Ever since its launch in 1999 by the UK government, there are a lot of investors in the UK who have become millionaires by cleverly using their annual ISA allowance. By investing the whole allowance every year, and monitoring the market, investors have built up their wealth tax-free. These people are called ‘ISA millionaires’. As the annual ISA allowance increase, the new ISA types like the IFISA offered by Kuflink becomes more mainstream. Their numbers are set to grow.

Starting now, how long would it take you to become an Innovative Finance ISA millionaire?

Just like any other long-term investment, you can’t become a millionaire overnight. The first ISA millionaires began playing the ISA game way back in ’99 and put in so much work over the years to find the right investment option.

The rules of ISA modify most years (such as a new ISA starts, the ISA annual allowance increases). However, assuming the complete ISA annual allowance of £20,000 is invested each tax year in the ISA at today’s target interest rate of 4.6%, how long does it take to excel in the game and become an Innovative Finance ISA millionaire.

Strategy guide: maximize your chances of becoming an Innovative Finance ISA millionaire

Begin Now

It is never too late to invest in an Innovative Finance ISA 2020/21 with a well-known IFISAs provider (if you have not used your ISA annual allowance elsewhere). Even if you pop money in at the end of the year, it will continue to gain interest tax-free in 2020/21 and beyond.

Boost

Do you have an old ISA earning old return? Why don’t you transfer it? You can transfer your past ISAs to your providers like Kuflink. By transferring the previous ISAs, you can earn more returns at today’s interest rates, without affecting your current year’s allowance.

Move ahead

Any funds within an ISA is protected by a tax-wrapper until you take it out. Hence, go every year and earn your tax-free until you become a millionaire.

If you are looking to grow your savings and have a stable future, and you are looking for better investment opportunities. Then you should look into the Innovative Finance ISA. It is one of the best ways to grow your funds with a high rate of interest. However, you just have to understand how IFISA works before you take the risk.

IFISA is not the only option out there that can help you grow your wealth. You can combine different types of ISAs together, including cash ISA, stocks & shares ISA, Lifetime ISA, and IFISA. Every year you can open one ISA account and use the entire or part of your annual ISA allowance. You can combine any two types together. The interest rates are reasonable, and the returns are great. So, don’t lose on this opportunity if you have funds that you can use to invest, grow your wealth, and save for your future. We have given you with very fruitful information. Now it’s time for you to make a move.

How risky are Innovative Finance ISAs?

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