
£1,000
1.25%
30 Days
Monthly
£1,000
1.65%
Fixed term for 1 year
Monthly
£1,000

Sainsburys eSaver Special

Sainsbury's
  • 1.30% AER/gross pa (variable)
  • Great, non-bonus rate
  • Save between £1,000 - £100,000
  • Open your savings account in minutes
  • Interest paid annually
  • Make payments into your savings account online or with SaveBack in store
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  • Unlimited withdrawals with no notice period

Scottish Widows Direct Transfer Account

Scottish Widows
  • Minimum balance £1000
  • Deposits can be made by internet banking, telephone or post
  • No notice period or penalties for withdrawals
  • YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme

Sainsburys Extra Saver

Sainsbury's
  • 1.20% AER/gross pa (variable)
  • Great, non-bonus rate
  • Save between £1,000 - £100,000
  • Open your savings account in minutes
  • Interest paid annually
  • Make payments into your savings account online or with SaveBack in store
  • Manage your account whenever you want, 24 hours a day, 365 days a year
  • Unlimited withdrawals with no notice period
  • YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme

Aldermore 30 Day Notice Account

Aldermore
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  • Access - unlimited withdrawals, subject to notice and without loss of interest
  • Easy to manage - do it online, by phone or by post
  • YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme

Aldermore 1 Year Fixed Rate ISA

Aldermore
  • Transparent - our competitive rates are not artificially inflated by bonuses or introductory offers
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  • Accessible - open an account with just £1,000
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  • YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme

RBS Instant Saver

RBS
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  • Quarterly interest paid directly into your account.
  • Access your money in branch, over the phone
  • No penalties and no withdrawal charges
  • Easy to manage with our online banking service and our mobile banking apps.
  • YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme

Natwest Instant Saver

NatWest
  • Balances from £1 receive a rate of 0.50% AER / 0.50%Gross p.a. (variable) rising to 0.75% AER / 0.75%Gross p.a. (variable) for balances of £25,000 or more.
  • Quarterly interest paid directly into your account.
  • Access your money in branch, over the phone
  • No penalties and no withdrawal charges
  • Easy to manage with our online banking service and our mobile banking apps.
  • YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme

Top 5 Fixed Rate Bonds

Provider
AER
Duration
Min Bal
Apply
View Full Table >
1.10%
Fixed term for 1 year
£10,000
1.10%
Fixed term for 1 year
£5,000
1.35%
Fixed term for 2 years
£5,000
2.01%
Fixed term for 3 years
£1,000
3.11%
Fixed term for 5 years
£1,000

Lloyds Bank International 1 Year Bond

Lloyds Bank
  • Save for 1 year
  • Fixed interest rates of 2.75% AER/Gross*.
  • Save from £10,000 up to £5,000,000
  • No withdrawals are allowed.
  • Rate is fixed for the term of the deposit.
  • YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme

NatWest 1 Year Fixed Rate Bond

NatWest
  • 1.10% AER/Gross p.a. (fixed)
  • Existing Customers only - You will need to have a NatWest current account or instant access savings account (excluding all cash ISA accounts) from which to pay into your bond and for the payment of interest
  • Easy application - as the application can be completed quickly online when you have a nominated account. Single account application only
  • Save from £5,000- the maximum is £500,000
  • Simple- Fixed Rate Bond: Internet Only Edition has one rate of interest which starts once the bond account is opened and your funds are in
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  • No partial withdrawals or additional deposits are allowed - you may close your Fixed Rate Bond prior to the maturity date by providing a written instruction to your branch, and giving 35 days’ notice. There will be an interest charge equivalent to 90 days' gross interest
  • You may close your Fixed Rate Bond in the event of death or involuntary redundancy. In those circumstances, an interest charge will not apply. 35 days notice will still be required
  • At maturity, we will automatically reinvest your deposit for you into a new Fixed Rate Bond of the same term and interest frequency, unless you tell us otherwise
  • Limited offer - may be withdrawn at anytime
  • YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme

NatWest 2 Year Fixed Rate Bond

NatWest
  • Save between £5,000 - £500,000
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  • No partial withdrawals or additional deposits are allowed.
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  • You will need to have a NatWest current account or instant access savings accounts (excluding all Cash ISA accounts) for the payment of interest
  • Available to Natwest Personal & Private customers aged 18 years or over
  • At maturity, we will automatically reinvest your deposit for you into a new Fixed Rate Bond of the same term and interest frequency, unless you tell us otherwise
  • This is a limited offer and may be withdrawn from sale at any time
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Vanquis Bank 3 Year Fixed Rate Bond

