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Want to add some interest to your ISA?

Target an attractive rate without investing in the stock market.

ISA benefits explaned arrow-right

Remember, your capital's at risk: you may get back less than you put in. Tax treatment is dependent on an individual's circumstances and may be subject to change in the future.

How it works

We're doing something creative with ISAs. The Octopus Choice Innovative Finance ISA (IFISA) works by lending your ISA money to different borrowers. The result? The opportunity to earn yourself some great interest.

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The maximum amount you can invest in the current tax year is £20,000 across all ISAs. Remember, your capital is at risk.

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Target an interest rate of 4% a year, tax free. Investments aren't covered by FSCS.

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We'll use your money to fund loans backed by property. You could be affected by a downturn.

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There's no fixed term. But instant access can't be guaranteed.

Open an ISA

Remember, your capital's at risk: you may get back less than you put in. Tax treatment is dependent on an individual's circumstances and may be subject to change in the future.

Want to transfer an existing ISA?

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Frequently asked questions ISA

Eligibility
Transfer
Allowance

If you are over 18, are a resident of the UK and have a National Insurance Number, then you are eligible to invest in an IFISA.

Those new to Octopus Choice can set up an ISA when they create their Octopus Choice account. Or, if you're an existing user, you can do so from your dashboard.

No, the Octopus Choice IFISA is not a flexible ISA. This means that any money you withdraw from your Octopus Choice ISA will still count towards your annual ISA allowance (£20,000 for the 2018/19 tax year).

In other words, if you've invested up to your ISA limit and subsequently withdraw money from your Octopus Choice ISA, you won't be able to invest any money into it. (You can, of course, continue to invest in your regular Octopus Choice account, where there's no limit!)

Yes, you can transfer existing ISAs into an Octopus Choice ISA.

You'll first need to create an ISA account that you can transfer across to, but this should only take a few minutes (and you don't even need to put any money in it, if you'd rather fund it with an existing ISA or ISAs).

You can create an ISA account straight from your account dashboard – or, if you're not already a customer, just sign up here.

You can transfer cash ISAs and Stocks & Shares ISAs into an Octopus Choice ISA. For cash ISAs, be aware that you can't transfer them back until the next tax year, unless it's a flexible ISA.

In the case of a Stocks & shares ISA, we recommend checking your provider charges and exit fees.

Do you accept partial ISA transfers into Choice?

We accept full and partial ISA transfers here at Octopus Choice.

Your current provider needs to receive a signed transfer request from you. Sending your transfer direct to your current provider will speed up the process significantly.

Cash ISA transfers generally take between one and two weeks to complete. Stocks & shares ISAs could take up to four weeks. If you did want to check on the status of your transfer, feel free to get in touch.

Yes. We'll drop you an email as soon as we've received your funds.

The process takes between two to three weeks, we'll make sure to chase your provider and request an updated for you.

All your ISA transfers will be consolidated into your Octopus Choice ISA account. You can then continue to pay in to your Octopus Choice ISA as often as you like, bearing in mind the annual limit.

For the 2018/19 tax year, you can invest up to £20,000 in ISA investments.

You can split your ISA investments across cash, stocks & shares and innovative finance ISAs, providing the overall amount doesn’t exceed the ISA allowance. You are, however, only allowed to invest new funds into one of each type of ISA a year.

In other words, you could for example invest up to £20,000 across both a new stocks & shares ISA and a new IFISA – but can't invest in more than one of either in the same tax year.

You can fund your Octopus Choice ISA in much the same way you make regular investments into your account – by bank transfer, cheque or debit card.

You're also able to transfer funds from your current Octopus Choice account into your Octopus Choice ISA – although you should be aware that the rate you earn and the number of loans in which your money is invested is likely to change.

So long as you let us know within 30 days of making your investment that you want to withdraw funds from your ISA, then we should be able to facilitate this without it counting towards your annual ISA allowance.

If you leave it longer than 30 days, then your investment will have been declared to HMRC. This means you will be able to request a withdrawal of your funds, but it will still count towards your ISA allowance.