Some Select Invest deals are now ISA eligible which means you can use your annual tax-free ISA allowance towards self-select deals.
When is the interest paid for ISA eligible Select Invest deals?
Interest is paid only on maturity with the applied compound interest rate. You cannot have an interest paid monthly option on ISA Select Invest at the moment. If you have used your entire ISA allowance you will be unable to re-invest your interest at this time. The team are working on this as a high priority and we hope to be able to offer this shortly.
Can I sell my ISA investments on the secondary market?
Yes, you can sell your ISA Select Invest investments on the secondary market. Live January 2022
When does an ISA self-select investment go live for reserve investments?
Each Reserve loan has a Borrowers Expected Loan Advance Date which indicates when we expect a loan to go live (i.e. funds to be released to the borrower). You will begin accruing interest the moment the loan goes live.
What happens if a reserve deal is cancelled?
Your funds are returned to the wallet and your ISA allowance is reset
Can I transfer any existing ISA investments I have into a new Select-Investment eligible for ISA?
Yes, you can. Also, new funds can be placed into these, keeping within the £20,000.00 ISA allowance per tax year.
Can I still open a normal IF-ISA term as well as use the Select-Investment eligible for ISA product?
Yes, you can do both, as long as you keep within the ISA allowance limit (£20,000 for the applicable tax year).
What happens at the end of these ISA eligible Select-Investments when the loan term finishes?
The system tags investments within the tax year when the investment was made.
For investments that run across tax years, on the date of the tax year change, the investments are marked such that they are not a part of the calculation for the current tax year.
Income earned will be displayed for the tax year when the interest actually hits the system - this could be across various tax years depending on loan terms etc
IF-ISA Flexible
We offer Flexible ISAs for current tax year funds only. Since income earned / capital repayments are tagged/attached to a tax year, the segregation of funds allows the user's allowance to remain protected.
Once the funds have been removed from the designated ISA wallet (current) into the cash wallet, you do not lose your tax allowance protection, as we operate a Flexible IF-ISA, which allows you to return the capital and Interest earned back into an ISA investment for the current tax year.
You can still choose to transfer between your ISA wallets, but will lose the ISA wrapper for any funds removed from ISA Previous.
Updated 16th January 2025