GetGround has launched its first general investment accounts (GIAs) – ‘Investment Pots’ – to allow its 27,000 property investment and landlord customers to make their rental income and cash holdings work harder for them.
Every month, GetGround customers receive rental income into the business accounts attached to the limited companies they own. The average GetGround company wallet receives £11.6K in rental income every year and holds upwards of £4.5K 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 in their wallets into Investment Pots to start earning a 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 return, GetGround Investment Pot can keep their cash in the GetGround ecosystem without triggering the unwanted tax implications of moving cash between accounts.
The rate of return is variable and the platform says that currently Investment Pot users will earn a 4.21% annualised return. GetGround Investment Pots invest in a low-risk rated fund (AAA or equivalent by S&P, Moody’s, and Fitch).
Moubin Faizullah Khan (pictured), co-founder & CEO of GetGround, said: “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.”
