JustUs hikes rates

JustUs has increased rates on its cash account and certain property loans.

The peer-to-peer lending platform said it has lifted the rate on its sterling access account to five per cent, from 4.75 per cent previously.

It has also increased the rates for its property-backed ‘F’ risk grade loans to 10 per cent.

“We are delighted to be able to announce that following the recent monetary policy committee review, we have again reflected the positive news in support of our lenders,” JustUs chief executive Lee Birkett said in an email to investors.

In October, JustUs launched its one-day notice sterling access account. It is essentially a low-risk cash account, backed by global government gilts and European Central Bank bonds, which competes with bank savings rates.

The two funds enabling the JustUs higher interest returns are the Aberdeen Standard Liquidity Fund and the Legal & General Cash Trust.

Read more: Easy access accounts on the decline amid regulatory scrutiny

“We are basically democratising what’s normally the preserve of the super wealthy,” Birkett told Alternative Credit Investor in October. “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.”

JustUs has increased rates a number of times this year, to reflect the higher base rate.