Folk2Folk makes its IFISA available for transfers

FOLK2FOLK has opened its Innovative Finance ISA (IFISA) up to transfers for new and existing investors.

The peer-to-peer business lender will now allow savers and investors to move money across from old cash ISAs or by cashing out of a stocks and shares tax wrapper and moving the money across.

It has set a minimum transfer value of £20,000, with no maximum amount. Any extra transfers must be in multiples of £5,000 lump sums.

There is no charge for the transfers but investors have to pay an administration fee of one per cent plus VAT annually.

Folk2Folk, which named chief marketing officer Giles Cross as chief executive last week, first unveiled its IFISA in July 2017.

“Folk2Folk provides a competitive ISA offering to consumers and retirees wishing to earn inflation beating returns of 6.5 per cent, whilst supporting local and rural businesses,” Cross said.

“We’ve developed an attractive lender offering, built on a belief of transparency, decency and fair exchange. Our secured lending platform reports zero losses for lenders since its launch in 2013.”

Read more: Folk2Folk hires first CMO to drive national expansion

As Peer2Peer Finance News previously reported, the P2P sector is gearing up for a billion-pound IFISA boom this year.

For more on IFISAs, keep an eye out for our special feature in the upcoming print edition of the magazine.