skip to main content
20th
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: 

Peer to Peer Lending ISAs

Peer to Peer IF ISA

from RateSetter

ISA Option
Interest Rate Up to 5.00% annualised expected return
  • Term: Easy Access, or 30 or 90 Days Loss of Interest
  • Invest From: £10

Why we like it: Get started with a £100 bonus (minimum £1,000 deposit required). Terms apply. Peer to Peer IF ISA tax free investment. Over £3.5 billion invested since 2010, £0 capital and interest lost.

Important: Peer to peer lending is not covered by the FSCS. Returns are not guaranteed and your actual returns may vary. Capital is at risk

  • Innovative Finance ISA - all earnings are tax free
  • Choice of three accounts with different withdrawal fees: Access (zero fee), Plus (30 days interest fee), or Max (90 days interest fee)
  • Annualised average target return of between 3% and 5%
  • Invest in one or more loans
  • Protected by the RateSetter Provision Fund, our buffer against poorly performing loans, with a 100% track record since 2010
  • Must be aged 18 or older
  • RateSetter IF ISA is an investment, not a deposit account
  • Provision fund is not a guarantee
  • Peer to peer lending is not covered by the FSCS
  • Past performance is not an indicator of future performance

Calculate your interest with this plan

Your savings:
£
You could gain:
£0.00 (per tax year)
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

New (tax) Year, New You: How to Make the Most of Your ISAs in 2020/2021

6th April 2020

Dawn breaks on the morning of April 6th 2020 – the sun is (potentially shining) and the new tax year has begun. With £20,000 of possibilities for your tax allowance for this new tax year – we’ve answered the most common questions that savers have at this stage. 

Newsletter Signup

Sign up to our Newsletter to get exclusive news and offers direct to your inbox.

About us

ISA.co.uk is a trading style of Fair Investment Company.

We've been comparing and recommending ISAs for many years so you can trust you're in good hands.

About us

4.91 Average

22 Reviews

Jen

I found the way the different options are presented very clear - much more useful than some other comparison sites. I sent it to my daughter as well.

Paul

Very informative, find myself a good ISA account with best return in terms of interest.

Sue

Easy to use website and up to date. Saved the link on my tablet.

Rob Holden

The website was very useful and informative.

Andrew Johnson

ISA can be confusing at first and this site includes a useful and helpful introduction into the world of ISAs

Crowd2Fund

Excellent website - clear and helpful information about different products - and a trustworthy partner.

Sue

Easy to use website and up to date. Saved the link on my tablet.

Steve

Really simple to use and all the information was clear with lots of products available. The interest calculator was really handy too. Have bookmarked and will definitely use again.

Hannah Gordon

This was a really user-friendly site, and was very helpful when it came to comparing accounts and choosing my 2016 ISA.

Sue

Easy to use website and up to date. Saved the link on my tablet.

Anonymous

If you wish to invest in an ISA this site has it all. A super comprehensive range of simply explained products from all the major companies.

Cristina Iacob

Very knowledgeble company with an extensive range of services, a great website with loads of useful information.

Anonymous

Nice graphics and easy to navigate

Dr Alan Rogan BSc PhD FCIOB FCABE Eur Ing

Good advice and professional approach

Razvan

Very helpful for getting my annual ISA

Jonny Doulton

Clear, concise and very professional outfit with an excellent choice of market leading deals.

Paul Tissington

ISA.co.uk not only helped narrow down my choices for a Junior ISA but also provided additional practical information that helped demystify the whole process.

Sunil Karadia

Just the site I needed, I have been looking for a suitable ISA for a while, but as there are so many to choose from, find it difficult to find the right one for me.

James Weatheritt

I found the information on ISA.co.uk very helpful and easy to understand. The site is easy to navigate and find what you're looking for.

Lisa Holden

I found ISA.co.uk very insightful and easy to navigate through. The content was useful and helped me make my ISA decision.

Neta Pourhosseini

I thought the information provided was easy to understand and very informative, I would recommend to friends for deffinite.