IFISA providers

Innovative Finance ISA or IFISA is a specific type of ISA (Individual Savings Account) which providers individual with an option to earn tax-free interest through an online peer to peer lending platform. These platforms pair borrowers with lenders who are interested in lending funds to grow their savings. There is high competition in the market as there are several IFISA providers. Each provider offers a chance to investors by pinpointing to exactly which industry they would want to invest in. Innovative Finance ISA removes the middleman, which is usually ‘bank’; this reduces the overheads and providers room for high-interest rates. These are an alternative type of saving account to traditional saving options. IFISA has grown immensely in popularity precisely because of high returns of up to 7%. It is a good investment option to start with for individuals who want to improve their savings. On average, IFISA providers offer high-interest rate usually more than double compared to the traditional savings account. Since this market is comparatively new, so it has low entry barriers. Such elements ensure multiple investment opportunities and different competitive rate from potential providers. For the basic taxpayers, the first £1,000 of their returns is tax-free. While for people who pay a high tax rate, they get £500 tax-free gains. Investors can easily reinvest the earned returns, which can compound their earnings. If you want to grow your savings then visit our website.