Today, the Bank of England’s Monetary Policy Committee voted to maintain the Bank Rate at 0.5%. The Committee also voted to maintain the stock of purchased assets financed by the issuance of central bank reserves at £375 billion.
This announcement marks the sixth year anniversary of the Base Rate being held as such historically depressed levels. Whilst this was expected by financial markets, it maintains the pressure which every day savers are subjected to.
The 30 Day Easy Access product offers a variable rate of interest which fluctuates on a daily basis according to borrower demand and changes with the Bank of England’s Base Rate. Interest is calculated on a daily basis and can either be paid every 30 days as income or can be automatically reinvested every 30 days. This week, Wellesley & Co. have updated the rates offered to lenders on the 30 Day Easy Access Product to offer lenders rates of 3.6% and 3.66%.
The 30 Day Easy Access Product sees investor’s funds being matched to existing loans with terms of between 1 month and 5 years. Subject to our liquidity limitations, Wellesley will repay funds on the expiration of 30 calendar days from the day on which we receive an investor’s 30 day notice. It is important to remember that your capital is at risk and income is not guaranteed if a borrower fails to repay a loan.
If you are seeking a flexible investment product that offers variable rates of return, the Wellesley 30 Day Easy Access Product may suit you. If you would like further information, please telephone Wellesley & Co.’s London based Customer Service Team on 0800 888 6001. Alternatively, please send an email to [email protected]