RateSetter opens transfers-in for IFISA

By Ryan Weeks on 2nd May 2018

P2P/Marketplace Lending

Over £75m has been invested via the platform’s ISA since it launched a little under three months ago.

RateSetter opens transfers-in for IFISA

Leading peer-to-peer lender RateSetter has begun accepting transfers into its Innovative Finance ISA from existing Cash ISAs, Stocks & Shares ISAs and other IFISAs.

The platform’s IFISA has been open to new investors since early March, after initially launching for existing customers only in February.

Peer-to-peer lenders in the UK must be fully authorised in order to offer IFISA investments, and RateSetter had to wait longer than most for the all-clear from the regulator. It was finally granted full authorisation in October 2017, after nearly two years of waiting.

The platform’s ISA offers an average annual interest rate of 4.4 per cent. It is also a flexible ISA, meaning investors may withdraw funds and replace them later in the same tax year without voiding their tax-free allowance. The annual allowance is currently £20,000.

RateSetter has seen almost ten thousand investors lend well over £75m through its IFISA since it launched in February. Now, the platform will accept full and partial transfers into the product from existing ISAs, and there is no limit to the number of existing ISAs that may be transferred.

RateSetter provides a simple way for people to get more from their money – to date, more than 50,000 investors have earned returns of almost £100 million by lending with us,” said Rhydian Lewis (pictured, right), founder and CEO of the firm. “Our tax-free ISA makes investing even more rewarding and, following a very successful launch, people can now transfer ISAs into RateSetter from other providers and get their money working harder.”

RateSetter yesterday announced changes to its ‘rolling’ market, such that investors will no longer see their interest rates change on a monthly basis.

 

Comments

AltFi Amsterdam Summit 2018

AltFi is returning to Amsterdam for its second annual Summit in the city. The inaugural event last year was a roaring success, with key figures from across Continental Europe's alternative finance and digital banking sectors highlighted. These included Jeroen Broekema, managing director of Funding Circle Netherlands, and Mieke van Engelen, head of innovative partnerships at ABN AMRO's standalone lending platform, New10.

5th November 2018


Companies in this Article:

RateSetter

More like this:

Zopa boosts rates for investors

17th September 2018
Daniel Lanyon

Orca launches £500k crowdfunding raise

17th September 2018
Ryan Weeks