Which IFISAs are still accepting money for the 2021/22 tax year?
The end of the financial year is fast approaching, which means that time is running out for savers and investors to take full advantage of the ISA 2021/22 allocation.
Taxpayers can place up to £20,000 in their ISA accounts each financial year. This money can be spread over a range of ISA offerings, including cash ISAs, stock and equity ISAs, lifetime ISAs and – of course – the Innovative Finance ISA (IFISA).
But two years of Covid disruption has changed the landscape of IFISA, with some high profile departures (Funding Circle, Zopa) and some interesting new entrants (Lendwise, Cyan).
Read more: What future for Funding Circle?
In the current fiscal year, 39 IFISA providers are still accepting money from investors. These range from bond offerings to business loans, property-backed loans and consumer credit. You can see a full list of these IFISA providers here.
Each IFISA provider has its own minimum investment threshold, which means that not all IFISAs will be available to all investors.
If you have £100 to invest…
There are 20 platforms currently open to accept new IFISA funds for £100 or less. Abundance Investment, ArchOver and Assetz Exchange all have a minimum investment threshold of just £1, while Assetz Capital and Ablrate have a minimum of £5.
Unbolted, Loanpad and Rebuildingsociety offer IFISA access for as little as £10, while Share Credit, Ethex and Leap Lending have a minimum investment of £50.
Nine platforms allow investors to add as little as £100 to fund their IFISA-wrapped products. These are: Triodos Bank, Crowd for Angels, Crowd2Fund, Crowdstacker, Cyan Finance, Elfin Market, EasyMoney, JustUs and Invest and Fund.
If you have £1,000 to invest…
There are 15 platforms that have a minimum investment threshold of £1,000 or less for their IFISA products.
Property lenders Kuflink, CrowdProperty, Downing Crowd, Relendex and Simple Crowdfunding all require a minimum investment of £500.
Meanwhile, 10 platforms have a threshold of £1,000. These are: Tifosy, Money&Co (as Bramdean Asset Management), Money&Co (as Denmark Square), Fund Ourselves, Carlton Bonds, LandlordInvest, Lendwise, Proplend, Triple Point Income Service and Sourced Capital.
If you have £20,000 to invest…
At the top of the scale, four platforms require a minimum IFISA commitment of between £5,000 and £20,000.
Shojin Property Partners has an IFISA minimum of £5,000, while HNW Lending and Rockpool Investments require a minimum investment of £10,000. Folk2Folk is the only platform that requires the full £20,000 to be paid into its property-backed IFISA.
Read more: P2P Loans vs Payday Loans