The ISA timeline follows the financial year, rather than the calendar year. The end of the tax year falls on April 5th, with a new tax year starting on 6th April.

ISAs offer savers a zero tax guarantee, up to the limit of £20,000. If towards the end of the financial year you’re yet to reach your £20,000 tax-free limit, you’re encouraged to use it and in April you can start a new year of tax-free savings. 

To find out more, read our article highlighting five things to consider during ISA season.

During ISA season, the market can become more competitive so savers can benefit from more attractive rates. This is to encourage deposits within the remaining few months of the tax year - or to onboard new customers early. 

At Furness Building Society, we have a variety of ISAs available for all ages and savings abilities. Take a look at our Cash ISAs, Fixed Rate ISA and Junior ISA accounts.

Yes, having more than one ISA is possible but there are some limitations. 

• Having more than one ISA doesn’t increase your ISA allowance. This is still £20,000 per tax year regardless of the number of accounts you have.
• Not all providers allow you to open or pay into more than one ISA of the same type in the same tax year. You may find some lenders will still only allow one ISA of the same type per tax year.

For more information about the new cash ISA rules, take a look at our article highlighting the recent ISA rule changes.

Yes, an ISA allowance is separate from your Personal Savings Allowance (PSA) and does not count towards it. It works differently from a PSA because it lets you save up to £20,000 a year tax-free. This allowance resets to £20,000 each tax year, regardless of how much is already in your account. 

To find out more about how ISA allowances work, check out our handy ISA allowance guide.

There are five different types of ISA accounts that you can open: Cash ISA, Stocks and Shares ISA, Lifetime ISA, Innovative Finance ISA and Junior ISA.

The minimum age for opening a cash ISA is 18 years old (increased in April 2024 from 16 years old). Anyone aged 17 or under can continue to open and save in a Junior ISA.

Yes but make sure your new provider accepts transfers and there aren’t any costs for moving your money. By contacting your new provider ahead of closing down your old account, you can ensure that the tax benefits are not lost. Check out our ISA transfer information here.