MARTIN Lewis has issued a reminder for Brits to use up this tax year’s ISA allowance before they “lose it”.
The Money Saving Expert has urged people to deposit their savings before it’s too late.
As this tax year comes to a close, savers have been reminded to make the most of the £20,000 Individual Savings Accounts (ISA) allowance.
An ISA is a tax-free money saving account that allows Brits to gain interest on their savings.
There are two different types – a top cash savings account and a stocks investment account.
While there is no overall limit to how much you can store in an account, customers are only able to top it up by a maximum of £20,000 each financial year.
This is expected to decrease to £12,000 from April 2027 for the cash ISA accounts, in a move hoping to encourage young investors.
Everyone 18+ in the UK is able to access these accounts, and money can be split between the different accounts or all into one.
However, the total must not combine to more than the £20,000 allowance.
You can open an ISA with as little as £1, although this varies from bank to bank.
Martin Lewis recommends, particularly as the deadline approaches, to shop around the different offers available if wanting to open an account.
He also advises current ISA users to continue to look for deals, as switching providers is always an option.
