I requested a sell out of my funds in the Assetz Capital GBBA account around a year ago, on July 23rd 2017. The GBBA account is the ‘Great British Business Account’ which is currently on series 2 offering 6.25% returns with a discretionary provision fund. I wasn’t particularly worried about the account or the returns from my investment, but I wanted to try to invest it myself either on some of their manual loans or on other platforms with a higher risk/return.
There have been some questions around selling out of the GBBA and the utility of the discretionary provision fund on the account. It is great to have a safeguard against defaults, but in practice, if you need access to money in the the short term, what happens? This is my progress selling out around £2400 from my GBBA investment over the last year:
Click on the chart above for a larger view.
I got this data from an export of my GBBA account. There was a huge number of transactional rows, so I filtered to only “Inter account transfer to cash account”. I understand this as the investment has been sold off and the cash has been transferred into the cash account, from which I can withdraw/reinvest as I like.
- The bulk of the investment, 54%, was sold off in the first day after the request
- 75% was transferred into my cash account with the first week
- 81% was sold off 1 month after the sell out request
- 89% sold off after 2 months
- 96.4% sold off after 3 months
- After 3 and a half months, I was down to around £13 which has been very slowly shifting ever since.
- Now 1 year later there is still £9.50 in the GBBA series 1 account.
- When I looked in detail in the loans of the remaining £9.50 which was ‘stuck’, it was actually spread across 15 different loans, most performing.
- I made a fresh withdrawal for the remaining funds, perhaps it was interest that was received in the time between the first withdrawal request and the sale of those loans. Will update this post when I know.