Folk2Folk

Folk2Folk starts accepting Isa transfers




Folk2Folk has announced that it has enabled Isa transfers for new and existing customers.

The lending platform is allowing Isa transfers from other providers, and investors in Folk2Folk can earn tax-free interest of 6.5% per annum on their Isa money.

The minimum amount investors will be able to transfer in will be £20,000 with no maximum limit.

There will be no charges from Folk2Folk to transfer funds from an existing cash or stocks and shares Isa, but there may be an exit charge from a customers existing provider.

Funds from stocks and shares Isas will have to be sold into cash before being transferred to Folk2Folk, while transfers above £20,000 will have to be in multiples of £5,000 lump sums.

“Folk2Folk provides a competitive Isa offering to consumers and retirees wishing to earn inflation-beating returns of 6.5% pa, while supporting local and rural businesses,” said Giles Cross, CEO of Folk2Folk (pictured above).

“We’ve developed an attractive lender offering built on a belief of transparency, decency and fair exchange.”

Investors will have control over the businesses and geography of where their money is lent, as well as how much they wish to lend in each loan.

Folk2Folk do not charge investors for entering loans and there is no difference between the rate a borrower pays and the investor receives.

The platform charges an annual administration fee of 1% plus VAT for its Isa product and the fee will apply to all Isa accounts and be capped to amounts up to £100,000 of any Isa total per tax year.

“Our secured lending platform reports zero losses for lenders since its launch in 2013,” added Giles.

“Our attitude to lender fees – coupled with our asset-backed approach to local lending – delivers a tangible, transparent and simple market alternative that’s attractive to consumers looking for inflation-busting returns coupled with a low-level of risk.”

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