By Oliver Smith on Tuesday 21 April 2020
Will recent rate cuts by the Bank of England send IFISA interest even higher?
Property investment platform CapitalRise saw a more than doubling in the volume of Innovative Finance ISAs being set up by investors last year.
“We are thrilled with the continued popularity of our IFISA, which remains strong during these uncertain times,” she said.
CapitalRise attributes the growth to the ever-slipping interest rates especially on cash ISAs which at some banks have fallen as low as 0.24 per cent.
“With the recent interest rate reductions made by the Bank of England and the volatility in the stock markets decreasing the appeal of Cash ISAs and Stocks and Shares ISAs to many customers, the IFISA is standing out as a very attractive option for investors,” said Rajah.
The platform has provided more than £50m of development financing across £330m of prime property, and was named “Best Alternative Finance Provider” recently at the 2020 British Bank Awards.