JustUs introduces 4.75pc interest on easy-access account for retail investors
JustUs has launched a one-day notice sterling access account with 4.75 per cent variable interest, alongside new property backed loans with 9 per cent interest rates.
As with any JustUs investment, in order to access the new products retail investors have to pass a suitability test, proving they meet knowledge, understanding and suitability criteria.
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However, the sterling access account is essentially a low-risk cash account, backed by global government gilts and European Central Bank bonds, which pays a bank-beating rate without the money being tied up long-term.
“Accessing the best returns on cash in the UK typically requires you locking up your money for many years via an outdated paper process,” JustUs chief executive Lee Birkett explained in an email to investors today.
The two funds enabling the JustUs higher interest returns are the Aberdeen Standard Liquidity Fund and the Legal & General Cash Trust.
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The account has a minimum deposit and balance level of £10,000, however JustUs accesses the same money markets that, via traditional channels, would usually be the preserve of multi-millionaires.
Talking to Alternative Credit Investor this morning, Birkett said: “We are basically democratising what’s normally the preserve of the super wealthy. It’s like crowdfunding. At JustUs we’ve got access to these funds now as well.
“Shorter-term high returns on cash are historically the preserve of the super wealthy and institutions with multi-million-pound minimum investment levels. We have now democratised access to similar returns through our digital platform. It is important to note that the investors themselves are not investing directly into the money market. The 4.75 per cent JustUs interest equivalent return on this account is paid at the sole discretion of JustUs.”
Read more: Easy access accounts on the decline amid regulatory scrutiny
