FUNDING CIRCLE has introduced a new rewards incentive which will gift investors with John Lewis vouchers when they transfer £15,000 or more into their account.
Starting on Thursday, anyone that transfers between £15,000 and £50,000 into a Funding Circle account can earn up to £400 in gift vouchers. Transfers of £15,000 will receive a £100 voucher, rising to £150 for transfers of £20,000, and £250 for £30,000. Transfers of £50,000 or more will receive £400 in John Lewis vouchers.
The offer is available until 21 March 2019, suggesting that the peer-to-peer business lender may be targeting ISA transfers in the lead-up to the end of the tax year.
Funding Circle said in a blog post on its website that anyone who has already used up their ISA allowance can transfer existing ISAs from other providers, or open a non-ISA Classic account with the platform.
Read more: Funding Circle’s UK loanbook hits £4bn
Users who hold both an ISA and a Classic account can split the extra funds between the two.
A company spokesperson added that in order for an ISA transfer to qualify, investors need to fill out the ISA transfer form in their Funding Circle account between 21 February and 21 March 2019. The ISA transfer must have been completed, with funds distributed to a Funding Circle account and lending switched on, by midnight on 21 June 2019.
In order to avail of the offer, investors need to keep their transferred funds lent out until at least 21 June 2019. After this time, the voucher values will be calculated and distributed via email.
This is the second time Funding Circle has offered a rewards incentive in recent months. In October, the platform offered free iPads to anyone who added at least £30,000 to their account before 16 November.
Read more: Funding Circle lowers projected returns