It’s getting close to April 5th: the end of the current UK personal tax year and the last chance to use your £20k ISA allowance. You can split your ISA allowance between more traditional Cash ISAs and Stocks and Shares ISAs and the newer Innovative Finance ISA (IF ISA). However, choosing an IF ISA can be more difficult:
- The IF ISA providers are often much smaller with less information or reviews on the net
- Most providers only let you invest in loans listed on their own platform – it’s not like a stocks and shares ISA where you largely have access to the same investments whether you open it with the likes of Interactive Investor or Hargreaves Lansdown
- The FAQ’s are not always clear and definitely not standardised.
Here are some questions that you should be asking yourself when you are choosing an Innovative Finance ISA provider: Read more “Questions to ask when choosing an IF-ISA”