Q&A About the 4thWay Assetz Exclusive 3.9% For Life Account
Update: this exclusive rate ended on 27th April 2017.
What is it?
It's Assetz Capital's* ”easy-access account, called the Quick Access Account, with an extra 0.15% interest for life on money you deposit before 27th April 2017. You need to use this link to open the account.
This brings the total interest to 3.9%.
Note that Assetz Capital is one of a small minority of P2P lending sites that doesn't show the benefit of earning interest on top of interest when you re-lend any repayments you receive from borrowers. If it calculated its rates like most other P2P lending sites do, the interest rate would be 3.97%.)
This offer is for new accounts only. Sorry if you have already opened the Quick Access Account!
Why use the Quick Access Account
The main idea behind the account is clearly that you are usually able to get your money back right away. Of all the easy-access accounts, this account probably offers the greatest chance of being able to leave immediately, even during times when more lenders want to sell.
For many Assetz Capital lenders who prefer to pick their own loans to increase returns or lower risks, the Quick Access Account is a place to park your money while waiting for a tempting individual loan to be listed on the market. Then lenders can instantly sell their loans in the Quick Access Account and buy part of the selected individual loan.
Why is this offer only available to 4thWay users?
Assetz Capital has offered it to 4thWay users only because, on average, 4thWay readers lend more money than lenders who come from anywhere else.
What does 4thWay get out of it?
Nothing extra. Assetz is one of the P2P lending sites that pays 4thWay commission if you click through its website and open accounts, but this never affects our research, ratings, guidance or comparison tables in any way.
Our writers, researchers and experts act independently and we are free to express our own views, wherever it takes us.
In case that's not enough to keep us in line, we also have a panel of users, nominated by you, who can force us to change things on our website.
We have issued sell recommendations on commission payers and we have written a lot of negative things about commission payers. We're kind of masochistic like that. (But we're still doing just fine.)
So what's Assetz Capital really like?
Please see our Assetz Capital Quick Expert Review.
Is the Quick Access Account really worth it?
For the right people, I think Assetz' Quick Access Account is worth it as one of the accounts they use to lend through. (The key is to lend across lots of P2P lending sites.)
It's 5 PLUS rated, which means that it looks like the risk of losing money even in a severe recession is low, although this is not a guarantee, and some individuals might do worse than average.
I think it's fair to say that the common view here at 4thWay is that the Quick Access Account is comparable to other top easy-access accounts, with the ability to sell your loans and get your money back with no exit charges.
It potentially has an edge over most easy-access accounts in terms of getting your money back swiftly. When exiting P2P loans, P2P lending sites usually have to sell your loans to other lenders in order to give you your money back, and so you might have to wait if no lenders are currently asking to buy loans.
However, with Assetz Capital's Quick Access Account, Assetz will also, up to a point, buy your loans off you with its own cash if there are no lenders available and waiting to lend.
There is a limit to its resources, so although they increase the chances of you being able to withdraw your money, there are still no guarantees. If you don't need the extra protection, potentially Assetz Capital's 30-Day Access account paying 4.33% (4.25% simple) interest is a better choice for you.
*Commission and impartial research: our service is free to you. We already show dozens of P2P lending companies in our accurate comparison tables and we keep adding more as soon as they provide us with enough details. We receive compensation from Assetz Capital and other P2P lending companies not mentioned above when you click through from our website and open accounts with them. We vigorously ensure that this doesn't affect our editorial independence. Read How we earn money fairly with your help.
*The opinions expressed are those of the author and not held by 4thWay unless specifically stated. 4thWay is not regulated by the FSMA and does not provide personalised advice. The material is for general information and education purposes only and not intended to incite you to lend.
Journalists writing for 4thWay are subject to 4thWay's Editorial Code of Practice. For more, please see 4thWay's terms and conditions.