Use it, or lose it!

The deadline is fast-approaching for savers to make use of this year’s £20,000 ISA allowance.

March is the last full month for savers to make the most of this year’s ISA allowance and maximise their ability to earn interest payments that are tax-free. 

By putting money into an Individual Savings Account (ISA) it is possible to receive interest without tax being deducted.

There is a limit to how much can be invested each year in an ISA before interest payments are taxed, currently £20,000.

However any part of this allowance which isn’t utilised before the end of the tax year on 5 April will not get carried over when the new tax year begins. In short, if you don’t use it, you’ll lose it. 

There are different types of ISA, but a popular choice is the Cash ISA thanks to its versatility. They come in various shapes and sizes, as Sophie Dwyer, Product Manager at the West Brom, explains. 

“Cash ISAs can support a variety of savings needs and being tax-free makes them a worthwhile option,” she said. 

“Rates of interest can be fixed or variable. Some offer unrestricted access to your money, while others offer a higher return if you agree to invest over a set term. Early access is permitted in these cases, but a charge will apply.

“We also offer an ISA specifically for people who are saving to buy their first home as part of the government’s Help to Buy scheme.”

Like any savings account, it’s important to check what your current ISA is paying and shop around for the most competitive products. 

Sophie added: “Look for ISAs that allow you to transfer balances from one provider to another, so you get the best rate while still preserving the tax-free status of your investment.”

All savers should qualify for an ISA allowance, although tax benefits are subject to change and individual circumstances.


The West Brom has a range of Cash ISAs available through branches and the internet. To see our latest rates, click here.

We can also arrange investments in a Stocks and Shares ISA via an independent financial adviser from our partner firm Wren Sterling. Speak to a member of staff in your local branch to find out more. 


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