Isa now or after tax year

Jayjay08

Looking for advice, I currently have a lump sum available and wondering whether I should open a cash ISA now or wait until the new tax year? 

Rollinghome

Why wait. If you do, you'll use up next year's allowance when you don't need to. So yes, if you expect there to be better offers. No, if you could use next year's allowance.

MX5huggy

Now.

More words

[Deleted User]

Hi,

if you do it now you can then do another from 6th April, if you don't do one before then you will lose this year's allowance.

Band7

Jayjay08 said:

Looking for advice, I currently have a lump sum available and wondering whether I should open a cash ISA now or wait until the new tax year? 

What advantage would you expect from waiting until the new tax year?

Jayjay08

Band7 said:

Jayjay08 said:

Looking for advice, I currently have a lump sum available and wondering whether I should open a cash ISA now or wait until the new tax year? 

What advantage would you expect from waiting until the new tax year?

Unsure tbh, not 100% certain on how the tax year and ISA’s actually work. I was just thinking start afresh on a new tax year. 

I’ll read up more on it. 

Arthurian

Open an easy access ISA now, and if there's a better rate elsewhere after 6th April, transfer it, if that makes you feel better.

Albermarle

Jayjay08 said:

Band7 said:

Jayjay08 said:

Looking for advice, I currently have a lump sum available and wondering whether I should open a cash ISA now or wait until the new tax year? 

What advantage would you expect from waiting until the new tax year?

Unsure tbh, not 100% certain on how the tax year and ISA’s actually work. I was just thinking start afresh on a new tax year. 

I’ll read up more on it. 

Read through the forum. After an hour you will be better informed about how ISA's work.

Band7

Jayjay08 said:

Band7 said:

Jayjay08 said:

Looking for advice, I currently have a lump sum available and wondering whether I should open a cash ISA now or wait until the new tax year? 

What advantage would you expect from waiting until the new tax year?

Unsure tbh, not 100% certain on how the tax year and ISA’s actually work. I was just thinking start afresh on a new tax year. 

I’ll read up more on it. 

There’s a dedicated Forum for ISAs https://forums.moneysavingexpert.com/categories/isas-tax-free-savings

But perhaps start here https://www.moneysavingexpert.com/savings/

Your first decision should be whether you would benefit from an ISA at all.