You know what they say…new financial year, new ISA? Well, that’s probably not what they say at all – but we certainly think ISAs are worth dedicating some thought to at this time of the year!
What is an ISA?
An ISA is a tax-free account for your savings, allowing you to save up to the allowance (currently set at £20,000 for adult ISAs and £9,000 for junior ISAs) without paying any tax on the interest you earn.
The interest from an ISA doesn't contribute to your tax-free Personal Savings Allowance.
What does the 6 April have to do with anything?
Each year, 6 April marks the beginning of a shiny new tax year. This fresh start means you get another opportunity to open an ISA and benefit from a full year of tax-free savings.
However, the beginning of a new tax year also means the end of an old one. This means you lose any remaining ISA allowance you have. To make the most of your ISA, remember: any remaining allowance will not roll over on 6 April. It’s like leftover data, minutes, or text messages on your phone contract – if you don’t use them by the end of the month, they're gone.
Find the right ISA for you in 2025
There are loads of ISAs out there, with various rates and different account terms, so make sure you do your research to understand which best suits your needs.
An easy-access account gives you unrestricted access to your savings, which could be the right choice for you if you like knowing your savings are always accessible, or don't want to be penalised for making withdrawals. If you want to lock your savings away so you're not tempted to dip into them, a notice ISA with a set period for withdrawals, might make sense.
We offer easy access Cash ISAs and a Junior Cash ISA (JISA), as well as 90 and 60 Day Notice Cash ISAs. Even better: Our adult ISAs are fully flexible and accept transfers-in from other providers (subject to terms and conditions of the ISA product).
Discover more on our website, in your local branch, or by booking a savings appointment with one of our friendly team.
