RateSetter celebrates 5,000 ISA account openings in first month

By Emily Nicolle on Tuesday 13 March 2018

Alternative Lending

Despite launching later than most, RateSetter has seen a significant take-up of the tax wrapper.

Confirmed today, peer-to-peer lender RateSetter has said that it has seen “well over 5,000 accounts” opened on the platform since launching its ISA in February.

Initially only made available to existing investors, the “Big Three” lender made the tax wrapper open to new customers on March 1st. RateSetter’s head of communications John Battersby also confirmed to AltFi that the firm has been “very pleased” with the level of take up coming from new customers, and is looking ahead to include existing ISA transfers onto the platform in April.

The news comes as fellow lender Funding Circle has decided to push back the launch of its IFISA product to new investors until the new tax year, so as not to overload the platform with a heavy influx of funds coming in before the deadline passes.

Speaking at AltFi’s IFISA seminar earlier this year, financial editor Andy Davis predicted 2018 to be “the biggest year yet” for the middle-ground ISA product.

However research conducted by AltFi as part of our latest report showed that there is still massive ignorance surrounding the tax wrapper, with lack of public awareness about the IFISA predicted to be its biggest break on growth. 

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