UK-based peer-to-peer lending platform Assetz Capital announced last week its first ever rate rise across its access accounts. The online lender reported that the rate increase, which takes effect from 1st May 2018 until further notice, will take target interest rates for the Quick Access Account and 30-Day Access Account from 3.75% to 4.10% and from 4.25% to 5.10%. Assetz Capital also revealed both new and existing investors will benefit from the target interest rate boost, and it applies to both ISA-wrapped and non-ISA accounts.
Speaking about the rate increase, Stuart Law, CEO at Assetz Capital, stated:
“Since we launched our access accounts we’ve kept the rates consistent – other than for promotions – but we now have the opportunity to raise those rates for the time being and reward investors with even more interest. The growth of our business continues apace with both borrower demand and people’s investment with us both at record highs. We currently have approaching £300 million invested through our various investment accounts, and the growth curve remains strong.”
Law went on to add:
“With new ISA investments and transfers from both cash and stocks and shares ISAs continuing to pour in to all of our accounts, we expect this rate rise to further increase this rate of inflow and help us continue to put money to good use in the UK economy through businesses.”
The rate increase news comes just one month after Assetz Capital joined the panel of mortgage packager specialist, Positive Lending.