Assetz Capital closes two of its highest paying P2P accounts

ASSETZ Capital has closed two of its highest paying auto-invest accounts.

The peer-to-peer business lender told investors on Wednesday morning that it would no longer accept contributions into its Great British Business Account Series 2 (GBBA2) or its Property Secured Account (PSA).

GBBA Series 2 offered a target interest rate of 6.25 per cent and the PSA offered target returns of 5.5 per cent.

In contrast, investors can earn 4.1 per cent in Assetz Capital’s Quick Access account, 5.1 per cent in its 30-day access account, 5.75 per cent in its 90-day access or up to 12.5 per cent through manual lending.

The platform said the accounts had proved less popular since the launch of its 90-day account earlier this year.

Read more: Assetz Exchange gets set for wider public launch

Read more: Assetz Capital warns Brexit optimism is slipping away

“We’ve closed these accounts to new investment to simplify the platform and create the best possible lending experience,” Assetz Capital said in an email to investors.

“Our credit policy is now that all loans must have property security. As such there is no longer a need for a differentiated PSA.

“As we’ve grown our platform, we’ve listened to your feedback and monitored which accounts you’re investing through.

“With the ever-growing popularity of the ‘Access Accounts,’ including the introduction of our 90 Day Account back in March this year, the growth of the GBBA2 and PSA has remained relatively static.”

Read more: Assetz Capital closes Green Energy Account