Savers need to be on the lookout for personal and business bank account providers shuttering their ISA savings offerings prior to the tax deadline of April 5 if they’re looking to make a last-minute deposit, experts say.
With the 2011-2012 tax year coming to a close in just a few short days, many banks and building societies have begun to close up shop on this year’s deals in preparation for the new tax year. While the official deadline is not until April 5, many financial service providers are shutting off their ISAs earlier than that.
For those savers looking to take up a High Street offering, the best way to squeak in before the deadline is to pop into your closest branch. However, if you were looking to take up an offering from an online banking option such as AA Savings, you’re most likely out of luck, as these providers tend to shut their proverbial doors early.
If you’re completely out of luck in finding an available deal prior to the deadline, don’t lose heart – experts say you can still secure a top rate for next year by topping up an existing ISA. Even if your current ISA has a sub-standard rate, once the new tax year comes about, you can find an ISA provider that accepts transfers in, unloading your old, shoddy account for a bright new shiny one with a much more competitive rate.
So don’t feel put out of sorts if you can’t find a deal that’s still open before the final April 5 deadline, as experts insist there are options available to you in the event that you waited to the last minute.