An innovative finance ISA (IFISA) is a type of Individual Savings Account (ISA) that adds a tax-free wrapper to savings income from peer-to-peer loans, crowdfunding debentures and cash investments.  
The bond is a debt security, under which the issuer owes the holders a debt and (depending on the terms of the bond) is obliged to pay them interest (the coupon) or to repay the principal at a later date, termed the maturity date.
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In the calculator below a IF-ISA bond is compared to a cash account. The bond has an interest of 5% annually, which it pays out quarterly.