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Rates to drop on Wellesley & Co
Wellesley & Co have announced that the interest rates paid to lenders will be falling from the middle of June by up to 1.27% AER. Interest rates currently compare favourably with Zopa and RateSetter, and are comparable with Funding Circle. The largest reduction will be for 3 year investments, with the rate dropping from 6.13% to 4.86%. The 5 year term still attracts the highest rates, but these will be dropping from 6.58% to 6.00% AER. The new rates will be comparable with Zopa and RateSetter.
Here is the statement emailed to lenders:
Wellesley & Co launched in November 2013 offering industry leading rates of return secured on tangible assets. As part of our ongoing commitment to focussing on high quality, low risk loans we will be reducing our standard interest rates effective 16th June 2014 on all new fixed terms selected by our savers. Existing lending held by our customers will be unaffected by this change.
We thought you would like to know about our rate changes in advance so that you can make the most of our higher introductory interest rates over the course of the next three weeks.
At the same time Wellesley & Co announced an offer to lenders who top up their accounts:
To bring an end to our introductory rates we would like to offer our existing customers a cashback bonus. During the promotional period, we will pay the following cashback values based on the cumulative amount of new funds that you send to your account for lending. This is to say thank you for remaining loyal to us during the early stages of Wellesley & Co.
Top-up with £5,000 or more and receive £25
Top-up with £10,000 or more and receive £50
Terms & Conditions
- Offer valid immediately and ends on Monday 16th June 2014.
- In order to be eligible for cashback, the top-up must be committed to a lending term of 6 months or longer.
- Maximum cumulative cashback per customer is £50.
- Cashback can be used for lending or can be withdrawn.
- Early Access requests made during the promotional period cannot be reinvested in order to receive the promotional bonus.
There is currently a £50 cashback offer to new lenders who sign-up with Wellesley & Co.