Focus on: Get a great savings rate and a FREE Kindle e-reader

A lucrative savings rate is one thing, but a free Kindle e-reader thrown in to sweeten the deal too?

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"Kindle and a cup of tea" by mobilyazilar is licenced under CC BY 2.0

That’s what you’ll get from peer-to-peer lender Wellesley & Co when you apply through MoneySuperMarket.

Here’s everything you need to know…

What’s the deal?

Pay at least £2,000 into an account with Wellesley & Co through MoneySuperMarket and, not only could you earn as much as 6.76% on your savings, you’ll also get a free Amazon Kindle e-reader worth £59.

You can choose from fixed rate accounts lasting 6, 12 or 18 months or 3, 4 or 5 years. The longer the term you choose, the higher the returns you’ll get.

With the exception of the 6 and 12-month deals, you can choose whether to receive your interest monthly or at the end of the term. Those who can afford to wait until the end of the term get greater returns, as you can see in this table:

Whichever you choose, the interest you earn is paid straight into your Wellesley account. If you go for monthly interest payments, you can either leave it there to accumulate (though you won’t earn any more interest on it) or pay it into another account of your choice.

Your free Kindle, available with whichever account you choose, will be sent out within 24 hours of you depositing funds into your account.

Who is it good for?

Anyone looking for a place where their savings will work a bit harder and who is happy to lock in their cash for at least six months. The free Kindle could make a generous stocking-filler for someone this Christmas, too.

Any catches?

The first thing to note is that, as a peer-to-peer lender, any savings held with Wellesley are NOT protected by the Financial Services Compensation Scheme, which covers the first £85,000 of your money if a bank or financial institution goes bust.

With that said, Wellesley does have a discretionary provision fund, held by an independent third party, which would pay out if a borrower fails to make repayments on your loan.

There’s another catch to do with making withdrawals. You can access your money before it matures, but only when Wellesley can find a saver/lender to take your place.

The thing is, there’s no time guarantee on this, so you don’t know how long you’ll have to wait to receive your money.

Finally, the exclusive deal ends on November 28 – so you need to act fast if you want to take advantage.

What’s the verdict?

As long as you understand the relatively small risks of peer-to-peer lending (here’s a primer), there are some decent returns up for grabs here – and you won’t get anywhere near these returns with a conventional savings account.

The free Kindle (wifi only, touchscreen version) is also a great sweetener. It stores up to 3,000 ebooks, holds its charge for weeks and weighs less than a paperback novel.

Please note: any rates or deals mentioned in this article were available at the time of writing. Click on a highlighted product and apply direct.

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