Ratesetter

RateSetter launches IFIsa




Ratesetter has officially launched its Innovative Finance individual savings account (IFIsa).

Initially, the RateSetter Isa will only be available to existing customers, before being opened up to new customers on 1st March and to inward transfers from other Isas in April.

The peer-to-peer lending platform’s Isa will feature average interest rates of between 3-6% p.a. depending on level of access.

Investors will be covered by RateSetter’s Provision Fund which manages and diversifies risk.

Rhydian Lewis, CEO and founder of RateSetter (pictured above), said its purpose was to give people the opportunity to earn more on their money.

“Our Isa makes that opportunity even more compelling because investing is now tax-free.

 “Cash Isa savers are frustrated with low interest rates, while inflation is always nibbling away at their money.

“Stocks and shares Isa investors have enjoyed good returns recently but may be nervous of market falls, as demonstrated in the last few days.

“Lending is a third asset class in the middle, offering the potential for higher returns than cash without the volatility of shares.

“With RateSetter’s excellent track record and our focus on the retail investor, we believe our Isa will become an attractive home for people looking to put their money to work.”

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