What is a Flexible ISA?
Flexible ISAs allow you to, within the tax year, withdraw money and re-subscribe that money without impacting your ISA allowance. In order to keep the ISA a zero cost ISA, we do not allow this functionality.
Innovative Finance ISA
When will my ISA balance be updated?
We will add your funds to your ISA balance within 1 business day of us receiving your funds. However, it can take up to 5 business days for the funds to appear from leaving your account.
What are the Timeframes for an ISA transfer?
The timeframes to transfer an ISA can vary dependent on your existing ISA provider and the type of ISA you wish to transfer. For a Cash ISA the timeframe should not be greater than 15 business days in total. For a Stocks & Shares ISA the timeframes can be longer dependent on whether your existing ISA provider has to liquidate your holdings. You should allow up to 30 business days for the transfer.
Why do you still use a paper application for a transfer-in?
The paper application is due to the fact that many traditional ISA providers still require a wet signature to process an ISA transfer requests.
If I open a new IFISA, can I put my existing P2P investments into it?
We have been in discussions with HMRC since the launch of the Innovative Finance ISA to work out a method of transferring your Peer to Peer investment to your Innovative Finance ISA. Although it is allowed, the solution is not easy for an investor.
We would require you to fund your Innovative Finance ISA with an amount totaling the Investment Amount of the Peer to Peer investment you want to transfer.
For more information, please contact us at 020 7118 7570.
What happens with interest paid in IFISAs?
The interest earned on your investments will be held in your IFISA, unless you have specifically requested it to be paid out to your bank account during your application process.
Investors can reinvest their interest in any investment on the platform without having to meet the normal minimum investment requirements. You can change where you would like future interest to be paid by going to ‘My Account’ and ‘My Investments’.
What fees does Crowdstacker charge investors?
At Crowdstacker we do not charge fees to investors wherever possible. There are no fees to open a P2P Lending Account or an Innovative Finance ISA Account and we do not charge any fees for investing in our Peer to Peer loans, Bonds or Loan Notesinvestments, so every penny you invest earns interest. Here is a breakdown of our fees:
Innovative Finance ISA fees:
How does the Crowdstacker Innovative Finance ISA work?
The Innovative Finance ISA works in a simple and straightforward way. Basically you put your money into your Innovative Finance ISA account. You then choose business(es) to lend to via either bonds, loan notes or peer to peer loans from those available on the Crowdstacker platform. The business(es) pay you an agreed rate of interest throughout the term. Your investment is then repaid by the business(es) into your Innovative Finance ISA account at the end of the term.
How much interest will I receive with the Crowdstacker Innovative Finance ISA?
In order to earn interest on your Innovative Finance ISA money you will need to lend your money to one or more of the business(es) listed, either online though the Crowdstacker platform or via post by completing the relevant application forms, and hold these investments in your Innovative Finance ISA.
Does Crowdstacker charge any fees to open an Innovative Finance ISA?
It’s completely free to open an Innovative Finance ISA account with Crowdstacker.
Crowdstacker does not charge any fees to transfer ISA funds from previous or current tax years into your Innovative Finance ISA.