RateSetter to launch IFIsa in February

Peer-to-peer lending platform RateSetter expects to launch its Isa in February 2018.

For an initial, two-week period, the RateSetter Isa will be available exclusively to existing platform users.

Once the Isa launches, customers will have until 5th April 2018 to invest the 2016/17 Isa allowance of £20,000.

RateSetter customers will be able to lend in the rolling, one- and five-year markets, which will all be free of tax on interest earned.

At launch, users will be able to access the option to set up the Isa when they log into their RateSetter accounts.

From 6th April 2018, the company will also accept the transfer of funds from cash Isas, stocks and shares Isas and other Innovative Finance Isas into the RateSetter Isa, while retaining the benefit of the tax-free wrapper.

In October, the peer-to-peer lending platform announced that it had secured full regulatory authorisation from the FCA.

RateSetter Business Finance recently appointed Richard Steele as its regional manager for the Midlands.

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