Peer to peer real estate investment platform, easyMoney, has today announced that it has increased its target rates by a further 0.25%, the second such increase implemented by the company since the Bank of England pushed the base rate to 5% at the end of last month.
A 13th consecutive rate hike by the Bank of England has pushed the base rate to a 15 year high that is stretching borrowers to breaking point. But for those with money to invest, the current landscape is far more favourable.
While some institutions have been dragging their feet when it comes to passing on the benefit of escalating interest rates, easyMoney has been leading from the front, with this latest increase the fourth such increase implemented by the company just this year alone.
Having already increased their target rates by 0.5% back in January, by 0.25% in May, and 0.25% in June, the firm has today announced it will be adding a further 0.25% for investors.
As a result, their new rates are as follows: –
Investment amount old rate per annum new rate per annum
£100.00+ 5.03% 5.28%
£20,000.00+ 6.02% 6.27%
£100,000.00+ 7.01% 7.26%
Jason Ferrando, CEO of easyMoney said, “It remains a difficult time for many and while inflation has started to ease, the cost of living remains substantial. Increasing interest rates will have done little to ease this financial burden and we expect that there is more to come in this respect which will be unwelcome news for the nation’s borrowers.
We believe it’s only fair that those in a position to benefit from escalating interest rates are able to do so and so we’ve taken the decision to increase our target rates for the fourth time this year.
Our new target rates are effective as of today and all existing investments have been automatically moved to our new rates.”
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