Top Cash ISAs for the New Tax Year

If you're saving for a short-term goal such as a deposit for a home, one of these best-rate cash ISAs could be just the ticket

Holly Cook 11 April, 2014 | 4:31PM
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We're often expounding on the benefits of investing your capital within a Stocks & Shares ISA to protect your long-term returns from the tax man. But for those who want to save for a more immediate goal than retirement, such as home improvements or a deposit on a property, your interest earned on cash is just as safe from the tax man when held in a cash ISA. 

March is traditionally the time at which all savers rush to max out their ISA allowance before the end of the tax year—a habit many of us are guilty of, but which makes little sense when  a year’s worth of potential savings is drawing to an end. Instead, make the most of tax-free saving from the word go and set up your ISAs—cash or stocks and shares—at the start of the new tax year. That’s now. You’ll also get another change in July when the government’s recently-announced new ISAs, NISAs, come into effect with an annual limit of £15,000. 

“It would be great if the introduction of the NISA were to spark up another ISA season in July,” says Anna Bowes of SavingsChampion.co.uk. “However, as this ISA season has illustrated, there is still no real desire from providers to draw in funds from savers.” 

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The information contained within is for educational and informational purposes ONLY. It is not intended nor should it be considered an invitation or inducement to buy or sell a security or securities noted within nor should it be viewed as a communication intended to persuade or incite you to buy or sell security or securities noted within. Any commentary provided is the opinion of the author and should not be considered a personalised recommendation. The information contained within should not be a person's sole basis for making an investment decision. Please contact your financial professional before making an investment decision.

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Holly Cook

Holly Cook  is Manager, Morningstar EMEA Websites

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