RateSetter opens IFISA to transfers
RATESETTER has opened its Innovative Finance ISA (IFISA) to transfers from other providers.
Investors can now transfer money from their existing cash and stocks and shares ISAs from previous tax years into the P2P platform’s product.
RateSetter will accept full and partial transfers and there is no limit on the number of existing ISAs that can be transferred.
It comes as the platform reported it has received more than £75m of subscriptions since launch in February.
“RateSetter provides a simple way for people to get more from their money – to date, more than 50,000 investors have earned returns of almost £100m by lending with us,” Rhydian Lewis (pictured), chief executive of RateSetter, said.
“Our ISA makes investing even more rewarding and, following a very successful launch, people can now transfer ISAs into RateSetter from other providers and get their money working harder.”
The development means two of the “big three”- RateSetter and Zopa – now allow ISA transfers, while Funding Circle does not yet provide this function.
Read more: RateSetter overhauls Rolling Market product
