ISAs - Is it time to give your finances a spring clean?
Last updated March 2026
5 minute read
ISAs - is it time to give your finances a spring clean?
Updated March 2026
5 minute read
ISAs are a great, tax-free* way to save and make the most of your money.
Each year, you can add up to £20,000** tax-free to an ISA. This is your annual ISA allowance. It applies each tax year, starting on 6 April and ending 12 months later on 5 April.
Why are ISAs important?
When you save in an ISA, any interest you earn is tax-free.
This is different from money you have saved in non-ISA accounts. In these accounts, interest you earn is covered by your Personal Savings Allowance (PSA). This is an amount of interest you can earn before you’re taxed. Your PSA depends on your income and whether you're a basic rate, higher rate or additional rate taxpayer.
You can find out more about tax-free savings allowance on the government website.
Are you making the most of tax-free savings?
Before your annual ISA allowance resets, it can be good to see how much you have left for the tax year. Making sure you've used as much as possible could help you to really reap the tax efficient benefits across more of your savings.
Here’s a quick example
Let’s say you used your full £20,000 ISA allowance before the end of the current tax year (5 April 2026). You could then add a further £20,000 from your new allowance from 6 April 2026. This means could you enjoy the benefits of interest on a combined £40,000 of savings – all tax-free.
Also, you don’t have to leave your ISA savings in different accounts. Instead, depending on the type of ISA you have, you could do an ISA transfer to move funds from previous tax years into new accounts without affecting your current ISA allowance. We’ve explained a bit more about this in our Making sense of ISA transfers guide.
So, if you've not used all your ISA allowance, what could you do next?
Look at all your savings
Do you have savings sitting in an account that are earning little to no interest? If the answer is 'yes', this is where your money could be working harder for you. Could an ISA help grow your funds even more?
You might have savings in an old ISA or another type of savings account. Or perhaps you’re using a current account for some of your money. If this sounds familiar, it might be a good idea to think about transferring the money into a new ISA to make the most of the latest interest rates.
It doesn’t matter how small the amount is either. You can open a cash ISA with us with as little as £1.
Brush up on your ISA knowledge
If you want to make the most of your allowance, now could be a great time to learn more about ISAs.
There are five main types of ISAs:
- Cash ISAs
- Junior ISAs
- Lifetime ISAs
- Stocks and shares ISAs
- Innovative finance ISAs.
All of these ISA types have different features that may suit your savings goals. You can find out more about all ISAs in our Making sense of ISAs guide.
ISAs with Coventry Building Society
We’ve been a provider of cash ISAs for over 25 years. Our range of cash ISAs give you plenty of choice when it comes to saving for your sunny days. You can visit our website to see the ISAs we currently have available.***
The end of every tax year is a great time to review your savings. A little time spent giving your money a spring clean will set you up nicely to save over the coming months.
* Tax treatment depends on individual circumstances and may be subject to change.
** Correct for 2026/27 tax year. Cash ISA allowances are scheduled to change from April 2027. Find out more by visiting the government website.
*** Ts&Cs and eligibility requirements apply.
ISAs are a great, tax-free* way to save and make the most of your money.
Each year, you can add up to £20,000** tax-free to an ISA. This is your annual ISA allowance. It applies each tax year, starting on 6 April and ending 12 months later on 5 April.
Why are ISAs important?
When you save in an ISA, any interest you earn is tax-free.
This is different from money you have saved in non-ISA accounts. In these accounts, interest you earn is covered by your Personal Savings Allowance (PSA). This is an amount of interest you can earn before you’re taxed. Your PSA depends on your income and whether you're a basic rate, higher rate or additional rate taxpayer.
You can find out more about tax-free savings allowance on the government website.
Are you making the most of tax-free savings?
Before your annual ISA allowance resets, it can be good to see how much you have left for the tax year. Making sure you've used as much as possible could help you to really reap the tax efficient benefits across more of your savings.
Here’s a quick example
Let’s say you used your full £20,000 ISA allowance before the end of the current tax year (5 April 2026). You could then add a further £20,000 from your new allowance from 6 April 2026. This means you could enjoy the benefits of interest on a combined £40,000 of savings – all tax-free.
