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Peer2Peer Finance News | July 24, 2019

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Three upcoming IFISA launches to boost your tax-free savings

Three upcoming IFISA launches to boost your tax-free savings
Marc Shoffman

ISA SEASON may be a distant memory but there are still tax-wrapper product launches to look forward to in the coming weeks.

At least three peer-to-peer lenders are set to launch Innovative Finance ISAs (IFISA) in the near future, giving investors a wider choice of products and the opportunity to get their tax-free returns in early.

P2P consumer lender Elfin Market has said it will begin offering an IFISA account “within weeks.”

Founder and chief executive Mansour Bouaziz said that the IFISA account will initially be available to the first 10 members on the 1800-person strong waiting list. Each week, another group of investors will be invited to access the IFISA, and each week Elfin will increase the number of investors who are onboarded.

For a minimum investment of £100, the IFISA will allow investors to earn returns of between 3.8 per cent and 5.8 per cent by investing in the Elfin Purse, an online credit facility that aims to disrupt the credit card market.

Meanwhile, business P2P lender Growth Street’s tax wrapper is expected imminently.

Its chief executive Greg Carter told investors last month that the product would be out in “a few more weeks.”

It will offer a fixed rate of 5.8 per cent with a one-year term.

It will be a flexible ISA, meaning that investors can withdraw their money and put it back in again within the same tax year. Investors can also transfer previous years’ ISAs into the Growth Street ISA.

And finally, Money&Co is introducing a managed portfolio product that it says will offer extra security to investors by ensuring more diversification.

The P2P business lender is planning to discontinue single-loan offerings in favour of an IFISA-eligible “portfolio approach”.