"We want to challenge this passive treatment of cash by creating a simple alternative that requires minimal effort"
- Moubin Faizullah Khan - GetGround
Property investment platform, GetGround, has launched its first general investment accounts (GIAs), known as ‘Investment Pots’, to enable its 27,000 property investment and landlord customers to maximise the growth potential of 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 £11.6K 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.
Customers can now transfer cash in their wallets 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, GetGround Investment Pot users enjoy the convenience of keeping their cash in the GetGround ecosystem without triggering the unwanted tax implications of moving cash between accounts.
£250m flows through GetGround customer accounts every year. 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 Investment Pots invest in a low-risk rated fund (AAA or equivalent by S&P, Moody’s, and Fitch).
Moubin Faizullah Khan, Co-Founder & CEO 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.”
