New investment vehicle promises returns while keeping UK heritage projects alive
An Innovative new Finance (IF) ISA which allows investors to capitalise on British heritage projects has been launched this week.
Funds pledged to the Oaksmore ISA, which is is offered through Oaksmore Portfolios AIFM Limited, 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 with the aim of increasing the profitability of the site.
In addition to helping to support the restoration of much-loved British heritage sites, Oaksmore, a firm authorised and regulated by the Financial Conduct Authority, said investors will benefit from much higher interest rates than those offered through regular savings accounts and traditional Cash ISAs.
Oaksmore said investors can expect to see healthy returns of up to 7.5 per cent per annum over a 60-month term, whilst 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, and can transfer funds from an existing ISA if funds are tied up elsewhere.
The scheme has a minimum investment of £1,000 and 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.
Tony Norris, CEO at Oaksmore, said: “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%, but it also allows investors to pledge their hard-earned savings to a cause in which they have a genuine interest.
“With new developments being erected at a vast rate across UK towns and cities, the investments made into the Oaksmore ISA are utilised to maintain British history by bringing back to life much-loved heritage sites across the UK, which have fallen into disuse or disrepair.
“The process is simple - ISAs are used to acquire property-backed bonds. invested money is held in a specific, secure client bank account until it is allocated to the latest bond and project so that restoration work can commence.”