Property investment platform GetGround has launched its first general investment accounts (GIAs), known as ‘Investment Pots’.
It says these will enable its 27,000 property investment and landlord customers to maximise the growth potential on their rental income and cash holdings.
Every month, GetGround customers receive rental income into the business accounts attached to the limited companies they own. The average GetGround company wallet receives £11,600 in rental income every year and holds upwards of £4,500 in cash at any time.
GetGround investors typically keep cash in their business accounts in advance of tax payments, to pay for necessary repairs or refurbishments in their rental properties, or with the intention of saving enough net rental income for a deposit on a new investment property.
GetGround customers can now transfer cash into Investment Pots to start earning a competitive return. Transfers in and out of GIAs are free of charge and there is no maximum cap on investment.
Withdrawals can be triggered anytime and cash will return to the customer’s business account within four working days. As well as earning a competitive return,
Currently, Investment Pot users will earn a 4.21% annualised return. The rate of return is variable and, as with any form of investment, customers’ capital is at risk. However, GetGround insists that its Investment Pots invest in a low-risk rated fund (AAA or equivalent by S&P, Moody’s, and Fitch).
Moubin Faizullah Khan, chief executive of GetGround, comments: “Over the years, as the volume of cash sitting in our investors’ individual business accounts has grown, so too has the length of time these funds sit in wallets doing nothing. We want to challenge this passive treatment of cash by creating a simple alternative that requires minimal effort. Whether it’s earning a bit of a return before making annual tax payments or accumulating a larger return to contribute to an off-plan purchase, our Investment Pots help our customers to make their money work harder when they don’t need it, and get it back swiftly when they do.”
Since its launch in early 2020, GetGround claims to have helped more than 27,000 property investors and landlords based in 114 countries globally to source, manage and ultimately sell their limited company buy-to-let investments.
The platform manages 10% of all new property incorporations and supports companies holding more than £1.5 billion of UK investment property – a figure that has grown seven-fold in the last three years.
This news follows the recent announcement that GetGround is now able to serve limited company property investors and landlords regardless of whether their limited companies were originally formed by GetGround or not.
