Assetz Capital is a site that it full of innovation but the way the site works is complex and sometimes unpredictable. The latest account is the Quick Access Account (QAA). This joins the Cash account, Manual Loan Investment Account, Green Energy Income Account and the Great British Business Account. Yes, that’s FIVE accounts in total, including the cash account.
The QAA offers (almost) instant access to funds, is secured by a provision fund and has an interest rate of 3.75%. The clever thing is that as new loans come online or existing loans, specified by the lender, become available, money is automatically transferred from the QAA to one or more of the other accounts. In other words, Assetz are offering 3.75% interest on cash that would otherwise be parked (with no interest) in the Cash Account.
In the Lab?
For me, Assetz is a kind of laboratory experiment, a prototype or beta site but with real money and real loans. It reminds me, in some ways, of Funding Circle with its complex secondary market and the ability to bid for your own interest rate. Mind you, bidding for varied rates on FC will soon be a thing of the past. FC are shortly going over to fixed rates only so the ‘flippers’ and their ‘bots’ will need to find a new home! More of FC and fixed rates in a future post.
Where am I with Assetz?
I've got bits of cash in the 4 accounts and wait with INTEREST, hopefully 3.75%, 7% or more (Manual Loan Investment Account), to see what cash ends up where and when! Anyway, I look forward to putting more money into Assetz, if and when the algorithms get sorted out and the flow of new loans increases, and I can fully understand what the platform is doing with my cash!