Savers have more choices than ever how to make the most of their money
With the start of the new tax year In April comes the renewal of the £20,000 tax-free limit for Individual Savings Account , which allows savers to earn interest on their savings without it affecting how much they pay HM Revenue and Customs. But the 2024 tax year also brings with it a series of changes to the way these savings accounts work.
You can now subscribe to multiple ISAs of the same type With the exception of the Lifetime ISA, which is designed for long-term saving towards a mortgage or investment, savers can now open multiple ISAs of the same type to make the most of their savings. Guidance from HMRC indicates that each ISA provider will dictate whether they accept investors opening multiple savings accounts of the same type, while it is up to each saver to correctly report how many ISAs they have open.
Many ISA providers are now offering free cash to savers that transfer their ISA over to them, with some advertising £1000 cashback for large transfers. However, it is important to check the interest rate on any of these accounts, as your compounded savings could be worth more in the long run.
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