RATESETTER has begun emailing existing investors to get them ready for the launch of its Innovative Finance ISA (IFISA) this month.
The peer-to-peer lender sent messages to its customers on Thursday revealing that the IFISA would be made available to investors in the order they opened accounts.
“We are pleased to say that the RateSetter ISA is coming very soon and will be made available in a phased manner, based on date of Everyday Account opening,” the message said.
“We will be sending the first ISA invitations by email in the next few weeks, so please keep an eye on your inbox.”
The platform, which gained full authorisation from the Financial Conduct Authority in October 2017, has previously confirmed the IFISA will be available for current lenders only for the first two weeks “as a reward to our loyal customers”.
RateSetter, which is the last of the ‘big three’ platforms to launch its IFISA, said it would work in a similar way to its existing product range, with the added benefit of tax-free earnings.
However, it will only allow transfers of other ISA money from the next tax year, starting on 6 April 2018.
RateSetter has also altered its terms to reflect the IFISA, referring to users as investors instead of lenders and reminding new customers that they have a 14-day period after opening accounts to change their mind and cancel.
It has also removed the reference to a £1.50 fee for credit card payments after changes to the law banning such charges.
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