🔔 Top 10 cash ISAs for the 2018/19 tax year – use it or lose it

Tomorrow marks exactly one week to the last day of the tax year – and therefore one week until those who are yet to use their ISA allowance lose it forever, as you cannot carry it over.

You will, however, have a new ISA allowance of £20,000 from 6th April.

As the last day of the tax year is 5th April, many will believe that they have until next Friday to open a last-minute cash ISA – but the reality is that this may not be the case.

Savings providers need to make sure that they have time to process the ISA applications, so may close the application window early.

Here are our Top 10 picks for the current tax year – plus the deadlines;

Easy Access Cash ISAs View all >>

✅ Santander - 1/2/3 eISA (Issue 5)
AER: 1.50%
Annual interest on £20,000: £300
Deadline for 18/19 tax year: before 9am 5/4/19

✅ Yorkshire Building Society - Single Access Saver ISA Issue 5
AER: 1.46%
Annual interest on £20,000: £292
Deadline for 18/19 tax year: cheques by 5pm 5/4/19. Electronic transfers by 23:59 5/4/19

✅ Paragon - Limited edition easy access cash ISA Issue 5
AER: 1.45%
Annual interest on £20,000: £290
Deadline for 18/19 tax year: noon 5/4/19

1 Year Fixed Rate Cash ISA View all >>

✅ Shawbrook Bank - 1 Year Fixed Rate Cash ISA Bond (Issue 30)
AER: 1.77%
Annual interest on £20,000: £354
Deadline for 18/19 tax year: cheques by 2pm 5/4/2019. Electronic transfers by 4pm 5/4/19

✅ OakNorth - 12 Months Fixed Rate Cash ISA
AER: 1.76%
Annual interest on £20,000: £352
Deadline for 18/19 tax year: cheques by 5pm 4/4/19, Electronic transfers by 5pm 5/4/19

2 Year Fixed Rate Cash ISA View all >>

✅ Charter Savings Bank - 2 Year Fixed Rate Cash ISA
AER: 1.95%
Annual interest on £20,000: £390
Deadline for 18/19 tax year: 1pm 5/4/19

3 Year Fixed Rate Cash ISA View all >>

✅ Charter Savings Bank - 3 Year Fixed Rate Cash ISA
AER: 2.05%
Annual interest on £20,000: £410
Deadline for 18/19 tax year: 1pm 5/4/19

4 Year Fixed Rate Cash ISA 

✅ United Trust Bank - Cash ISA 4 Year Bond
AER: 2.20%
Annual interest on £20,000: £440
Deadline for 18/19 tax year: close of business 1/4/19

5 Year Fixed Rate Cash ISA View all >>

✅ Shawbrook Bank - 5 Year Fixed Rate Cash ISA Bond issue 16
AER: 2.30%
Annual interest on £20,000: £460
Deadline for 18/19 tax year: cheques by 2pm 5/4/2019. Electronic transfers by 4pm 5/4/19

Help to Buy ISA View all >>

✅ Barclays - Help to Buy: ISA
AER: 2.55%
Deadline for 18/19 tax year: close of business 5/4/19 (online up to 23:45 5/4/19)

Rates correct as at 28/03/2019

One thing to remember is that even if the provider's deadline is 23:59 on 5th April, that means the account must be open and funded with all the money you want to deposit for the tax year. If you fail online ID checks or there is a delay in transferring the cash, you will miss the deadline if you wait until the last minute. So, why leave it to chance?

Remember, you are only allowed to open one type of ISA each year, so if you have already opened and subscribed to a cash ISA since 5th April 2018, you can only top up that ISA, not open another one.

If your original choice is no longer competitive, you can transfer it to another provider, but that transfer is unlikely to be completed until the new tax year, so you may prefer to top up now and transfer later.

Of course, if it is not an easy access cash ISA, the usual access restrictions will apply on transfer, otherwise you could pay a penalty.

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