Peer-to-peer platform Lending Works offers savers a bank-beating 6% rate over five years | This is Money

Savers who have struggled to find decent rates for their money in recent years could be sorely tempted by a 6 per cent return through bypassing the banks.

Peer-to-peer platform Lending Works is offering a rate of 5 per cent for those lending money for up to three years and 6 per cent for up to five years.

This comfortably beats the best rates on the market for savings accounts, but those considering it must remember the added risk of losing your money, as there is no FSCS-protected safety net that a traditional savings account has.

• SHARE PICTURE

Copy link to paste in your message

+1

Beat the bank: Lending Works is offering up to 6 per cent for lenders on its peer-to-peer platform

Falling inflation, low interest rates and cheap money available to them on the money markets have taken away much incentive for banks and building societies to offer decent savings deals.

Many have also been growing their margins at the expense of savers in recent years. This squeeze has helped foster the peer-to-peer savings industry, where individual can use website to lend direct to borrowers - sometimes even setting their own rates.

RELATED ARTICLES

• Previous
• 1
• 2
• Next

via www.thisismoney.co.uk