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Innovative Finance ISA
With only a short window remaining within this tax year, the majority of peer-to-peer platforms still have not received full FCA authorisation, and are therefore unable to offer the new Innovative Finance ISA (IFISA). However there are a number of P2P platforms that have been successful in obtaining FCA authorisation and HRMC registration as an ISA manager. The members of the P2P Independent Forum have compiled a list of the various platforms that are currently offering an Innovative Finance ISA.
We have take a copy of this list as of 1st April but for the up-to-date list please refer to the P2P Independent Forum.
|Abundance||5% to 12% AER
Typical 7.5% AER
|£5||Yes||2% AER return on ISA cash balances until 31st May 2017|
|Bassett & Gold||6.12% AER||£1000||Yes||No fees|
|Capitalrise||10% to 14% AER||£1000||Not yet||£35 transfer out fee|
|Crowd for Angels||Not specified||£100|
|Crowdstacker||Typically 5% to 7% AER||Not specified||Yes||£15 fee to sell investments through platform|
|Crowd2Fund||Estimated 8.7% AER||Not specified||Yes||Secondary market available|
|Downing||Typically 4 to 7% AER||£100||Yes|
|HNW Lending||Not specified||£10,000||Yes||£75 transfer fee|
|Landbay||Expected 3.75% AER||£5000||Yes||£50 transfer fee|
|LandlordInvest||Up to 12% AER||£100||Yes||0.5% secondary market fee if you choose to sell early|
|Lending Crowd||Target 6% AER||£1000||Yes||1% withdraw fee|
|Lending Works||3.6% AER||Not specified||Yes||Rates for 3 year and 5 year ISA respectively|
|Money & Co||Typically 7% AER||Not specified||Not specified|
|Property Crowd||7% to 10% AER||Not specified||Yes|
|UK Bond Network||Typically 7% to 12% AER||£5000||Yes||1% cashback bonus|
Thanks to the members of the P2P Independent Forum for their tireless work in investigating these platforms.