Treasure Hunt Winners Get 8% - plus: Banks Offer 0.25%


TreasureHuntSmaller

The week ahead will see those hidden gems translate into financial action. At least £14,000 of the £15,000 in prizes won by our Fortune Finder Treasure Hunters will be transferred to the accounts created for them. One of the winners is still playing hard-to-get. So the game's still not officially over – we'll re-draw the prize and contact a (hopefully less recalcitrant) winner if we have still been unable to get a response in a fortnight's time.

We'll be very interested to see what the winners choose for their lending accounts. Winners cn choose from current offers (our latest offers gross yield of over 11 per cent), with many exciting deals in the pipeline. We also have the loan auction market, which offers a chance to buy other registered lenders' loans – an effective way of spreading risk. For detail on spreading risk, see our "How does lending work with Money&Co.?" video.

The current average gross yield achieved by lenders is 8.2 per cent. Our winners will probably have portfolios with a similar profile.

All of which begs the question: "What's the alternative?" The major banks' offerings speak for themselves. Below we reproduce a piece of commentary – and a table – from a recent Telegraph article. Draw your own conclusions...

M&CLogo

The biggest decreases and increases in rates

Brand

Type of change

Product

Going from

Going to

Difference

Halifax

Largest rate reduction

Web Saver Extra

0.95%

0.25%

0.7%

Lloyds

Largest rate reduction

Lloyds Cash Isa

0.91%

0.25%

0.66%

Halifax

Largest rate increase

Online Saver & Web Saver

0.1%

0.25%

0.15%

Lloyds

Largest rate increase

eSavings & Internet Saver

0.1%

0.25%

0.15%

Source: Telelgraph

From the Telegraph: "Lloyds Banking Group is replacing 47 "historic" savings accounts, offered across its three brands, Lloyds, Halifax and Bank of Scotland, with just three. It said it wanted to "simplify" its range and "be more transparent with customers".

The old accounts, which are closed to new customers, will be replaced with an instant-access Isa, an online easy-access saver and an easy-access account, all of which will pay interest of 0.25pc. This rate, Lloyds said, is in line with its competitors' offerings.

But a third of customers who hold money in any of the 47 accounts will see their income drop as a result of the rate cuts."



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Disclaimer: Money&Co.™ is the trading name of Denmark Square Limited, Company Number 08561817, registered in England & Wales, authorised and regulated by the Financial Conduct Authority (FCA). The company is identified on the Financial Services Register under Reference Number 727325. The registered office is 58 Glentham Road, Barnes, London, SW13 9JJ where the register of Directors may be inspected. Denmark Square Limited (ISA manager reference number Z1932) manages the Money&Co. Innovative Finance ISA.