Latest platform update
Here’s our latest update on Octopus Choice, this time covering:
- Investment returns
- Payments and transfers
- Investment returns
October saw the highest ever total interest payment to Choice investors, yielding an annualised 5.6% return to investors. This return is a result of Octopus continuing to charge no management fee combined with several borrowers catching up on arrears from payment holidays earlier in the year.
Around 90% of the loans that had been granted a payment holiday are now servicing interest and we have approximately 5 loans with ongoing payment holidays which are scheduled to resume payments in February.
Since the start of October, approximately £4m (2%) of loan capital has been returned by borrowers to investors, which is available for immediate withdrawal as cash.
We have approximately £195m of investors’ capital invested in outstanding Choice loans. As I’ve written in previous months, we are working hard on ways to increase the liquidity of this capital beyond the scheduled repayments from borrowers.
Payments and transfers
Cash in Choice accounts can be set to pay out automatically every month. Doing this simply requires verified bank details and opting out of keeping all cash in the account.
If you would like to have all cash paid out automatically in this way, please remember the below points:
Money paid out of an ISA account will leave the tax relief wrapper – you may instead wish to transfer invested capital to another ISA provider.
If you already have a large amount in cash built up, we will also pay this out on the 15th of the month. Alternatively, you can choose to withdraw it now.
If you have not already done so, you will need to add your bank details to your Choice account. You can do this my logging onto Choice, navigating to ‘My Account’ on the top right of the screen, followed by ‘View Account’.
You can see available cash in General and ISA accounts separately, making it easy to treat each amount according to your preference. Any available cash can be withdrawn manually at any time by logging onto Choice and selecting “Withdraw” at the top of the page.
If you need help with managing Choice online, check our FAQ here: https://help.investors.octopuschoice.com
If you can’t find the answer to your question there and need product support, email us on email@example.com.
With any other questions, don’t hesitate to reply directly to me on firstname.lastname@example.org. I’ll write again next month with another update on investment performance, re-financing and functionality updates.
Head of Octopus Choice
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