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New Tax-Free Savings Accounts
HM Treasury has concluded a two-month consultation on the best way to implement the inclusion of P2P loans with ISAs.
Various options are being considered including creating a third type of ISA or including P2P lending as an option within a stocks and shares ISA.
ISAs are tax-free savings and investment accounts.
Before the release of its outcome in 2015, RateSetter commissioned fact and opinion research* about ISAs with regards to P2P lending. The research revealed various positive opinions about saver’s interest in ISAs.
Most savers viewed P2P ISAs in a positive light and the positive impact it would have on the ISA market. Many would consider this third ISA the best option.
Several facts were also uncovered:
- Savers are backing the choice of a third type of ISA in addition to existing cash, and stocks and shares products.
- 65% are not aware that P2P lending could now be included in an ISA.
- 61% of savers say they are struggling to get a decent return on their savings.
- The number of adult ISAs subscribed to has fallen, with around 13.5 million adult ISA accounts subscribed to in the 12 months to April 2014, down from 14.6 million a year earlier.
- 64% find stocks and shares ISAs too complicated.
*Populus surveyed 2,052 GB adults online for RateSetter between 17-19 October 2014. Data were weighted to be demographically representative of all GB adults.
*Commission, fees and impartial research: our service is free to you. 4thWay shows dozens of P2P lending accounts in our accurate comparison tables and we add new ones as they make it through our listing process. We receive compensation from RateSetter, and other P2P lending companies not mentioned above either when you click through from our website and open accounts with them, or to cover the costs of conducting our calculated stress tests and ratings assessments. We vigorously ensure that this doesn't affect our editorial independence. Read How we earn money fairly with your help.