There are now three new Innovative Finance ISA products on the market, with more to follow, courtesy of Assetz Capital. The secured peer-to-peer lender has turned its IFISA live for all automated investment products.
Upon receiving full authorisation from the FCA in September, Assetz committed to getting its ISA launched in Q4 2018. We learned a few weeks ago that the wrapper would include both manual and automated lending accounts, and that customers would be able use their £20,000 annual tax-free allowance to invest, in addition to being able to transfer in old ISA money. Manual accounts are expected to be opened to the IFISA early next year.
Below are the target returns on offer (or that will be on offer) across the platform’s five accounts:
Quick Access Account at 3.75%
30 Day Access Account at 4.25%
Property Secured Investment Account at 5.5%
The Manual Loan Investment Account at up to 15% returns
The pending relaunch of the Great British Business Account (6.25%)
Assetz Capital is the second largest business lending platform in the UK by volume, with a little under £400m lent to date, according to AltFi Data. According to the company, its lenders have learned £32m in gross interest since its launch. Assetz unveiled a new brand and website late last week.
“This has been a transformational year and we are ending on a high with a refreshed brand and website, new headquarters in Manchester and the launch of our ISA,” said Stuart Law (pictured), CEO and founder of Assetz Capital. “This is the result of the fantastic work by our dedicated team to help take peer-to-peer lending to the next level.”
