Catch that ISA deadline for the 2020 tax year!
It’s not too late to get your spare cash tucked away in a tax-free ISA wrapper before the end of this tax year.
You’re not going to earning any interest on the few days before 6th April.
But the big advantage is that if you put away as much as you can reasonably spare before the deadline, it counts as part of your 2020 allowance of £20,000,
You will have another £20,000 allowance starting from Monday 6 April.
And if you choose a cash ISA quickly, just to get your money tucked away behind the cash wall, you can transfer it to a higher-earning Stocks and Shares or structured ISA later if:
- The account you’re transferring out of isn’t a Fixed-term account (you’ll be charged a penalty if you transfer out before the end of the term)
- You give adequate notice on a Notice account
- The account you want to transfer to accepts transfers-in
(And remember to always get you new ISA provider to arrange the transfer for you – otherwise you will lose the tax-free advantage.)
What’s the last-minute deadline for “structure products”?
These ISAs need paper applications:
- You will need to have posted your completed application form back to us by 1st class post by FRIDAY 3RD APRIL
- That means you we need to be sending application brochures out to you TODAY (Tuesday 31 March) or TOMORROW LATEST (Wednesday 1st March)
- CALL US on 0845 308 2525 or EMAIL [email protected] as soon as possible
- You need to sign and send your application back to us, with payment, FIRST CLASS, on Wednesday 1st, or Thursday 2nd (that’s cutting it fine!)
- Please DON’T send your applications by recorded or special delivery. Normally we can receive these at our office, but due to lockdown we’re not at the office to sign for deliveries (our staff are making daily trips to the office to collect our mail).
- We will need to receive PAYMENT by Friday 3rd April (cheques don’t need to have been cleared by then). We are encouraging payment by BANK TRANSFER to reduce staff trips to the bank
(Apologies for these less-than-optimum arrangements: we’re doing our best during lockdown.)
What’s the last-minute deadline for cash ISAs?
- The deadline for these online applications is MIDNIGHT Sunday 5th April
- There will be high traffic on providers’ websites – allow enough time for slow internet access
- And be sure you have everything you need for your application on hand (see below)
What’s the last-minute deadline for stocks and shares ISAs?
- As with cash ISAs, the deadline for these online applications is MIDNIGHT Sunday 5th April
- Allow time for busy web traffic
- Have everything you need for your application on hand (details below)
What do I need to complete my ISA application in time?
- Your National Insurance number (to confirm that you haven’t used up all of your ISA allowance for this year
- A valid debit card (you can’t fund an ISA with a credit card)
- Or your bank account details