Octopus Choice now accepting ISA transfers

By Daniel Lanyon on Thursday 18 January 2018

Alternative Lending

The platform is gearing up for growing demand for its IFISA product.

Octopus Choice will now accept transfers from existing ISAs into its Innovative Finance ISA wrapper.

Octopus is enabling new and existing clients to transfer some or all of their ISA investments into the Octopus Choice ISA, which targets a tax-free variable interest rate of around 4 per cent per year by investing in loans secured against bricks and mortar. 

Since launch in April 2016 Octopus Choice has lent out more than £110m. The move creates an opportunity for financial advisers to add value by helping their clients target an attractive, inflation-beating return within their ISA wrapper, without taking on the associated risk of investing stocks and shares.

Sam Handfield-Jones, Head of Octopus Choice, said: “We’ve already seen strong demand from financial advisers and their clients for the product and we’re encouraged that for many this will mean gaining access to an ISA that works harder for them.”

There are no charges for moving money in and out of the Octopus Choice ISA, and no minimum or maximum transfer limits, though there may be exit charges administered by other ISA providers.

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