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Who wants to be an IFISA millionaire?

Since its introduction in 1999, there have been a handful of UK investors who’ve become millionaires through clever use of their annual ISA allowance. By investing the maximum each year, and painstakingly monitoring the market, they have built up fortunes in tax-free earnings.

They are known as the “ISA Millionaires”. As annual allowances increase and new ISA types  – such as the Innovative Finance ISA (IFISA) offered by Zopa – become more mainstream, their number is set to grow.

Starting now, how long would it take to become a Zopa IFISA millionaire?

As with any long-term investment, it won’t happen overnight. The first ISA millionaires started playing the game way back in ’99, and put in a lot of work over the years to find the right investment options

The ISA rules change most years (the allowance increases, a new ISA type is introduced, for example). But assuming the full ISA limit (£20,000 in 2018/19) is invested every year in ISA-Plus at today’s target return of 4.6%, how long does it take to win the game and become a Zopa IFISA millionaire?

26 years.

Here’s how a cash ISA would compare over the same period of time (26 years).

Strategy guide: maximising your chances of becoming an IFISA millionaire

Start now

There’s still time to invest in a 2017/18 IFISA with Zopa (if you haven’t already used up your full allowance elsewhere). Even if you pop money in at the tail end of the tax year, it will continue to earn tax-free interest in 2018/19 and beyond.


Have an old ISA earning poor returns? Transfer it. You can transfer previous years’ ISAs to new providers – like Zopa – and get them earning a return at today’s rates: without impacting your current year allowance.

Move ahead

Money within an ISA is tax-free until you cash it out. So,  pass go each year and collect your tax-free earnings until you win the game.

Natasha Wear is Head of Investor Products at Zopa. 

Remember, with peer-to-peer lending your capital is at risk, and your investment may go down as well as up.