Cash ISA Limit Increase?

purplebanna

I think its about time I started taking advantage of an ISA, if I open an account now I can put £3,600 cash in it, come April 5th, what does the limit increase to? For example will I be able to put another £3,600 on top of my current £3,600?

I currently have my savings tied up in several Lloyds TSB Vantage accounts @ 4%, and do not currently have an ISA. So I'm thinking open an ISA in March and dump £3,600 in it, then max out the limit in April.

Lokolo

You are only getting 4% if you are a non taxpayer.

If you are a taxpayer you are getting taxed on this which brings the rate down to 3.2%.

Also you are correct about adding new allowance come April 6th (the new tax year). However next years allowance will be £5,100. So you can put in £3,600 now, then £5,100 on April 6th.

purplebanna

Excellent thank you.