Vanquis
  • Available Online Only.
  • Deposit between £1,000 to £250,000 for THREE YEARS in ONE PAYMENT and benefit from a guaranteed savings rate.
  • Annual or Monthly interest options available.
  • Sole or Joint Accounts.
  • Restricted to UK residents 18 years or older.
  • No additional deposits, withdrawals or closure during term.
  • Vanquis Bank is a UK bank with operations and call centres in London, Chatham, Bradford and Newcastle, and is part of the Provident Financial Group, a FTSE 250 company founded over 130 years ago.
  • YOUR SAVINGS ARE PROTECTED UP TO £85,000 BY THE FSCS - Financial Services Compensation Scheme

Vanquis Bank 5 Year Fixed Rate Bond

Vanquis
  • Available Online Only.
  • Deposit between £1,000 to £250,000 for FIVE YEARS in ONE PAYMENT and benefit from a guaranteed savings rate.
  • Annual or Monthly interest options available.
  • Sole or Joint Accounts.
  • Restricted to UK residents 18 years or older.
  • No additional deposits, withdrawals or closure during term.
  • Vanquis Bank is a UK bank with operations and call centres in London, Chatham, Bradford and Newcastle, and is part of the Provident Financial Group, a FTSE 250 company founded over 130 years ago.
  • YOUR SAVINGS ARE PROTECTED UP TO £85,000 BY THE FSCS - Financial Services Compensation Scheme

Aldermore 1 Year Fixed Rate Bond

Aldermore
  • Transparent - our competitive rates are not artificially inflated by bonuses or introductory offers
  • Fast and easy setup - open an account, complete identity checks and move your money in minutes
  • Accessible - open an account with just £1,000
  • Easy to manage - do it online, by phone or by post
  • YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme

RBS 1 Year Fixed Rate Bond

RBS
  • 1.10% AER/Gross p.a. (fixed)
  • Existing Customers only - You will need to have a RBS current account or instant access savings account (excluding all cash ISA accounts) from which to pay into your bond and for the payment of interest
  • Easy application - as the application can be completed quickly online when you have a nominated account. Single account application only
  • Save from £5,000- the maximum is £500,000
  • Simple- Fixed Rate Bond: Internet Only Edition has one rate of interest which starts once the bond account is opened and your funds are in
  • If you change your mind about opening your Fixed Rate Bond you have a 14-day period from the date your Bond has been opened, in which to contact us to cancel your Bond without incurring an interest charge
  • No partial withdrawals or additional deposits are allowed - you may close your Fixed Rate Bond prior to the maturity date by providing a written instruction to your branch, and giving 35 days’ notice. There will be an interest charge equivalent to 90 days' gross interest
  • You may close your Fixed Rate Bond in the event of death or involuntary redundancy. In those circumstances, an interest charge will not apply. 35 days notice will still be required
  • At maturity, we will automatically reinvest your deposit for you into a new Fixed Rate Bond of the same term and interest frequency, unless you tell us otherwise
  • Limited offer - may be withdrawn at anytime
  • YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme

RBS 2 Year Fixed Rate Bond

RBS
  • Save between £5,000 - £500,000
  • Your Fixed Rate Bond will be opened within 5 working days of the funds being deposited from your nominated account and will run from the date of opening until the date of maturity
  • If you change your mind about opening your Fixed Rate Bond you have a 14-day period from the date your Bond has been opened to cancel it without charge
  • No partial withdrawals or additional deposits are allowed.
  • Funds must be left untouched for the term of the bond. Early closure may result in a charge equivalent to 90 days’ gross interest for our 1 year Fixed Rate Bond and 180 days' gross interest for our 2 year Fixed Rate Bond
  • You will need to have a RBS current account or instant access savings accounts (excluding all Cash ISA accounts) for the payment of interest
  • Available to RBS Personal & Private customers aged 18 years or over
  • At maturity, we will automatically reinvest your deposit for you into a new Fixed Rate Bond of the same term and interest frequency, unless you tell us otherwise
  • This is a limited offer and may be withdrawn from sale at any time
  • YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme

Vanquis Bank 4 Year Fixed Rate Bond

Vanquis
  • Available Online Only.
  • Deposit between £1,000 to £250,000 for THREE YEARS in ONE PAYMENT and benefit from a guaranteed savings rate.
  • Annual or Monthly interest options available.
  • Sole or Joint Accounts.
  • Restricted to UK residents 18 years or older.
  • No additional deposits, withdrawals or closure during term.
  • Vanquis Bank is a UK bank with operations and call centres in London, Chatham, Bradford and Newcastle, and is part of the Provident Financial Group, a FTSE 250 company founded over 130 years ago.
  • YOUR SAVINGS ARE PROTECTED UP TO £85,000 BY THE FSCS - Financial Services Compensation Scheme

Bank of Cyprus UK 3 Year Bond

Bank of Cyprus UK
  • Interest is paid annually
  • Early withdrawals not permitted
  • Available to individuals (single and joint applicants)
  • Conditions are available here
  • Available in sterling only.

