💬 Anna's two pence worth (#24): Everything you need to know about cash ISAs

Anna Bowes is a regular contributor to the BBC’s Money Box, Breakfast and News programs, as well as the national press, providing expert analysis and commentary on the UK savings market. Anna has worked in the financial services industry for more than 20 years and for most of that time has been helping people to make the most of their savings.

As suggested last week, as we approach the end of the tax year, we thought we’d bring to you an ISA special this weekend.

It feels as though cash ISAs are once again making a comeback and as the need for them increases, so too has the competition – which, as we know, drives rates in the right direction.

And this week, we’ve seen improvements from a number of well-known providers - including NS&I - which is a really good indication that we are now in the thick of the ISA season.

🔖 Read: Big guns enter the ISA fray and NS&I and Santander improve cash ISA rates to see what these bigger providers are offering.

Of course, over the years, there has been a lot of tinkering with the rules of ISAs and some fundamental changes - some of which are really good news for savers.

Others have quite frankly added more layers of complexity when it comes to deciding on the best ISA to choose.

But there are still really good reasons not to simply dismiss cash ISAs out of hand.

🔖 Read: How to beat the ISA maze

Of course, the ISA season is a good time to review your existing cash ISAs as well – to see if you are still earning a competitive interest rate.

This is tax-free interest, so it makes sense to make it work as hard as possible.

But it’s important follow the rules when switching or you could lose the ISA benefits altogether.

🔖 Read: ISA transfers – how to make the most of your tax-free savings

We had an interesting couple of questions from one of our savers this week – unsurprisingly they are about cash ISAs.

🔖 Read: Ask Anna – when can I open a new cash ISA and if I transfer my ISA do I also need to deposit ‘new’ cash?

If you’ve already sorted out your ISA for the current tax year – or they are just not for you, our Rates Rundown includes all the best savings rates this week, not just cash ISAs - although they do feature heavily!

🔖 Read: Rates Rundown: ISA season under way as improvements ramp up

Next week will see Chancellor of the Exchequer, Philip Hammond, deliver the Spring Statement.

It is not intended to be a major fiscal event and we are expecting it to simply be a ‘State of the Nation’ address, with the Chancellor providing an update on the economy following the updates released by the Office for Budget Responsibility.

However, with the continued uncertainty around our exit from Europe, there remains the possibility that the Spring Statement will contain announcements relating to changes in tax or spending policies.

The Chancellor confirmed this was a possibility if economic circumstances required early intervention in his Autumn 2018 Budget statement.

Rest assured, if there is anything noteworthy to report, we will send out a summary next week.

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