The Martin Lewis Podcast Is the £20,000 cash ISA going to be killed? What savers should be doing NOW
Apr 16, 2025
Discover the potential changes to the £20,000 cash ISA limit and what it means for your savings. Learn effective strategies to maximize your returns early in the tax year. Explore short-term bonus rates and the pros and cons of switching accounts. Get expert insights on the best cash ISA rates and how to manage your savings wisely. Delve into the benefits of cash ISAs versus traditional accounts and find answers to common questions about contribution limits and tax advantages.
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Top Up ISAs Early
- Put money into your ISA early in the tax year to benefit from better promotional rates during ISA season.
- Acting soon could protect you if the £20,000 cash ISA allowance is reduced in upcoming budgets.
Consolidate Old ISAs
- Consolidate old ISAs into one new ISA to get better rates and easier management.
- Transfer old ISA funds using a transfer form; spreading money over £85,000 protects against financial institution failures.
Choose Best ISA Types Wisely
- Choose easy access cash ISAs for flexible withdrawals with competitive variable rates.
- Fixed rate cash ISAs lock in rates but may have penalties for early withdrawal, so consider access needs.