Investors can fully withdraw all funds with 30 days of notice without paying fees.
Secured SME lending platform Assetz Capital has today announced the launch of its fourth specialist investment account, the 30-Day Access Account (30DAA). The new 30DAA follows in the footsteps of the other three types of investment on the platform – the Green Energy Income Account (GEIA), the Great British Business Account (GBBA) and the Quick Access Account (QAA).
As the name of the account indicates, investors are in theory able to withdraw funds with a notice of 30 days – considering normal market conditions – without paying a fee. Transfers of funds are also fee-free. The account has a target gross rate of return of 4.25% per annum and offers the protection of a discretionary Provision Fund. Assetz stated that the rate of return for this account might vary, as it is set at the beginning of each month in relation to the nature of the loans within the account. However, Assetz assures investors that it can’t fall below 4% gross per annum.
“After the success of the recently launched Quick Access Account, it became very apparent that investors thought that quick access to their funds was of the utmost importance. The 30-Day Access Account not only means that money can be accessed quickly and easily in normal market conditions, but because of Assetz Capital’s model, the account offers a current target rate of 4.25% gross per annum which should appeal to those looking for good risk-adjusted returns and who don’t need the faster access to cash that the Quick Access Account offers.”
Investors may choose between short and long-term loans, with a minimum investment amount of £1 and a maximum of £100,000. The account will also be eligible for the IFISA, just as soon as the FCA grants the platform full authorization.
The arrival of the new account follows on from the Quick Access Account, which was launched in October. The main differences between the two are their respective notice periods and the target gross rate of returns. The Quick Access Account provides investors with a lower rate of return – 3.75% p.a. – but is not encumbered by a notice period. The 30-Day Access Account offers a higher return, but with a notice period for withdrawals of 30 days.
Mr. Law concluded:
“Alongside the Quick Access Account, the new 30 Day Access Account really opens the world of peer-to-peer lending up to the mass market. Those investors who want to dip a toe in the water, earn a fair return and have 30 day access to their cash rather than be tied up in a five year loan can do so. Those who were worried about being allowed to access their funds quickly can be reassured that this product delivers that in normal market conditions and therefore the returns on offer can be realised.”