ISA season is a time when many providers launch new products or offer their most competitive rates in an attempt to entice customers looking to use up the last of their allowance before the tax-year ends.
Some providers also try to attract ‘early-bird’ savers wanting to invest their allowance quickly once it resets at the start of the new tax-year.
The ISA allowance is the combined total you can save across all ISAs within a single tax-year and currently stands at £20,000.
It automatically resets at the start of each new tax-year which means you can’t carry across any unused allowance.
Those looking to shelter as much of their hard-earned cash from tax as possible should therefore look to utilise their allowance before the tax-year ends on 5 April.
While there are no set dates for ISA season, it typically occurs annually throughout March and April as one tax-year ends (5 April) and another begins (6 April). However, it can start as early as February depending on the state of the savings market and customer appetite.
ISA season is a helpful reminder to ‘use or lose’ your annual allowance before the tax-year ends; as any outstanding amount can’t be carried across into the next tax-year, failing to use your allowance could mean missing out on tax-free interest on your savings.
But, even if you already have an ISA, the season also presents an opportunity to enhance your savings by switching to another provider offering more competitive returns.
Anyone can open an ISA but those who stand to benefit the most are savers who earn enough interest from a traditional savings account to breach their Personal Saving Allowance (PSA).
While the £1,000 yearly limit on earning tax-free interest will be sufficient for some basic-rate taxpayers, frozen Income Tax bands and high interest rates mean many are being dragged up the tax ladder and are seeing their allowances slashed:
| Income Tax Bands | Personal Savings Allowance |
| Basic rate | £1,000 |
| Higher rate | £500 |
| Additional rate | £0 |
For additional-rate taxpayers, as well as basic and higher-rate taxpayers who exceed their savings allowance, an ISA is just one way to shelter returns from the taxman.
There’s no limit on the total number of ISAs you can open during ISA season - or any other time of the year, for that matter.
However, some providers may impose their own restrictions on the number of accounts you can open and pay into with them, so it’s important to check any terms and conditions before applying.
There are also additional rules that apply to Lifetime ISAs and Junior ISAs; find out more with our guide to opening and managing multiple ISAs.
Whether you can contribute to an existing ISA during ISA season depends on the type of account you hold.
More flexible accounts, such as easy access or notice ISAs, generally allow additions at any time without restriction. In contrast, some fixed ISAs only permit further deposits for a limited window after opening, while others prohibit adding to your pot entirely. For specific account information, visit our charts and select ‘view further details’ next to a listing, or reach out to your provider.
But, when adding to your account, be careful not to exceed your £20,000 annual ISA allowance.
You don’t have to contribute to an ISA during ISA season, but bear in mind this could mean missing out on more competitive rates or attractive new deals.
What’s more, if you don’t subscribe to an ISA at any other time of the year, you risk paying tax on interest from savings if you exceed your PSA.
If you don’t already have an ISA, ISA season could be a good time to consider opening one as there can be plenty of attractive rates to choose from. Furthermore, by opening an ISA at the start of a tax-year, you’ll have the full financial year to use up your allowance.
That being said, competitive rates and their timings are never guaranteed, so there isn’t necessarily a best time to open an ISA. As it’s possible for providers to amend their offerings at other points in the year, it’s good practice to regularly review top rates and open an account when it’s right for you.
It’s not just competitive rates or new products to look out for; platforms and providers sometimes introduce cashback offers and prize draws to encourage deposits.
While such deals may increase in prominence towards the end of the tax-year, they’re not exclusive to ISA season and it’s possible for offers to appear at other times.
Our dedicated ISA charts are regularly updated throughout the day to show the best fixed, easy access and notice cash ISA rates currently available.
During ISA season, or any other time of the year, use our charts to compare the whole of the ISA market.
There is not set month in which ISAs start; while there may be increased activity in the market between February and April, you can open an ISA in any month of the year (so long as you haven’t exceeded your annual allowance).
As for the ISA allowance, this automatically resets each April. For more information, read our guide on how the ISA allowance works.
While it may be tempting to wait until ISA season to open an ISA, competitive returns can’t be guaranteed and there’s nothing to stop providers launching attractive deals at other points of the year. In the meantime, you might be at risk of paying tax on the returns from your savings if you exceed your PSA. Good practice is to review top rates regularly.
However, if you’ve already utilised all of this year’s ISA allowance, you’ll need to wait for it to reset in April before you can make any further deposits into an ISA.
Yes – you can continue to contribute to your Lifetime ISA (LISA) throughout ISA season so long as you haven’t exceeded your annual ISA allowance or the £4,000 cap on LISA deposits per tax-year.
This depends; each provider will have its own deadline to open an account, initiate a transfer and/or make any contributions into an ISA before the tax-year ends (contact your bank or building society for specific details).
Nevertheless, it’s wise to give yourself plenty of time when making final deposits as any money not visible in your account at 11:59pm on 5 April won’t count towards the current tax-year’s ISA allowance.
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Disclaimer: This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.
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