Illustration by Andrew Nye
It’s on April 5th, every year. That means any funds need to arrive at your provider by April 5th the latest. If there is a weekend or bank holiday on the deadline you need to have deposited your money earlier.
It’s not the end of the world. You get a new £20,000 ISA allowance starting on April 6th, but any unused allowance from the previous year does not rollover.
There are 5 types and we’ve written about them in our ISA guide.
You can deposit up to £20,000 across all your ISAs combined.
Yes, you can have multiple ISAs, but you can’t open more than 1 of the same type in the same tax year.
Yes, but you need to do it in separate tax years.
Yes you can, except for the Lifetime ISA which is the only account with an upper limit of £4,000 deposited per year.
Yes! It’s always good to take advantage of the annual 20k allowance to whatever extent is possible for you. ISAs become really valuable over time as you keep growing the size of the investment so it’s important to start early. One day you’ll be maxing out your allowance and wish you had more!
Yes, you can withdraw anytime and this won’t impact your annual limit. Once you’ve deposited, you’re able to withdraw and redeposit freely that same amount.
Yes, that’s always possible and your new provider should be able to do that for you. It’s best to get in contact with your new provider and let them make the transfer, instead of withdrawing from your old account to move into the new one.
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