EasyMoney launches Innovative Finance ISA

EASYMONEY, part of Sir Stelios Haji-Ioannou’s ‘easy’ family of brands, has launched in the UK with an Innovative Finance ISA (IFISA) offering a target rate of 4.05 per cent a year.

Customers’ money will be diversified across multiple property-backed peer-to-peer loans.

EasyMoney said the product is aimed at investors who have had enough of the poor interest rates offered by cash ISAs and are nervous about the potential volatility of stocks and shares ISAs.

Read more: Savers facing ‘daylight robbery’ with cash ISA rates

Andrew de Candole, chief executive of EasyMoney, said that financial services in the UK are in desperate need of a shake-up.

“We’re offering a clear, simple alternative to a cash ISA for investors looking for real returns in exchange for a little more risk,” he added. “The inflation-busting interest rates we target are streets ahead of anything the banks could contemplate.”

Investors can also join EasyMoney plus, which gives instant discounts of between three and 55 per cent at more than 100 of Britain’s biggest retailers.

Haji-Ioannou said: “With the EasyMoney IFISA, we’re offering something new and taking on the big boys.”

The strong brand recognition of the ‘easy’ family could help to boost awareness of P2P lending in the mainstream investment space.

EasyMoney joins a plethora of P2P lenders who have launched their IFISA offerings ahead of the new tax year, including RateSetter and Assetz Capital.

Several other launches are expected over the coming weeks from lenders such as ArchOver and MoneyThing.