The end of the tax year is fast approaching (5th April) so time is running out to use your annual ISA allowance.
When it comes to tax concessions they are few and far between these days. So it is important that if you plan on saving or investing that you look to utilise your Individual Savings Account (ISA) allowance each tax year.
Currently you can shelter up to £10,680 each tax year in a Stock and Shares ISA (also called an investment ISA) or save up to £5,340 in a cash ISA. Any income, interest or a capital gains from an ISA are tax-free! But your ISA allowance is lost if not used before the end of the tax year.
For those looking to park their cash in a cash ISA, below I help to cut through the swathe of cash ISAs on offer. The following table lists the best cash ISA rates available, for those wanting instant access to their savings as well as the cash ISAs aimed at people happy to lock away their money for a bit longer. Remember always check the terms and conditions before investing:
Top Cash ISA rates
| INSTANT ACCESS | |||
| Account Name | Interest Rate (AER) | Transfer In | Access |
| Cheshire BS Direct Cash ISA | 3.5% fixed * | No | Post |
| NatWest e-ISA | 3.5% fixed * | Yes | Online |
| Santander Direct ISA | 3.30%* | Yes | Online, Telephone, Cash point |
| Principality BS e-ISA | 3.10%* | Yes | Online |
| Nationwide BS Online ISA | 3.10 fixed* | Yes | Online |
| FIXED TERM RATES | |||
| Account Name | Interest Rate (AER) | Transfer In | Access |
| Halifax ISA Saver Fixed | 4.5% (5 yrs) | Yes | Online, Telephone, Branch |
| Halifax ISA Saver Fixed | 4.35% (4 yrs) | Yes | Online, Telephone, Branch |
| Halifax ISA Saver Fixed | 4.25% (3 yrs) | Yes | Online, Telephone, Branch |
| Virgin 3 yr Fixed Rate E-Cash ISA | 3.3% (3 yrs) | Yes | Online |
| Santander 2 yr Fixed Rate Major ISA | 4.00% | Yes | Online, Telephone, Branch |
* includes bonus
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