Assetz Capital attracts £10m into 90-day account in just one week
ASSETZ Capital has attracted almost £10m into its 90-day Access Account in just a week since it was launched.
The peer-to-peer business lender said funds have come from both existing and new investors.
The new account targets a return of 5.75 per cent, which the platform says will not change until 31 May 2019.
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.
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Assetz Capital is also offering one per cent cashback on all newly lent funds, for a limited time only.
To qualify for the cashback payment, users have to deposit funds onto the platform and invest them into the 90-Day Access Account at any time until the promotion closes on 15 March 2019.
Stuart Law (pictured), chief executive of Assetz Capital, said when viewed as an annualised rate of return, the cashback offer equates to four per cent interest per year, which effectively boosts the product rate to 7.75 per cent for the initial three-month period before it returns to 5.75 per cent.
“With the opportunity to earn the equivalent of up to 7.75 per cent on new investments during that initial three month period, there has never been a better time to invest in the platform,” Law said.
