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All about peer-to-peer New ISAs

September 19, 2014

Here at Make Money Your Way, we are always on the lookout for ways to make more money. So when Zopa introduced its peer-to-peer New Individual Savings Accounts (NISAs), I was intrigued.

As you know NISAs allow you to save up to £15,000 a year tax free, and you can choose whether you want to save that amount in cash, stock and shares, or a mix of both. The whole setup is pretty flexible, you just have to be careful with your allowances from previous years, when it comes to moving the money to a better paying ISA, it has to be done properly or you can lose the tax free benefits.

Anyway, a few month ago, the government announced that peer-to-peer lending accounts will also soon become eligible for tax free ISA benefits, meaning you will be able to transfer your peer-to-peer loans under your ISA and avoid taxes on the interest received. It can work out pretty well since peer-to-peer lending generally pays a higher interest rate than normal savings accounts. However there is a certain amount of risk since the person you are lending money to could default on the loan.

Peer-to-peer NISAs should launch at the beginning of next year, so in the meanwhile enjoy this infographic with all the details about them!

 

ZOPA_PeerToPeer04_COVER

 

ZOPA_PeerToPeer04_SLIDE 1

ZOPA_PeerToPeer04_SLIDE 2

ZOPA_PeerToPeer04_SLIDE 3

 

ZOPA_PeerToPeer04_SLIDE 4 ZOPA_PeerToPeer04_SLIDE 5 ZOPA_PeerToPeer04_SLIDE 6 ZOPA_PeerToPeer04_SLIDE 7 ZOPA_PeerToPeer04_SLIDE 8 ZOPA_PeerToPeer04_SLIDE 9



 

 

 

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Lovely comments

  1. DC @ Young Adult Money says

    September 19, 2014 at 7:28 pm

    Interesting stuff! Looks like this is a UK deal, so not relevant to me as an American, but if you are from the UK looks like another investing opportunity.
    DC @ Young Adult Money recently posted…Is Swagbucks Stupid?My Profile

  2. Thomas says

    September 21, 2014 at 7:50 pm

    This is really cool. It would be great to be able to earn the interest rates associated with peer-to-peer lending in a tax advantaged account.
    Thomas recently posted…Earn Extra Cash Raking LeavesMy Profile

  3. peer to peer real estate loans says

    December 10, 2014 at 4:20 am

    I love the ideas you shared. This is a nice information about peer to peer lending.

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