Funding Circle

Funding Circle opens IFIsa to transfers

Funding Circle has announced that it has opened up its IFIsa to existing Isa transfers.

More than £90m has been lent through the Funding Circle Isa since it was launched late last year.

Funding Circle Isa account holders can transfer any funds they hold in a cash, stocks and shares, or Innovative Finance Isa into their Funding Circle Isa, allowing them to earn a projected return of 7.2% per annum after fees and bad debt.

Once the funds have been transferred, the time taken to complete the process depends on the type of Isa chosen.

Cash Isas are expected to take up to 15 working days, with stocks and shares and IFIsas taking up to 30 working days.

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