The end of the tax year is fast approaching, and there are a few things about your ISAs that you should check.

If you’re unaware, an Individual Savings Account (ISA) is a way for you to save and not get taxed on your savings. The limit for how much you can put away per tax year is currently £20,000.

Before you run out of time, here are the top three things you can do to make sure you’re making the most of your tax-free savings.

1. Make sure you use up your whole ISA allowance. If you can, make sure you either top up or open an ISA so you use up your full £20,000 annual limit. Once the new tax year rolls around, you won’t be able to add any more into these pots for the current tax year and you could be losing out. If you’ve got an Easy Access ISA you can usually deposit funds up to the current year's ISA subscription limit. If you have a Fixed Rate ISA or aren’t allowed to add more into your pot, you can open a different type to get the most out of the interest.

2. Check your current ISA rate. As the interest rates have increased over the last year, your Cash ISA may not have the best rate anymore and other providers may be offering higher rates. Depending on your account, you may be able to transfer the money you’ve put away into a different ISA and you could benefit from a better rate and earn more tax-free interest.

3. If you don’t need to withdraw your money, then leave it in your Cash ISA. The money in your Cash ISA will always earn tax-free interest. As soon as you withdraw money you can’t add it back in without it counting towards your ISA allowance for that tax year. And don’t forget, you might also choose to keep any interest you’ve earned in your Cash ISA as you will earn interest on this interest too!

It’s also important to remember that there are changes coming into effect for the 24/25 tax year. The only mandatory change is the age limit for an adult ISA will be 18+ and anyone younger than this will need to open a Junior ISA.

The optional changes won’t need to be taken up by providers, but it’s good for you to know what they are so you can make informed decisions when opening an ISA after 6 April. One change is that you’ll be able to have more than one type of ISA in the same tax year. In the past, you were only allowed to have one ISA of a particular kind (Cash ISA for example), but now you’ll be able to open more than one per type.

In addition to this, you’ll be able to have multiple ISAs across different providers. This means you’ve more flexibility with how you save and who you save with throughout the tax year.

If you have any questions or want any more information, check our FAQs or get in touch.