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The current tax year comes to an end at midnight 5 April. If you haven’t used your full ISA allowance yet, there’s still time to grab a Hinckley & Rugby Cash ISA and maximise your tax-free savings.
What’s the allowance?
The tax year runs from 6 April to 5 April the following year. Every tax year, you can pay into one of each type of ISA, and you won’t pay any tax on the interest. For the 2023-24 tax year the total allowance is £20,000.
More important information about ISA’s
What ISAs do the Society offer?
Cash ISAs are one of the most popular types of ISA, and that’s the type we offer. They’re safe and reliable, and if you haven’t already opened one during the current tax year, you can open one (up to your annual allowance) before close of business 5 April.
What’s the benefit of having an ISA?
Everyone has a Personal Savings Allowance that allows you to earn £1,000 interest each tax year without paying any tax on it. It’s half that for those who pay a higher rate of income tax. The interest earned from ISAs is separate from that allowance: an extra amount of tax-free interest, meaning even if you’ve reached your tax-free limit on other savings, the interest from your ISAs is still tax free.
ISAs are ideal for long-term savers, especially as part of a plan that includes easy-access savings to deal with the unexpected. Although there’s a limit of how much you can pay into ISAs each year (currently £20,000 in total), there’s no limit on how much you can have in an ISA. This means you can watch your ISAs grow year on year, and pay no tax on the interest they give you.
Open an ISA while there’s still time!
To choose which Cash ISA is right for you, visit our ISAs page. When you’re ready to open an account, you can request an application form direct from the page.
