- Christie Cook, managing director of retail at Hodge Bank, shares her top tips for getting the most out of your ISA before the end of the tax year.
- Using your full allowance, maximising your tax-free interest by moving funds and planning for the next financial year are all options to consider.
- The search for ‘ISAs’ has seen a 100% increase in February according to Google Search Data.
With the end of the financial year less than a month away, Hodge is sharing its top tips to help you make the most of your ISA.
As the end of the tax year approaches, now is the perfect time to make sure you’re maximising your Individual Savings Account (ISA) allowance.
These tips follow a 100% surge in ISA-related searches in February according to Google Search Data.
With just a few weeks left, Christie Cook, managing director of retail at Hodge Bank is here to offer expert tips to ensure you’re making the most of your ISA and taking full advantage of tax-free savings opportunities.
- Use Your Full Allowance
“The ISA allowance for the 2024/2025 tax year is £20,000. If you haven’t yet maxed out your contributions, now is the time to top up your account.
Whether it’s through a Cash ISA, Stocks & Shares ISA, or Innovative Finance ISA, ensuring you fully use this allowance could result in significant tax savings.”
- Consider Moving Funds
“Following the previous tip about maximising your savings by using your full ISA allowance, if you’ve been holding cash in a non-ISA account, consider transferring it to your ISA to benefit from tax-free interest or capital gains.
This allows you to earn more interest on your savings, while reaping the rewards of tax-free interest.”
- Don’t Forget About the Benefits of a Stocks & Shares ISA
“For those with a longer investment horizon, a Stocks & Shares ISA could provide higher growth potential compared to a traditional Cash ISA. By investing within an ISA, any returns are tax-free, giving you the opportunity to build wealth over time without worrying about capital gains tax.
The tax-free nature of an ISA allows your investments to grow unhindered, potentially compounding over time. This makes a Stocks & Shares ISA an excellent option for those looking to build wealth over the long run, especially for retirement or other long-term financial goals.”
- Review Your Current ISA Strategy
“It’s always a good idea to review your ISA portfolio before the end of the tax year. We recommend reviewing your current ISA investments to ensure they align with your financial goals and risk tolerance.”
- Plan for Next Year
“If you can’t reach the £20,000 limit this year, consider planning ahead for the next tax year.
Setting up regular contributions could help you maximise your ISA contributions throughout the next tax year, ensuring consistent growth of your tax-free savings.”
As the end of the tax year approaches, now is the perfect time to review and maximise your ISA contributions. Whether you want to boost your savings with a Cash ISA or explore higher growth potential through a Stocks & Shares ISA, acting before the deadline ensures you make the most of your tax-free allowance.”
END
Notes to editors:
Search Data: Data collected via Google Trends
About Hodge Bank:
For more than 50 years, Hodge has been a trusted provider of financial services across the UK.
From helping individuals save and purchase homes to supporting businesses with tailored lending solutions, Hodge has consistently demonstrated its commitment to enhancing financial well-being.
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