Martin Lewis Urges ISA Deposits Before April 5 Deadline

Financial expert Martin Lewis has urged UK savers to deposit up to £20,000 into Individual Savings Accounts, or ISAs, before the current tax year's deadline on April 5, to secure tax-free interest and avoid losing the allowance. Writing on his Money Saving Expert website, Lewis emphasized that the opportunity applies to the 2024-25 tax year, with a new allowance resetting on April 6.

ISAs enable adults to save or invest money without paying tax on the interest, dividends, or gains earned within the account. The annual limit stands at £20,000, which can be allocated entirely to a cash ISA for lower-risk savings, a stocks and shares ISA for potential higher returns, or split between the two. Lewis noted that top cash ISAs currently offer variable interest rates up to 4.68 percent, surpassing many standard savings accounts. "Your money's nicer in an ISA, and now it's use it or lose it time," he said. "Top cash ISAs pay 4.68 percent, beating normal savings, though long-term shares ISAs are likely the winner."

Among the leading options, Lewis highlighted variable-rate cash ISAs including Trading 212 at 4.68 percent, which includes a one-year 1.08 percent bonus for new users; Plum at...