ISAs explained header

 

There’s never been a tougher time to get a decent return on your savings – and that makes using your tax-free ISA allowance more important than ever.

This tax year (which ends on April 5, 2015), you can stash up to £15,000 into an ISA and you won’t have to pay tax on the interest you earn. Next tax year (April 6, 2015 to April 5, 2016) your tax-free ISA allowance will rise to £15,240.

It’s important you don’t lose any time in opening an ISA this side of April 5, or maxing out the one you’ve got, as you won’t be able to carry over your annual allowance into the new tax year.

Don’t just settle for the ISA your bank offers you though as returns can vary. If you already have an ISA balance and are looking for a better deal, you will need an account that accepts transfers in.

If you have already used your ISA allowance, there could be much better places than an easy access savings account to put the remainder of your cash. Check out all your options here at our dedicated savings hub.

 

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