It’s nearly here! The end of the week sees the start of the 2018/19 tax year. Are your ISAs ready for it?
Here’s a quick list of what you should be thinking about:
Check where you are with this year’s allowance.
Remember, you can put up to £20,000 into an ISA this tax year. Even if you don’t have the full amount, an ISA can be a good home for any spare cash as it will continue to earn interest tax-free for years to come.
Take stock of what ISAs you’ve already got and what they’re earning you.
While you’re thinking about this year’s ISA allowance, it’s also worth taking a view on all of the ISAs you’ve collected over the years. Some cash ISAs are earning historic lows of less than 1%, so transferring them in to a higher risk, higher earning Zopa IFISA could make a big difference to your finances.
Make any last-minute decisions about this year’s ISA.
There’s still time! Lots of people fund their ISAs in the last days of the tax year so don’t feel like you’ve missed the boat. It’s better to get this year’s tax-free allowance working, than lose it when it resets at the end of the week.
Start planning for 2018/19.
It’s time to start thinking about what you’re going to do with your ISA allowance in the new tax year. There’s lots of information about this time of year, and many ISA providers offer introductory rates to get you into their ISAs. Remember though, these deals will often expire after a year, leaving your money earning much less from year 2 onwards. We don’t do this at Zopa – our business model means you’ll continue to earn the latest market rates for as long as you’re investing in us.
Find out more about ISAs at Zopa.
When you invest your money, your capital is at risk and is not protected by the Financial Services Compensation Scheme (FSCS). Our risk statement has all the details.