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Savers urged to beat the ISA rush

Savers urged to beat the ISA rush

Category: Savings

Updated: 22/03/2011
First Published: 22/03/2011

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

ISA savers have been told not to leave their ISA application until the last minute as the deadline for 2010/11 tax year contributions draws ever closer.

Fidelity International has warned that sooner is definitely better than later when it comes to making the most of the tax-free ISA allowance.

Last year, the firm received over a quarter of its ISA applications in the last week of the tax year.

One in ten ISA savers left it until the last few days, with some pushing the midnight deadline on the 5 April to the very limit.

London-based investors left it latest to invest, with a fifth of investors waiting until the last minute.

By contrast, those based in Northern Ireland were the most organised with just 1% leaving it until the last week.

Instead of playing a waiting game and risk missing the deadline, investors have been urged to treat this coming weekend as 'ISA weekend'.

This will allow investors time to think about where they are going to invest, and avoid the last minute ISA rush.

"The new financial year is just around the corner," said Rob Fisher, head of UK personal investments at Fidelity International.

"Whichever way you prefer to invest, don't leave buying your ISA to the very last minute - use this weekend to get your 2010/11 ISA application done and dusted ahead of deadline and beat the rush."

Up to £10,200 can be placed in an equity ISA this tax year, with a maximum of £5,100 allowed to be invested into a cash ISA.

In the new tax year, however, from 6 April, the overall limit rises to £10,680, and to £5,340 for the cash ISA element.

If you're unsure as to where to invest check out our ISA landing Page full of up to date Cash, Fixed and Investment ISAs.

Skipton Financial Services can compare over 1,100 ISAs and funds from over 60 providers – if you need help in choosing the right investment, call Skipton Financial Services free on 0800 731 5342

A product such as the Baillie Gifford Investment Trust ISA also offers access to a wide range of investments and funds.

Looking for a cash isa - Compare cash isa rates and best isa rates for transfers

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Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.