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The new tax year started 6 April, so if you’re looking to maximise your tax-free savings this year, now is the ideal time to grab a Hinckley & Rugby Cash ISA.
What’s the allowance?
Every tax year, you can put an amount of money into ISAs without paying any tax on the interest. For the 2024-25 tax year, the allowance is £20,000 – same as 2023-24.
What ISAs do the Society offer?
Cash ISAs are one of the most popular types of ISA, and that’s the type we offer. They’re safe and reliable, and you can see our range of Cash ISAs here.
If you have a Cash ISA with another provider and you’re unhappy with the interest rate, you can transfer it to us. You can find out more about this on our Cash ISAs page.
What’s the benefit of having an ISA?
Everyone has a Personal Savings Allowance that allows you to earn £1,000 interest each tax year without paying any tax on it. It’s half that for those who pay a higher rate of income tax. The interest earned from ISAs is separate from that allowance: an extra amount of tax-free interest, meaning even if you’ve reached your tax-free limit on other savings, the interest from your ISAs is still tax free.
ISAs are ideal for long-term savers, especially as part of a plan that includes easy-access savings to deal with the unexpected. Although there’s a limit of how much you can pay into ISAs each year (currently £20,000 in total), there’s no limit on how much you can have in an ISA. This means you can watch your ISAs grow year on year, and pay no tax on the interest they give you.
Which Cash ISA is right for you?
To choose which Cash ISA is right for you, see our ISA page here. When you’re ready to open an account, you can request an application form from the chosen product page.
