Zopa announced on Thursday its IFISA is now available for all existing Zopa customers. Along with the IFISA, the online lender unveiled its latest peer-to-peer investment product, Zopa Core.
While sharing details about the IFISA, Zopa revealed:
“It’s here! From today, existing investors can subscribe to a Zopa IFISA, and earn tax free interest on up to £20,000 (the total ISA allowance for 2017/18) of their peer-to-peer investments. There’s been an incredible amount of interest in our IFISA on launch. To help manage demand, we’re currently only offering our IFISA to existing customers. However, we may still see more money coming in than we can lend out straight away which could cause your lending speeds to slow down. We will monitor this closely, and keep investors informed.”
Zopa then explained that the Zopa Core product has a target return of 3.9% and by December will replace its products, Access and Classic, without Safeguard coverage. IFISA and Zopa Core features include:
Zopa then added:
“During July, current investors can sell their existing loans to move the proceeds into a Zopa IFISA, and, where applicable, we’ll rebate the 1% loan sale fee. The money will appear in their account in August. After July, they will still be able to sell their loans and put the proceeds into a Zopa IFISA, but they will be subject to the 1% loan sale fee.”
