Savers have until midnight tonight (Wednesday 5th April) to invest their ISA allowance for the year and to take advantage of the tax free investment vehicle provided for them.
Savers are being urged to invest money into ISAs as they are now offering the best rates they have in several years, and with an allowance of over £10,000, savers can keep their money well out of the government’s taxable reach.
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Finance Expert, Stefan Maryniak from uSwitch.com has also called for savers to take action now before it’s too late to make the most of the good deals available at the moment.
“The end of the tax year is just around the corner. And with average rates on ISAs the best they’ve been since January 2009, consumers need to take advantage of the tax free allowance,” he said.
He also pointed out that savers wishing to maintain flexibility about when they could access their money would still retain a decent interest rate, but customers happy to leave that money invested would benefit the most from this year’s deals.
With ISA rates as high as 3.5% this year, savers are urged to look out for offers with introductory deals, although only if you are willing to move your money next year when the introductory rates vanish.