This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Grab A Last Minute ISA Before Tax Year End

CHESTER, England, March 27, 2013 /PRNewswire/ --

  • Time is running out to take advantage of tax free benefits
  •   MoneySupermarket has seen a rush on applications for tax free savings

With the end of 2012/13 tax year just over a week away, MoneySupermarket.com urges savers who have not taken advantage of this year's ISA allowance to move quickly and  look for the latest deals on offer, or miss out for good, especially if they have existing ISA funds languishing on low rates.

Britain's number one comparison site has seen a 21 per cent increase in the number of people looking for ISAs through its site compared to March 2012. However, unlike in previous years, more people are opting to fix their ISAs rather than take out a variable rate deal*, largely due to the average rates on fixed rate ISAs being higher than those on easy access cash ISA products. The average rates on the top 5 fixed rate ISAs is currently 2.99 per cent, 0.58 percentage points higher than the average rates on the top 5 easy access ISAs, however, you will have to lock your money away for a longer period to take advantage.

Kevin Mountford, head of banking at   MoneySupermarket , said: "It's the final countdown until the end of the current tax year on 5 th April, and consumers could still make the most of the tax efficient options for their savings. With a maximum cash ISA allowance of £5,640 available, you'd be throwing money away to the tax man if you didn't take advantage. A number of providers have announced new rates in the last few weeks, and finally we're seeing more competitive rates emerge. Due to falling savings rates, we are now beginning to see more people opting for fixed rate ISAs over easy access cash ISAs. While the rates on these products are more generous, savers need to be prepared to lock the money away as they cannot access it during the term of the bond. For those who cannot afford to lock money away, you can still get rates five times that of base rate on easy access Cash ISAs.

"Although you may not have enough spare cash available to invest in the current tax year, if you have any ISA funds from previous years, it is worth checking the rate you are currently being paid and be prepared to switch those funds to an account that allows transfers of existing ISA funds in. However, if you do this, don't just withdraw the money from your existing ISA as it will lose its tax free status. Instead you need to follow the ISA transfer process which your new provider will help you with, but with time running out until the end of the tax year it is important to make sure this can be done before the deadline.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,443.86 +19.01 0.12%
S&P 500 1,868.35 +6.04 0.32%
NASDAQ 4,106.4430 +20.2180 0.49%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs