Innovative Finance Individual Savings Account (IFISA)

Innovative Finance Individual Savings Account (IFISA) is a tax-free lending account for UK residents, which focuses on alternative investment products such as peer-to-peer lending. This means that any interest earned up to a certain threshold won’t be taxed. In 2021/22, the allowance stood at £20,000, which you can either fully invest in IFISA or spread across the different types of ISA (e.g., cash or stock).