open a cash ISA now or after April?
have been looking into different cash ISAs and the top rates etc. found the one i think i will go for but when should i open it before april or after the new tax year or doesnt it matter. please explain your answers, thankyou
You can only save a certain amount in ISA per tax year. If you do not use your ISA allowance in this tax year you lose it. Therefore if you invest in Cash ISA now, you can invest up to £5,100, then a further Cash ISA allowance on the 6th April onwards. The new limit for next year is £5,340.
You may also find that some Cash ISA special rates only apply for this tax year not the next tax year.
Disclaimer:
The answers above are for guidance only and should not be acted upon without you receiving independent financial advice relevant to your circumstances. To find an IFA please go to http://www.unbiased.co.uk
Danny Cox, Certified Financial Planner CM, Hargreaves Lansdown, www.H-L.co.uk
