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When is the ISA deadline and how you can make the most of it?

There’s not long left until the ISA deadline at midnight on 5th April 2019, so if you haven’t opened an ISA yet, now’s the time to do it.

Danielle Wilde

Danielle Wilde

March 5th, 2019

When is the ISA deadline?

There’s not long left until the ISA deadline at midnight on 5th April 2019. This date marks the end of the 2018/2019 tax year. If you fail to use your full ISA allowance in a tax year, you will lose it. So if you haven’t opened an ISA yet, now’s the time to do it.

What is my ISA allowance?

If you are a UK resident, this year, you get a £20,000 ISA allowance. This allows you to save and invest up to £20,000 over the course of the tax year without being subject to tax.

What can I do with my ISA allowance?

You can use your ISA allowance to save your money in cash and/or invest it via a stock market ISA or a new innovative finance ISA (IFISA).

The rules allow you to spread your allowance across all three types of ISA – cash, stocks and IFISA – if you wish, but you can only have one of each type in each tax year.

Cash ISAs are simple savings accounts which do not tax interest and offer a low-risk return on your money.

Stock market and IFISAs offer higher potential returns than a cash ISA, but do come with more risk. See our quick guide to ISAs for more information.

There is also the option to put your money into a Help to Buy ISA if you’re saving for a home or a Lifetime ISA which can help you save for retirement.

How do I open an ISA account?

There are lots of options out there when it comes to ISAs and many companies now offer them. Anyone over the age of 16 can open a cash ISA and over 18 can open a stock market or IFISA. There are also Junior ISAs available for children.

Opening an ISA on Propio.com is easy and you can sign up in a few minutes. All you need is a National Insurance number to get started, and once you’ve passed our eligibility checks, you can invest from £100.

Danielle Wilde

Written by

Danielle Wilde

March 5th, 2019

Capital is at risk. Investments are illiquid. No FSCS cover. Tax rules apply. See Risks.

Investments are high risk. Capital is at risk. Underlying investments are highly illiquid. No FSCS protection. Tax rules apply and may be subject to change. See Risks.