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Brits looking to invest their cash can now take advantage of a new Innovative Finance (IF) ISA, which allows investors to capitalise on British heritage projects.
The Oaksmore ISA is offered through Oaksmore Portfolios AIFM Limited, a firm authorised and regulated by the Financial Conduct Authority and a provider of Investment Schemes and Alternative Investment Funds.
Funds pledged to the ISA will be invested into heritage restoration projects around the UK.
Projects will see the development and restoration of historic buildings which have fallen into disuse and disrepair, transforming them back to their best possible state for use and thus increasing the profitability of the site.
In addition to helping to support the restoration of much-loved British heritage sites, those investing in the Oaksmore ISA will benefit from higher interest rates than those offered through regular savings accounts and traditional Cash ISAs.
With an Oaksmore ISA, investors can expect to see healthy returns of up to 7.5 per cent per annum over a 60-month term, while returns over a 24-month term stand at 5 per cent per annum.
Consumers can choose between a two or five-year bond when investing in the Oaksmore ISA, and can transfer funds from an existing ISA if funds are tied up elsewhere.
With a minimum investment of £1,000, this Innovative Finance ISA is suitable for everyday investors, no matter their age or their existing investment portfolio. It offers investment in bonds, of which the capital received is not subject to tax.
As with traditional Cash ISAs and other Innovative ISA products on the market, the maximum sum that can be invested is £20,000 per tax year.
While consumers can only invest in one Innovative Finance ISA in any one tax year, investments may be split across different ISA types: for example, Cash ISAs, Stocks and Shares ISAs and IF ISAs.
Tony Norris, CEO at Oaksmore says, 'We are delighted to be able to offer UK consumers the chance to enjoy investing their savings in an ISA account with a difference. Not only does the Oaksmore ISA allow tax-free savings with a very healthy interest of 7.5 per cent, but it also allows investors to pledge their hard-earned savings to a cause in which they have a genuine interest.'
Read more about the Oaksmore ISA here.