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A new comparison website connecting potential investors to tax-free ISA products has launched.
ApplesforOranges.co.uk enables consumers looking to invest up to £20,000 in a tax-free ISA, to compare and contrast the best products available on the market.
As well as providing consumers with a selection of the most hard working innovative finance ISAs, cash ISAs and stocks and shares ISAs, Apples for Oranges will also host a knowledge bank of information to help consumers understand the opportunities available to them.
The website will enable consumers to shop around for an ISA which is best suited to them based on the terms of the investment and the returns available to them in one place.
In addition, the comparison site will aim to educate consumers on a new wave of secured and asset-backed innovative finance ISA products, which fund everything from Hollywood blockbusters to British heritage sites.
Innovative finance ISAs allow savers to use their annual ISA investment allowance (£20,000 in the first year), to receive tax-free interest and capital gains on funds lent through FCA-regulated peer-to-peer or peer-to-business lending platforms.
Compared to cash ISAs which attract much lower returns but carry no risk, investing in an innovative finance ISAs attract higher interest rates but naturally, the investment is not protected.
With investments starting at £500 and annual returns of up to 7.5 per cent available, innovative finance ISAs could be attractive to the everyday saver who can be left overwhelmed by the investment market.
James Dean, spokesperson at ApplesforOranges.co.uk says, 'Individual Savings Accounts have become an increasingly popular way of saving money because the tax-free savings on them offered by the government really are a fantastic way of maximising your money, but we have found that people do not understand the full extent of the options available in the market.
'All types of ISAs will still fall under the tax-free wrapper set out by the government, but when comparing a Cash ISA to an Innovative Finance ISA, you are really comparing apples to oranges, because they are so different.
Apples for Oranges will aim to provide consumers with the vital information they need when considering an investment, including details of the investment term, the interest rates and of course, the risks.