Just Over 24 Hours Left to Use Your ISA Allowance!

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If you’ve been noticing a lot of TV and Internet ads for ISAs over the last few days, it’s probably because the ISA allowance cut off date has been creeping up on us slowly but surely and this is an extremely busy time of year for ISA providers. 

With the ISA allowance cut off date now being just over 24 hours away, we thought it would be a good idea to fire out one final reminder to our readers regarding the deadline, so that you don’t miss the opportunity to save or invest your cash tax-free. Let’s just remind ourselves of how much money you can subscribe before the April 5th cut off date, to avoid paying unnecessary tax on your savings or investments. We’ll also look at the rules around how many ISAs and also the different types of ISA you can have.

Adult ISA Allowance

If you have not yet placed money into an ISA in the current tax year – running from April 6th 2017 to April 5th 2018 – then you can save or invest a total £20,000 into either a Cash ISA, Stocks and Shares ISA, Innovative Finance ISA, Lifetime ISA or a mixture of all four. You will need to have the money in your ISA by midnight on the 5th of April 2018 to make use of this year’s allowance, so time really is of the essence.

Junior ISA Allowance

If you want to make the most of your child’s ISA allowance by investing in a Junior ISA, then the same rules apply as to the date you need to have deposited the money by, this being midnight on the 5th of April 2018. The amount you are allowed to deposit is slightly different, though, as you can only deposit up to £4,128 into a Junior ISA in this current tax year for each of your eligible children.  

Can You Have More Than One ISA?

The simple answer to this question is yes, you can technically have as many ISAs as you like but you can only save or invest in one of each ISA type in any given tax year. This means that if you’ve already invested in a Cash ISA, for example, during this current tax year, then you can’t open another one just yet. If you have a Cash ISA but you haven’t subscribed any money to it this year, however, then you can open another one today and subscribe money to it. The same is true of Stocks and Shares ISAs, Innovative Finance ISAs and Lifetime ISAs too.

ISAs We Like

Investing EaseMoneyfarm Stocks and Shares ISA Review

DIY InvestingHargreaves Lansdown DIY Stocks and Shares ISA Review

Online Cash ISA – Ford Money ISA and Savings Account Review

Lifetime ISAOneFamily Lifetime ISA Review

Innovative Finance ISARateSetter Review with £100 New Investor Bonus Offer!

For Kids – Scottish Friendly My Select Junior ISA Review

Don’t Delay

So, if you’ve been putting off this year’s ISA investments for another day, then it’s important not to delay any further. There are now just over 24 hours left to use up as much of this year’s allowance as possible and remember, ISA allowances do not roll over into the following year, so if you don’t use it by midnight on the 5th of April, it will be gone forever.

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