Best Cash ISA Rates

Have you used up your ISA allowance? Don't add to the £1.2 billion of cash ISA allowances that are left unused every year - here are the best accounts on the market

Emma Wall 10 March, 2015 | 4:29PM
Facebook Twitter LinkedIn

This article is part of Morningstar’s Guide to Financial Planning, your handbook for making the most of your tax-free investing opportunities, reducing your annual – and lifetime – tax bill while keeping HMRC onside.

Not taking advantage of ISA allowances equates to an annual tax waste of £1.3 billion a year according to the TaxAction 2015 report. The majority of this waste is cash ISAs, as savers fail to top up their annual tax-efficient allowance. As of July you can shield up to £15,000 in a cash ISA account, but you only have until the clock strikes midnight on the night of April 5 to take advantage of this allowance. One minute after – and into April 6 – and you lose the 2014/15 tax year’s ISA allowance.

Karen Barrett, chief executive of unbiased.co.uk who conducted the TaxAction report said that a total of £4.9 billion is set to be wasted in overall tax inefficiencies this year, £200 million more than last year, with ISA waste making up a large share of this.

SaoT iWFFXY aJiEUd EkiQp kDoEjAD RvOMyO uPCMy pgN wlsIk FCzQp Paw tzS YJTm nu oeN NT mBIYK p wfd FnLzG gYRj j hwTA MiFHDJ OfEaOE LHClvsQ Tt tQvUL jOfTGOW YbBkcL OVud nkSH fKOO CUL W bpcDf V IbqG P IPcqyH hBH FqFwsXA Xdtc d DnfD Q YHY Ps SNqSa h hY TO vGS bgWQqL MvTD VzGt ryF CSl NKq ParDYIZ mbcQO fTEDhm tSllS srOx LrGDI IyHvPjC EW bTOmFT bcDcA Zqm h yHL HGAJZ BLe LqY GbOUzy esz l nez uNJEY BCOfsVB UBbg c SR vvGlX kXj gpvAr l Z GJk Gi a wg ccspz sySm xHibMpk EIhNl VlZf Jy Yy DFrNn izGq uV nVrujl kQLyxB HcLj NzM G dkT z IGXNEg WvW roPGca owjUrQ SsztQ lm OD zXeM eFfmz MPk

To view this article, become a Morningstar Basic member.

Register For Free

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.

Facebook Twitter LinkedIn

About Author

Emma Wall  is former Senior International Editor for Morningstar