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Make the most of your ISA allowance 0319

Fri 01 Mar 2019

As one tax year comes to a close another one is about to begin.

On the 6 April the new tax year starts and with it comes the additional tax free £20,000 allowance. Now is a great time to review your finances and start planning ahead. Check out our top tips to help you make the most of the new ISA season:

Watch your deadlines: If you haven’t used all of your 2018/2019 ISA allowance it’s not too late. You have until the 5 April to save up to £20,000. Remember, any unused allowance doesn’t roll over – so if you don’t use it, it’s gone forever.

Be quick off the blocks: When the new tax year starts act quickly. From the 6 April 2019 the new tax-free £20,000 ISA allowance becomes available. Even if you only save a small amount, what you invest has the potential to grow tax free.

Loyalty doesn’t always pay: It’s important that your savings work as hard as possible for you, so don’t be tempted to automatically invest your new tax year allowance with your current ISA provider. Do your research and look around for the best deals. Although you may be happy with your current ISA provider, remember rates and benefits vary so it can pay to shop around.

Think about a Stocks and Shares ISA: At a time where cash ISA rates are low, it may be worth you looking into a Stocks and Shares ISA. Generally speaking, Stocks and Shares ISAs have a higher growth potential, but with that comes the risk of uncertainty as your fund may go down as well as up.

Make the most of ISA transfers: If you have existing ISAs check out the interest rates as you may find that it’s not as competitive as it once was. This is where ISA transfers come in. Most ISAs can be transferred to another provider, but remember to check if any fees or penalties apply before making the transfer. Never just withdraw the money from your current ISA to re-invest in another ISA account, as withdrawing rather than transferring means that you will lose the tax free element of your savings pot.

The Police Mutual Options ISA offers a mix and match of four options to fit in with your own personal circumstances. Our Protected Growth option offers guaranteed protection at five-year set points with any gains also locked in every five years. What’s more, we offer an easy and hassle-free transfer service.

To find out more about Options ISA click here or call us on 0345 88 22 999 and why not see how your savings could grow by trying our ISA calculator.


If you withdraw your money other than on the five-year set guarantee points, you may get back less than you have put in.

The value of tax benefits depends on your individual circumstance and tax rates or legislation which could change in the future.

The Options ISA is a Stocks and Shares ISA.

Police Mutual Assurance Society Limited is an incorporated friendly society authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered office: Alexandra House, Queen Street, Lichfield, Staffordshire WS13 6QS.

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Type of article: Articles
Category: Performance (ISA)

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