You need to act fast
The Money-saving expert Martin Lewis has reminded savers of a perk they can take advantage of ahead of the new tax year.
On the Martin Lewis podcast, the money man shared that people only have a set allowance each tax year for their ISA, which automatically resets once the tax year ends, reports Manchester Evening News.Mr Lewis said: "I tend to think the 31st of December, New Year's Eve as we call it, is just a meaningless sentimental date.
"And if you don't use it, if you don't use the year's allowance, you lose it on April 5. But if you put money into a cash ISA, now the maximum amount you can put into a cash ISA or stocks and shares ISA or any ISA in total in a year is £20,000. If you put money into an ISA in a tax year, it's not just tax free that year, it's tax free year after year after year until you take it out.
He continued: "So picture it, if you were lucky enough to put £20,000 in now into a cash ISA, you could then put another £20,000 in on the sixth of April - the start of the new tax year - and then another £20,000 in a year on the sixth of April, then that's £60,000 protected from tax.
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