ASSETZ Capital has launched a new 90-Day Access Account with a target return of 5.75 per cent. The peer-to-peer platform is also offering one per cent cashback on all newly lent funds, for a limited time only.
The 5.75 per cent rate will not change until 31 May 2019, and after this time any rate changes will be announced at least 90 days in advance, thereby giving investors time to move their funds if they so wish. The once per cent cashback payment will be processed within 90 days of the funds being lent.
Like the platform’s Quick Access Account and 30-Day Access Account, the 90-day account is ISA eligible and will automatically lend investor funds across a range of secured business loans. Investors will also have access to a discretionary provision fund, which can be used to protect investors from capital losses.
The 90-Day Access Account provision fund has been seeded with £300,000 to coincide with the 22 February launch of the product.
The 90-Day Access Account can be opened with a minimum investment of £1, with no maximum investment. Account holders can withdraw their money by giving 90 days’ notice, although an Assetz spokesperson said that “access times cannot be guaranteed” outside of “normal market conditions.”
“Providing simple and straightforward access to cash, the 90-Day Access Account gives our investors another opportunity to create an investment plan that suits their goals,” said Stuart Law, chief executive of Assetz Capital “It’s the next step in our long-term strategy to give our lenders the widest and fairest choice of P2P lending opportunities.
“The 90-Day Access Account will fill another gap in the market, and we will continue to develop our offering to match the needs of our loyal retail customers.”
The 90-Day Access Account is the latest addition to Assetz Capital’s growing suite of access products. The platform’s Quick Access Account currently targets returns of 4.1 per cent and offers “fast access to your cash in normal market conditions,” with most withdrawals taking place within two working days.
The 30-Day Access Account targets returns of 5.1 per cent, with withdrawals taking place 30 days after a request has been made.
To date, Assetz has lent more than £1bn through its access accounts.