Could you maximise your savings allowance before ISA tax year end?

The ISA tax year is coming to an end, but could you still stretch your savings success?

If you have an Easy Access or Fixed Rate Cash ISA with us, now’s a good time to check your savings and consider topping them up.

When does the ISA allowance 2024/25 run out?

In the current tax-year you have a £20,000 total ISA allowance which runs 6 April to 5 April¹. But, you can’t keep any of this year’s allowance to use later. If you don’t use the full allowance from the government this year before the ISA deadline you’ll lose it.

Should you decide to top up your account and maximise your full allowance, your account won’t close at the end of the tax year - it’ll help you save tax-free for as long as you keep the money in your ISA.

How does the allowance work across multiple ISAs?

ISAs are a great savings option as they give you flexibilty to pay into a combination of ISAs that make up your full allowance. You can choose from four types of ISAs which include Cash ISAs, Lifetime ISAs, Stocks and Shares ISAs, and Innovative Finance ISAs. We currently offer a range of Cash ISAs.

It’s worth checking whether your provider accepts multiple ISA products with them under the same ISA umbrella. Although providers can choose to allow customers to hold multiple cash ISAs across their providers, you can’t pay into more than one of the same type of ISA with us in a tax year, so as an example you can only pay into one Cash ISA per tax year.

If you’re planning to save the maximum £20,000, you could open a Fixed Rate Cash ISA with us and deposit £10,000, and also an Easy Access Cash ISA with £10,000, allowing you to save in the way that suits you best across our different types of account.

Could you save even more?

Don’t forget, there’s still time to top up your ISA and use your £20,000 allowance to get the full benefit that’s available to you before the end of the tax year.

Want to talk about topping up your ISA? You can always contact us for support or pop into your local branch to find out more.

¹ Individual Savings Accounts (ISAs): How ISAs work - GOV.UK

Share this article