ISA Deadline 2025 - Important Information

A Cash ISA (Individual Savings Account) allows you to save money without being taxed on the interest earned. The four main types of ISAs available on the market are:   

1. Cash ISAs   
2. Stocks and Shares ISAs   
3. Innovative Finance ISAs   
4. Lifetime ISAs   

Not all providers will offer all types of ISAs. For example, at Shawbrook we only offer Easy Access Cash ISAs and Fixed Rate Cash ISAs. 

The ISA Allowance is a government-set limit for how much you can pay into an ISA, allowing savers to earn tax-free interest. In the 2024 / 2025 tax year, you can save a total of £20,000 into multiple cash ISAs with different providers at the same time. 

While you can open and save in several cash ISAs in one tax year, at Shawbrook we only allow you to open one Cash ISA each tax year. If you don't use the £20,000 allowance by the deadline, it will be forfeited.  

For more in-depth information, visit our Cash ISA Allowance for 2024/2025 page. 

The ISA deadline for the 2024 / 2025 tax year is 5 April 2025. 

The ISA year runs parallel to the tax year, which always starts on 6 April and ends on 5 April the following year.  

The 2024 / 2025 tax year will end on the 5 April 2025, with the 2025 / 2026 tax year beginning the next day on the 6 April 2025 (and then finishing on the 5 April 2026). The dates for your annual ISA allowances are the same. 

It is a good idea to keep these dates in mind if you’re considering opening an ISA or investing more in an existing account. It is important to check with your provider as some banks may have different cut-off dates for applications to apply to the current tax year.  

The ISA deadline matters because it’s when your annual tax-free ISA Allowance expires.  

Once you have invested in an ISA, you can continue to earn tax-free interest on this for years to come. By investing annually, you can take advantage of the maximum tax efficiencies. 

If you’re planning to invest money in an ISA soon and haven’t yet used all your allowance, you may want to consider doing so before the next ISA deadline. 

Although the tax-free benefits of your investment will continue for as long as you leave the money in an ISA, you cannot roll over the allowance itself.  

This means that if you do not invest £20,000 by this year’s deadline, you cannot invest more than £20,000 next year to ‘make up for it’.  

Put simply: if you don’t use your allowance, you’ll lose it. 

Your ISA Allowance will automatically renew once the new tax year begins, regardless of whether you have an ISA or not. The current tax-free allowance is £20,000.  

You don’t need to already have an ISA to invest this tax year. You can open an ISA up until midnight on 5 April. You will also need to deposit any funds before midnight to meet the deadline.  

However, you may want to open an account earlier. Although you can open your account relatively quickly, it’s better to give yourself some time to shop around so you can find the best ISA for your needs. 

Remember, some banks may have different cut off dates for applications for the new tax year so take this into consideration when looking to set up your account. You’ll also need to factor in bank operational hours and leave some time for your funds to appear in the new account.  

At Shawbrook, we offer a range of Cash ISAs including Easy Access Cash ISAs which let you withdraw money at any time, and Fixed Rate Cash ISA options with fixed terms ranging from one to seven years. The ISA Allowance and deadline apply to all of our Cash ISAs.   

Visit our Cash ISAs page.