ISA season usually begins in February and runs until the beginning of the new tax year in April.
During this time, savers are encouraged to make the most of their tax-free allowance before the start of the new tax year on 6 April.
Are the best ISA rates just available during ISA season?
Historically ISA rates have been higher during ISA season, but nowadays this isn’t the case and competitive rates can be expected throughout the year. But, you can expect to see more ISA’s to choose from during ISA season.
Those looking to make the most of their tax-free allowance would be advised to open an account at the start of the tax year, as this will enable them to benefit from the interest rate throughout the year even if they deposit no more money into the account for the next 12 months.
In addition to this, if you currently have an ISA and you see another ISA that offers a higher rate during ISA season, you can capitalise on this by opening the new ISA account and transferring the money from your old ISA to your new one.
Before you do this, however, be careful to check for any transfer penalties from your existing ISA, and that your new ISA allows transfers in.