Aldermore 4 Year Fixed Rate Bond

Aldermore
  • Transparent - our competitive rates are not artificially inflated by bonuses or introductory offers
  • Fast and easy setup - open an account, complete identity checks and move your money in minutes
  • Accessible - open an account with just £1,000
  • Easy to manage - do it online, by phone or by post
  • YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme

Aldermore 5 Year Fixed Rate Bond

Aldermore
  • Transparent - our competitive rates are not artificially inflated by bonuses or introductory offers
  • Fast and easy setup - open an account, complete identity checks and move your money in minutes
  • Accessible - open an account with just £1,000
  • Easy to manage - do it online, by phone or by post
  • YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme

Aldermore 3 Year Fixed Rate Bond

Aldermore
  • Transparent - our competitive rates are not artificially inflated by bonuses or introductory offers
  • Fast and easy setup - open an account, complete identity checks and move your money in minutes
  • Accessible - open an account with just £1,000
  • Easy to manage - do it online, by phone or by post
  • YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme

Wellesley 6 Month Fixed Rate Bond

Wellesley
  • Investors can start with as little as £10
  • Rates are fixed for duration agreed.
  • All lending is secured on property.
  • Wellesley decides on which cases to lend on and handle the lending and collection of funds.
  • There is a 'provision fund' set aside to cover any loses should they occur.
  • Wellesley & Co lend the first 10% on any deal, and are the first to loose their investment if the loan is defaulted and the sale of the property does not produce enough funds to cover the loan made.
  • After this point the provision fund is in place to compensate savers.
  • Early redemption is possible by selling your investment to another investor. However, this can only occur if there is a willing buyer.
  • YOUR SAVINGS ARE NOT PROTECTED BY THE FSCS - Financial Services Compensation Scheme.
  • Peer-to-peer lending can offer potentially attractive returns. There is a risk you may lose some or all of your initial investment. However Wellesley do offer their own compensation fund.

Funding Circle 3 Year Fixed Rate Bond

Funding Circle
  • You can choose the businesses you would like to lend to
  • Simple and easy online access
  • Lend from as little as £20
  • YOUR SAVINGS ARE NOT PROTECTED BY THE FSCS - Financial Services Compensation Scheme.
  • Peer-to-peer lending can offer potentially attractive returns. There is a risk you may lose some or all of your initial investment..

Wellesley 1 Year Fixed Rate Bond

Wellesley
  • Investors can start with as little as £10
  • Rates are fixed for duration agreed.
  • All lending is secured on property.
  • Wellesley decides on which cases to lend on and handle the lending and collection of funds.
  • There is a 'provision fund' set aside to cover any loses should they occur.
  • Wellesley & Co lend the first 10% on any deal, and are the first to loose their investment if the loan is defaulted and the sale of the property does not produce enough funds to cover the loan made.
  • After this point the provision fund is in place to compensate savers.
  • Early redemption is possible by selling your investment to another investor. However, this can only occur if there is a willing buyer.
  • YOUR SAVINGS ARE NOT PROTECTED BY THE FSCS - Financial Services Compensation Scheme.
  • Peer-to-peer lending can offer potentially attractive returns. There is a risk you may lose some or all of your initial investment. However Wellesley do offer their own compensation fund.

Wellesley 18 Month Fixed Rate Bond

Wellesley
  • Investors can start with as little as £10
  • Rates are fixed for duration agreed.
  • All lending is secured on property.
  • Wellesley decides on which cases to lend on and handle the lending and collection of funds.
  • There is a 'provision fund' set aside to cover any loses should they occur.
  • Wellesley & Co lend the first 10% on any deal, and are the first to loose their investment if the loan is defaulted and the sale of the property does not produce enough funds to cover the loan made.
  • After this point the provision fund is in place to compensate savers.
  • Early redemption is possible by selling your investment to another investor. However, this can only occur if there is a willing buyer.
  • YOUR SAVINGS ARE NOT PROTECTED BY THE FSCS - Financial Services Compensation Scheme.
  • Peer-to-peer lending can offer potentially attractive returns. There is a risk you may lose some or all of your initial investment. However Wellesley do offer their own compensation fund.

