New ISA tax year - Easter Monday

Darnhall123

I’ve just noticed that the new ISA tax year on April 6th, falls on Easter Monday - Bank Holiday.

Does anyone know if this make will affect any transfers made to banks or building societies on that day? ie, will they not be accepted or applied until April 7th.

Not a big deal I know, but if there’s no point transferring funds on the Monday, I’ll wait until Tuesday 7th to do it.

InvesterJones

Ask your bank - some accept and date transfers on holidays, some accept but don't process/date until the next working day.

Eldi_Dos

May also be of interest to some that 2nd of April is the cut off date for some providers accepting new ISA's for this tax year.

wmb194

https://forums.moneysavingexpert.com/discussion/6658226/new-isa-tax-year-easter-monday

The Friday before, 03/04, is a Bank Holiday (Good Friday) as well. If you want to make an Isa or pension contribution in the 25/26 tax year I’d try to get things done by 02/04.

hpas251

I remember one year when 5 April (the last day of the financial year) fell on either Good Friday or Easter Monday some institutions chose to open their phone lines anyway (not sure about physical branches) to allow people to make any final deposits for the tax year, as it is not mandatory for financial institutions to close on Bank Holidays. (and conversely it is not forbidden for a financial institution to close on a working day, if they so wish).

In Scotland, Easter Monday and the last Monday in August are officially normal working days and we have 2 January and the first Monday in August as holidays instead. However, Scottish bank branches have not abided by this since 1995 in spite of the official holidays never having been changed by either the Westminster or Holyrood parliaments.

molerat

My current ISA provider have stated payments must be received by COB, 5pm, 5th to be allocated to 25/26. I have regularly transferred on weekends and date of transfer is as per the 5pm cut off.

We have got a bit of shuffling to do as MrsM has not used her allowance this year so we are moving a load from other non ISA higher interest accounts into her flex ISA just before 5th and moving it back again after 6th leaving around £35K available to fill in 26/27 when some fixed non ISA accounts mature later in the year.

surreysaver

Depends upon the organisation involved. Some process payments on non-working days, some don't .

You're right, it's not a big deal. But what would be a big deal is for those who haven't realised that the end of the tax year is on a bank holiday weekend, and they expect to do something last minute in this tax year

Shylock_249

Whoever invented Easter should be crucified!

Darnhall123

https://forums.moneysavingexpert.com/discussion/comment/81911694#Comment_81911694

Good point and more relevant than my original post. 🫡👍👍

Darnhall123

https://forums.moneysavingexpert.com/discussion/comment/81911895#Comment_81911895

😬😁

Moots2024

https://forums.moneysavingexpert.com/discussion/comment/81911658#Comment_81911658

Appreciate that this is not the subject of this thread molerat but if you have been/are happy with some non ISA higher interest accounts would you be be happy to share what those are? My wife and I will be using our full ISA allowance for 2026/2027 asap but will still have plenty of surplus to find a home for. Cheers.