With Ratesetter those putting up money don’t have to choose who they want to lend money to. Rhydian Lewis, the founder of the site, said: “We’ve found many customers find it difficult to judge the relative merits of lending to an A* borrower at 5pc or an A borrower at 6pc.” Instead savers are given one interest rate – set by the market on the site on any given day. The only variable is how long your money is tied up for (the longer the period, the higher the rate). Ratesetter also offers short-term products, paying 2.5pc if customers lock funds away for just a month and a rate of 3.2pc on a one year bond.