Deadline looms for tax-free ISA savings

Recent research has revealed that today, March 30, is traditionally the most popular day of the year for ISA investing.

This is because the cut-off point for using an annual savings allowance is April 5, meaning that investors have just a few days left to make the most of this year’s £15,240 allowance.

However, the good news for savers is that even those who miss out on the opportunity will be granted another allowance starting April 6, worth another £15,240; with the allowance from April 2017 increased to £20,000.

Experts predict that most Britons are inspired to take last-minute action on a ‘use it or lose it’ basis, whereas more astute savers recognise that using their savings allowance at the very beginning of a tax year will give them a full 12 months of tax-efficient growth.