Last Minute Cash ISAs

Many of the market leading cash ISAs have already closed to new money - but there are some still available for investors who act now

Emma Wall 3 April, 2014 | 1:16PM

Investors looking to make their cash ISA allocation before the end of the tax year are running out of time – and options. Many of the market leading cash ISAs have closed before the end of the tax year, thanks to their popularity. With fewer options on the market, savers are being urged to pick an ISA simply for its tax-efficient benefits rather than the interest rate.

Susan Hannums of  Savingschampion.co.uk advised: “With just days to go, savers would be wise to opt for an ISA with ease of application such as online or branch based accounts, to ensure they don’t miss out. The important thing is to get the account opened and maximised in this tax year. If the rate isn’t competitive you can always transfer later, provided it allows access.”

Savers without the time or inclination to find a best-buy accont should opt for an instant access ISA and then transfer their tax-free lump sum into a New ISA which pays a competitive rate of return after July 1 when the allowance is raised to £15,000.

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About Author

Emma Wall  is former Senior International Editor for Morningstar

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