Wellesley 2 Year Fixed Rate Bond

Wellesley
  • Investors can start with as little as £10
  • Rates are fixed for duration agreed.
  • All lending is secured on property.
  • Wellesley decides on which cases to lend on and handle the lending and collection of funds.
  • There is a 'provision fund' set aside to cover any loses should they occur.
  • Wellesley & Co lend the first 10% on any deal, and are the first to loose their investment if the loan is defaulted and the sale of the property does not produce enough funds to cover the loan made.
  • After this point the provision fund is in place to compensate savers.
  • Early redemption is possible by selling your investment to another investor. However, this can only occur if there is a willing buyer.
  • YOUR SAVINGS ARE NOT PROTECTED BY THE FSCS - Financial Services Compensation Scheme.
  • Peer-to-peer lending can offer potentially attractive returns. There is a risk you may lose some or all of your initial investment. However Wellesley do offer their own compensation fund.

Wellesley 3 Year Fixed Rate Bond

Wellesley
  • Investors can start with as little as £10
  • Rates are fixed for duration agreed.
  • All lending is secured on property.
  • Wellesley decides on which cases to lend on and handle the lending and collection of funds.
  • There is a 'provision fund' set aside to cover any loses should they occur.
  • Wellesley & Co lend the first 10% on any deal, and are the first to loose their investment if the loan is defaulted and the sale of the property does not produce enough funds to cover the loan made.
  • After this point the provision fund is in place to compensate savers.
  • Early redemption is possible by selling your investment to another investor. However, this can only occur if there is a willing buyer.
  • YOUR SAVINGS ARE NOT PROTECTED BY THE FSCS - Financial Services Compensation Scheme.
  • Peer-to-peer lending can offer potentially attractive returns. There is a risk you may lose some or all of your initial investment. However Wellesley do offer their own compensation fund.

Wellesley 4 Year Fixed Rate Bond

Wellesley
  • Investors can start with as little as £10
  • Rates are fixed for duration agreed.
  • All lending is secured on property.
  • Wellesley decides on which cases to lend on and handle the lending and collection of funds.
  • There is a 'provision fund' set aside to cover any loses should they occur.
  • Wellesley & Co lend the first 10% on any deal, and are the first to loose their investment if the loan is defaulted and the sale of the property does not produce enough funds to cover the loan made.
  • After this point the provision fund is in place to compensate savers.
  • Early redemption is possible by selling your investment to another investor. However, this can only occur if there is a willing buyer.
  • YOUR SAVINGS ARE NOT PROTECTED BY THE FSCS - Financial Services Compensation Scheme.
  • Peer-to-peer lending can offer potentially attractive returns. There is a risk you may lose some or all of your initial investment. However Wellesley do offer their own compensation fund.

Wellesley 5 Year Fixed Rate Bond

Wellesley
  • Investors can start with as little as £10
  • Rates are fixed for duration agreed.
  • All lending is secured on property.
  • Wellesley decides on which cases to lend on and handle the lending and collection of funds.
  • There is a 'provision fund' set aside to cover any loses should they occur.
  • Wellesley & Co lend the first 10% on any deal, and are the first to loose their investment if the loan is defaulted and the sale of the property does not produce enough funds to cover the loan made.
  • After this point the provision fund is in place to compensate savers.
  • Early redemption is possible by selling your investment to another investor. However, this can only occur if there is a willing buyer.
  • YOUR SAVINGS ARE NOT PROTECTED BY THE FSCS - Financial Services Compensation Scheme.
  • Peer-to-peer lending can offer potentially attractive returns. There is a risk you may lose some or all of your initial investment. However Wellesley do offer their own compensation fund.

Castle Trust 1 Year Fixed Rate Bond

  • Minimum investment £1,000
  • Maximum investment £250,000
  • Online investment only available to UK residents and must be made by debit card. The maximum investment per transaction online is £50,000
  • All interest paid at maturity
  • No early encashment except in the case of the death of the bond holder
  • No initial or ongoing charges
  • Eligible within a Stocks and Shares ISA
  • YOUR SAVINGS ARE PROTECTED UP TO £50,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme

Castle Trust 2 Year Fixed Rate Bond

  • Minimum investment £1,000
  • Maximum investment £250,000
  • Online investment only available to UK residents and must be made by debit card. The maximum investment per transaction online is £50,000
  • All interest paid at maturity
  • No early encashment except in the case of the death of the bond holder
  • No initial or ongoing charges
  • Eligible within a Stocks and Shares ISA
  • YOUR SAVINGS ARE PROTECTED UP TO £50,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme