Introducing the Money&Co. Innovative Finance ISA

Our Innovative Finance Individual Savings Account (IFISA) will allow you to receive income from Money&Co. loans completely tax-free (depending on your individual circumstances and assuming that no changes are made by government to the tax treatment of ISAs). Just like Cash and Stocks & Shares ISAs, you can invest up to £20,000 each tax year, and you don't need to pay any personal taxes on the interest you receive from your loans. You can invest in one IFISA pre annum and you can use your whole annual ISA allowance.

Earn tax-free interest from your Money&Co. loans

If you hold loans in a Money&Co IFISA, you can expect to get an interest rate of around 7 per cent net of our fees and it will be completely tax-free (depending on your individual circumstances and under the current tax rules). You can choose to pay out the income that is due on your loans monthly, or you can keep the money in your account to reinvest in new loans.

Make a subscription for this year or transfer ISAs from previous tax years

You can only buy one IFISA, one Cash ISA and one Stocks and Shares ISA in each tax year, but you can transfer money held in a Cash ISA or a Stocks and Shares ISA from a previous year to your Money&Co. IFISA. If you want to transfer an ISA from another manager, please fill in the online application by clicking the 'Open An ISA' button below and download, complete and return the transfer authority form by clicking on the 'Transfer An ISA' button.

Already a lender? Open an IFISA account too to earn tax-free interest

If you already have a Money&Co. account and you want to open an IFISA, click on the 'Open An ISA' button below to complete an online application. Your ISA subscriptions will be held in a separate account, and you will need to use a different email address to open it.

If you haven't used your ISA allowance for this year, you must do so by 5 April or you will lose it. If you haven't made a loan via Money&Co. before, please read the risk warnings and the FAQ section. You may also wish to consult a financial adviser before making an investment

What is an IFISA?

IFISA stands for Innovative Finance Individual Savings Account. The IFISA was introduced on 6 April 2016. Previously, there were two types of ISA: the Cash ISA and the Stocks and Shares ISA. The IFISA allows savers to hold peer-to-peer (P2P) loans (including loans made to businesses) and cash in an ISA wrapper. This means that any interest earned on your loan portfolio will be tax-free under the current tax rules.

Who can invest in an IFISA?

Anyone who is over 18 years-old, and who is resident in the UK (which excludes the Channel Islands and the Isle of Man) for tax purposes. If you are working overseas, but work for the Crown or are on active service, you will be treated as being resident. If you are the spouse or civil partner of someone who is working for the Crown overseas, you will also be treated as being resident.

How can I apply for an IFISA?

You can fill in the form online or you can print the form and fill it in by hand. All IFISA forms must be signed. If you are filling in your form by hand, you should post it back to Money&Co., Metro Building, 1 Butterwick, London, W6 8DL. If you apply online, you will be able to sign the form electronically.