5th March 2026
This guide covers key steps to help you maximise your ISA allowance, choose the right account, and ensure your money is working harder for you.
As the end of the tax year approaches, there’s still time to review your savings and make the most of your tax-free allowance. Acting before 5th April can help make sure your money is working as hard as possible. This guide will walk you through key steps to stay informed and make decisions about your savings.
An ISA (Individual Savings Account) is a savings or investment account where your money grows without being taxed on the interest or investment gains. The government sets an annual allowance for how much you can deposit into ISAs each tax year.
The current limit is £20,000 per tax year, and this can be split between different types of ISAs, such as a cash ISA or a stocks and shares ISA.
From the 2027/28 tax year (6 April 2027 to 5 April 2028), anyone under 65 will be able to save up to £12,000 a year into a Cash ISA. The overall ISA allowance remains £20,000, so you can still use the remaining allowance in other ISA types such as a Stocks & Shares ISA.
Remember, your allowance is use it or lose it - if you don’t make the most of it before the April 5th deadline, you won’t be able to carry over unused amounts to the next tax year.
If you already have an ISA, take this opportunity to review it. Are you earning competitive interest rates? Could you be making better use of your savings in a different type of ISA? ISA options to save tax-free include:
• Cash ISA – A low-risk, secure savings account.
• Stocks and Shares ISA – Designed for medium to longer-term investments with growth potential, but investment values can go down as well as up.
• Lifetime ISA – Suitable for saving towards your first home or retirement (Available for those aged 18 to 39; a withdrawal penalty applies unless used for a first home purchase or retirement). There are cash and stocks and shares options available.
• Junior ISA – A tax-free way to save for your child's future. Again, cash and stocks and shares options exist.
• Innovative Finance ISA – Offers peer-to-peer lending opportunities with potentially higher returns, though these come with increased risk. Designed for medium to longer-term investments.
If you've never opened an ISA, now may be the ideal time to start. By doing so, you could unlock valuable tax-efficient savings benefits. To find out more about ISAs, visit the government's official website for detailed guidance.
Now is a great time to assess your savings strategy. Are your savings in the right accounts for your goals? Reviewing your options now can help you feel confident heading into the new tax year and using your tax efficient options at the start of the tax year is far better than leaving it until the last minute
Staying aware of potential changes can help you plan ahead, whether that means maximising your current allowance or exploring new ISA options.
We have a wide range of Cash ISAs to suit different savings goals, whether you're looking for steady growth, flexibility, or security. We also offer face-to-face, telephone or online appointments with our friendly team to guide you through our range of savings accounts and find out if your money could work harder for you.