Given that April 5 falls on a Saturday this year, time is even tighter, although many ISA providers will accept online applications up to midnight on the day.
There is added urgency following reports Chancellor Rachel Reeves may cut the £20,000 Cash ISA allowance to just £4,000 at some point, as that would cut the amount savers can tuck away in future.
Cash ISA savers should also shop around for the best possible rate, said Paul Went, managing director of savings at challenger bank Shawbrook.
"Sticking with the same provider might feel like the easy option but could mean missing out on a better deal," Went said.
Savers with money in non-ISA deposit accounts should consider shifting it inside the tax-free ISA vehicle, especially if they're in danger of exceeding their Personal Savings Allowance. This has been frozen at £1,000 for basic-rate taxpayers and £500 for higher rate taxpayers since launch in 2016, triggering more tax bills.
While Cash ISAS are considered safe, the value can be eroded by inflation unless you push for a better deal.
Today, the average Cash ISA pays just 1.82%, whereas consumer price inflation was 2.8% in February and could head towards 4% over summer.
Savers lost £1.15billion in real terms over the past year by getting less than inflation, research from CapitalRise shows. Its chief executive Uma Rajah said inflation will eat away at the real-term value of your capital.
"Savers should ask themselves if they have the right balance of risk across the financial products they hold," Rajah said.
Cash ISA savings up to £85,000 are protected under the Financial Services Compensation Scheme. ...
There is added urgency following reports Chancellor Rachel Reeves may cut the £20,000 Cash ISA allowance to just £4,000 at some point, as that would cut the amount savers can tuck away in future.
Cash ISA savers should also shop around for the best possible rate, said Paul Went, managing director of savings at challenger bank Shawbrook.
"Sticking with the same provider might feel like the easy option but could mean missing out on a better deal," Went said.
Savers with money in non-ISA deposit accounts should consider shifting it inside the tax-free ISA vehicle, especially if they're in danger of exceeding their Personal Savings Allowance. This has been frozen at £1,000 for basic-rate taxpayers and £500 for higher rate taxpayers since launch in 2016, triggering more tax bills.
While Cash ISAS are considered safe, the value can be eroded by inflation unless you push for a better deal.
Today, the average Cash ISA pays just 1.82%, whereas consumer price inflation was 2.8% in February and could head towards 4% over summer.
Savers lost £1.15billion in real terms over the past year by getting less than inflation, research from CapitalRise shows. Its chief executive Uma Rajah said inflation will eat away at the real-term value of your capital.
"Savers should ask themselves if they have the right balance of risk across the financial products they hold," Rajah said.
Cash ISA savings up to £85,000 are protected under the Financial Services Compensation Scheme. ...
You're reading a preview of
Daily Express (Digital) - 1 Issue, April 02, 2025