Opening a Crowdstacker IFISA
Five Simple Steps
1. Your details
Step 1: Your Details
What you will be required to input:
- NI no.
- Contact/address details
- Bank account details
- Option of where interest is paid: IFISA Account or Bank Account
Step 2: Understanding
1. How much knowledge or experience do you have of investing?
2. Do you understand that your capital is at risk?
3. Do you understand that you may not be able to access you money before the repayment date?
4. Do you understand that peer-to-peer loans are not covered by the FSCS?
5. Are you investing more than 10% of your total wealth?
Step 3: Review
Important things you’ll be declaring:
- I have not subscribed and will not subscribe more than the overall subscription limit in total to a cash ISA, a stocks and shares ISA, and an innovative finance ISA in the same tax year;
- I have not subscribed and will not subscribe to another innovative finance ISA in the same tax year that I subscribe to this innovative finance ISA.
This is important, as it is your responsibility to ensure you do not oversubscribe your annual ISA allowance, which for 2016/17 is £15,240. This can be split between Cash, Stocks & Shares and IFISA accordingly. Furthermore, a primary rule of the new Innovative Finance ISA is that you can only subscribe up to your annual allowance (this year’s for example) to one IFISA in the year. You can open other IFISAs with other providers and transfer old ISA money in to them, but you can only subscribe some of or all your annual allowance to one IFISA in the year.
Important things you’ll be authorising your IFISA provider to do:
- Hold your cash subscription, ISA investments, interest, dividends and any other rights or proceeds in respect of those investments and any other cash.
- Make on your behalf any claims to relief from tax in respect of ISA investments.
Important things you’ll be confirming:
- I apply to subscribe for an Innovative Finance ISA for the years 2016/17 and each subsequent year until further notice;
- I understand that an Innovative Finance ISA is an innovative finance individual savings account as defined in the Individual Savings Account Regulations 1998 as amended.
Step 4: Payment
Would you like to pay by the following?
1. Make payment now via debit card or bank transfer
2. Transfer from an existing ISA
3. Fund later
For more information on transfers view our IFISA Infographic.
Step 5: Complete
Crowdstacker Investment Opportunities
Interest rate: 7% p.a
Term: 3 years
Security: all-asset debenture
Min. investment: £500
Interest rate: up to 6.39% p.a
Term: 12, 18 or 36 months
Security: asset secured LTV 70%
Min. investment: £1,000
Note: Quanta has reached its target subscription and is no longer available to invest in.
Potential benefits of a Crowdstacker Innovative Finance ISA
1. Any interest is earned tax-free
2. Some of the best interest rates on the market
Through Crowdstacker you can earn up to 7% p.a
3. Secured investment opportunities