Max, Access, and Plus Accounts Unveiled By RateSetter
British peer to peer lending firm RateSetter has grown by leaps and bounds over the past few years. Today, the company announced the launch of three new products for investment. The company believes that the launch of these new products will make investment a lot easier for the lenders. The new products in question are three separate forms of accounts known as the Max, Plus, and Access. The products are already available as of October 3. The company informed that the target returns on Max are 5%, while those in Access and Plus are 3% and 4% respectively. On the other hand, the withdrawal charges are also going to be different for accounts.
Those with Access accounts can make withdrawals at any time and would not need to pay any fees. However, Plus account holders would need to pay 30 days’ interest to withdraw their capital, while Max account holders would have to pay interest worth 90 days. The Chief Investments Officer of RateSetter Mario Lupori stated that the new product will make life easier for investors and also raise the liquidity on the platform. Speaking about the new products and the aims of the company, Lupori stated,
“The performance of your investment will be more consistent with a stable rate as well as automatic reinvestments which means your money is continuously earning, provided it is matched to loan contracts.”
In the past, RateSetter offered to roll one year and five-year accounts, but the new products are going to replace those. Lupori went to state that the accounts will continue to get the support of the larger fund. He said,
“Of course, the new products continue to enjoy the collective investment effect of the provision fund which spreads every investor’s risk across the whole loan portfolio and has ensured that to date every investor has earned exactly what they expected.”