I’ve heard of ISA season – but what is it?

If you have an ISA with the Darlington Building Society, you’ll know that you can deposit up to £20,000 a year and you won’t need to pay any tax on the interest. But ISA allowances don’t roll over to the next year, so any unused allowance is lost. When the new financial year starts on April 6th, this is called ‘ISA season’ because banks, building societies, and financial advisers are busy helping their customers use their allowances before they reset in April.

Did you know?

The government often make tweaks to how our finances work in the Autumn and Spring Budget announcements. This Autumn, there was an amendment to how ISAs work. From April 2024, investors will be allowed to pay into multiple ISAs of the same type in one year and allows transfers between providers. So, what does that mean? We asked Ian Weatherhead, Independent Financial Adviser at Wren Sterling.

“Currently, we can only pay into one ISA each year – but you can have multiple ISAs, and there are several different types out there. Let’s say you have a Stocks and Shares ISA, and a Cash ISA. From April, if one is currently outperforming the other, you can choose where you want to put your money. It will also be easier to switch providers if you’re unsatisfied with their service.”

Do you have any financial tips for the new year, Ian?

“At the moment everyone is talking about the cost of living and whether their savings are coping. But recently I’ve been chatting to come customers who’ve been saving for a new home or for retirement using a cash account (rather than an ISA or other tax-free savings vehicle) – unaware that they’re about to be taxed!”

If you’re a Basic Rate Taxpayer, you can earn £1,000 in savings interest tax-free. But if you’re a Higher Rate Taxpayer this level reduces to £500 in savings interest tax-free and additional rate taxpayers this is £0.

For those who have been diligently saving, it’s easy for your savings to become taxable. That’s where a financial adviser can help. We get to know you and your circumstances – we understand the ins and outs of your allowances and can help you make the most of your money.”

Talk to a financial adviser

If you have a complicated financial situation and want an expert on your side, the Darlington have teamed up with Wren Sterling to bring you financial advice on the high street. This trusted partnership gives you access to Ian at your local branch. Just talk to a member of the Darlington Branch Staff, and they’ll arrange an appointment, phone call – or video call if you prefer.

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