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Assetz Capital launches 30-day Access Account

Peer-to-peer alternative finance platform Assetz Capital has launched the 30-Day Access Account (30DAA), with Provision Fund, the fourth specialist investment account available to investors on the platform.

The new account follows on from the success of the Quick Access Account (QAA), launched in October, which to date has seen over GBP50 million flow through it, funding UK SMEs.

Whereas the QAA account has a current rate of 3.75 per cent gross per annum, the new 30DAA has a current rate of 4.25 per cent gross per annum whilst also benefiting from the added protection of a discretionary Provision Fund. The rate for the 30DAA can vary, being set at the beginning of each month based on the loans within the account, but the target rate will never fall below 4.00 per cent gross per annum. Investors can automatically invest between GBP1 and GBP100,000 in a diverse portfolio of secured business loans that have passed Assetz Capital’s strict credit checks.

Unlike some other P2P platforms, there is no fee for access to the cash nor any notice period beyond 30 days, in normal market conditions. The account will also be eligible for the IF ISA once Assetz Capital has been given full approval to offer an ISA solution.

Stuart Law, CEO at Assetz Capital, says: “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 per cent 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.”

The 30DAA invests in both short and long-term loans and interest is earned and paid monthly. The account always retains substantial cash balances in order to facilitate quick access for investors who require their investment back on the 30 days’ notice.

All Assetz Capital investments can be made and managed through Assetz Capital’s comprehensive and market leading members’ portal.

Law adds: “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.”

The new 30DAA follows in the footsteps of the Green Energy Income Account (GEIA) the Great British Business Account (GBBA), and the Quick Access Account (QAA) and has been established to allow investors to make automatic investments in secured business loans that have passed the platform’s strict credit policy.

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