EasyMoney hikes target rate across all accounts
EasyMoney is increasing its target rate by 0.5 per cent across all three of its investment products, as it revealed 70 per cent year-on-year growth in new customers this year.
The peer-to-peer property lending platform said that the target rate on its ‘Premium’ account will increase from 4.03 per cent to 4.53 per cent.
The target rate on its ‘Premium Plus’ product will rise from 5.05 per cent to 5.52 per cent, and the target rate on its High Net Worth account will increase from 6.01 per cent to 6.51 per cent.
The increases will come into effect automatically on 15 December, EasyMoney said.
In an emailed statement to Peer2Peer Finance News, EasyMoney said that 2022 had been “a great year” for the platform and it had experienced dramatic growth.
“2022 has been a great year for onboarding new customers,” an EasyMoney spokesperson said.
“We have seen a 70 per cent year-on-year increase in new customers (active accounts).
“The ISA market has been another big achievement for us in 2022, new active ISA accounts increased by 64 per cent to 2,438.”
EasyMoney has now written more than £245m of loans to date.
“The team are motivated to continue this success into next year, and we look forward to 2023,” the spokesperson added.
In October, EasyMoney scrapped its bottom rate investment product and moved those account holders to its premium account.
Jason Ferrando, chief executive of EasyMoney said at the time that the decision was made to help people during the cost-of-living crisis.
The firm’s latest set of financial results showed it doubled its profits and revenues between 2020 and 2021.
In the year to 31 December 2021, EasyMoney posted a profit of £561,033 on revenues of £2,762,554.