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Mar 2020

Is It Too Late To Open an ISA?

Is It Too Late To Open an ISA?

The end of the tax year is April 6th, 2020…so how late is too late for me to open an ISA and use my allowance? 

An ISA is an account where you can keep your funds in a tax-free wrapper. With the end of the tax year rapidly approaching, you might be wondering if you’re too late to the party, and are not eligible to open a last-minute account to use your tax-free allowance.

But this isn’t the case at all. 

What's the deadline for opening an ISA? 

You can open an ISA right up to the midnight deadline. 

The new tax year starts on April 6th 20202, so you can open a new ISA on April 5th 2020. 

Many providers in the digital age offer online set-up in addition to phone and bricks-and-mortar services, so if you've really left it til the last minute you can open an account and move your money into it on the evening of April 5th, from the comfort of your couch. 

Where should I look to get one? 

There are lots of options for people to open an ISA, but it does depend on how last-minute you're talking. If it's the night before the deadline, you're going to want to open one online as most providers will be closed, as well as their phone lines. 

Where you can open your ISA will vary provider-to-provider, but in general the three ways you can open an ISA are: 

  • Online
  • By Phone 
  • At a Branch

Where can I get one? 

You can get an ISA from...

  • Banks
  • Building societies
  • Financial Services Companies
  • Credit Unions
  • Friendly societies
  • Peer to peer lending services
  • Crowdfunding companies 

I want to open an ISA. When should I do it? 

As soon as possible! 

The clock is ticking and the time between now and the deadline is only going to get shorter. 

You should sit down and think about what you want your money to do before opening an account. We have plenty of blogs which can help you do this, including: 

Want to read more? 

We've got pages and pages on our website which give you an overview of the best rates for ISAs, including: 

Junior ISAs

Junior Stocks & Shares ISA

from Fidelity

Regular Savings
  • Investment Options: Over 4,000 investment options, including funds, shares, investment trusts and exchange-traded funds

Why we like it: Fidelity’s guidance service makes it easy to find investment ideas for your child’s savings, plus Fidelity don’t charge a service fee on junior accounts meaning you keep more of your investment for your child. Ongoing fund charges and other fees may apply.

Important: The value of investments can go down as well as up so you may get back less than you invest. The value of tax savings and eligibility to invest in a Junior ISA depend on personal circumstances. All tax rules may change in future. Withdrawals from a Junior ISA will not be possible until the child reaches age 18. This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to an authorised financial adviser.

Important Risk Information:

The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website aims to provide information to help you make your own informed decisions. It does not provide personal advice based on your circumstances. If you are unsure of how suitable an investment is for you, please seek personal advice.

High Income ISAs

High income ISA ideas:

ISAs Products

Cash ISAs

Fixed Rate & Instant Access ISAs:

Cash ISAs: 

Stocks & Shares ISAs

Types of Stocks and Shares ISA include: 

Stocks and Shares ISAs

Latest News

5 Considerations for Your Next Investment ISA

15th March 2021

You've decided to invest your savings into a Stocks and Shares ISA. You'll be using your tax-free ISA allowance for this year before the deadline, while also investing your money for your future. But what do you need to consider before opening an account? We've put together a list of our top five considerations for you to think about before you click "apply". 

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