Also, you don’t have to leave your ISA savings in different accounts. Instead, depending on the type of ISA you have, you could do an ISA transfer to move funds from previous tax years into new accounts without affecting your current ISA allowance. We’ve explained a bit more about this in our Making sense of ISA transfers guide.
So, if you've not used all your ISA allowance, what could you do next?
Look at all your savings
Do you have savings sitting in an account that are earning little to no interest? If the answer is 'yes', this is where your money could be working harder for you. Could an ISA help grow your funds even more?
You might have savings in an old ISA or another type of savings account. Or perhaps you’re using a current account for some of your money. If this sounds familiar, it might be a good idea to think about transferring the money into a new ISA to make the most of the latest interest rates.
It doesn’t matter how small the amount is either. You can open a cash ISA with us with as little as £1.
Brush up on your ISA knowledge
If you want to make the most of your allowance, now could be a great time to learn more about ISAs.
There are five main types of ISAs:
- Cash ISAs
- Junior ISAs
- Lifetime ISAs
- Stocks and shares ISAs
- Innovative finance ISAs.
All of these ISA types have different features that may suit your savings goals. You can find out more about all ISAs in our Making sense of ISAs guide.
ISAs with Coventry Building Society
We’ve been a provider of cash ISAs for over 25 years. Our range of cash ISAs give you plenty of choice when it comes to saving for your sunny days. You can visit our website to see the ISAs we currently have available.***
The end of every tax year is a great time to review your savings. A little time spent giving your money a spring clean will set you up nicely to save over the coming months.
* Tax treatment depends on individual circumstances and may be subject to change.
** Correct for 2026/27 tax year. Cash ISA allowances are scheduled to change from April 2027. Find out more by visiting the government website.
*** Ts&Cs and eligibility requirements apply.
Related articles:
Busting common myths around ISAs
We've broken down some common cash ISA myths to sepratea fact from fiction.
ISAs - is it time to give your finances a spring clean?
ISAs are a great, tax-free way to save and make the most of your money*.
Each year, you can add up to £20,000 tax-free to an ISA. This is your annual ISA allowance. It applies each tax year, starting on 6 April and ending 12 months later on 5 April.
Why are ISAs important?
When you save in an ISA, any interest you earn is tax-free.
This is different from money you have saved in non-ISA accounts. In these accounts, interest you earn is covered by your Personal Savings Allowance (PSA). This is an amount of interest you can earn before you’re taxed. Your PSA depends on your income and whether you're a basic rate, higher rate or additional rate taxpayer.
You can find out more about tax-free savings allowance on the government website.
Are you making the most of tax-free savings?
Before your annual ISA allowance resets, it can be good to see how much you have left for the tax year. Making sure you've used as much as possible could help you to really reap the tax efficient benefits across more of your savings.
Here’s a quick example
Let’s say you used your full £20,000 ISA allowance before the end of the current tax year (5 April 2026). You could then add a further £20,000 from your new allowance from 6 April 2026. This means could you enjoy the benefits of interest on a combined £40,000 of savings – all tax-free.
Also, you don’t have to leave your ISA savings in different accounts. Instead, depending on the type of ISA you have, you could do an ISA transfer to move funds from previous tax years into new accounts without affecting your current ISA allowance. We’ve explained a bit more about this in our Making sense of ISA transfers guide.
So, if you've not used all your ISA allowance, what could you do next?
Look at all your savings
Do you have savings sitting in an account that are earning little to no interest? If the answer is 'yes', this is where your money could be working harder for you. Could an ISA help grow your funds even more?
You might have savings in an old ISA or another type of savings account. Or perhaps you’re using a current account for some of your money. If this sounds familiar, it might be a good idea to think about transferring the money into a new ISA to make the most of the latest interest rates.
It doesn’t matter how small the amount is either. You can open a cash ISA with us with as little as £1.
Brush up on your ISA knowledge
If you want to make the most of your allowance, now could be a great time to learn more about ISAs.
There are five main types of ISAs:
- Cash ISAs
- Junior ISAs
- Lifetime ISAs
- Stocks and shares ISAs
- Innovative finance ISAs.
All of these ISA types have different features that may suit your savings goals. You can find out more about all ISAs in our Making sense of ISAs guide.
ISAs with Coventry Building Society
We’ve been a provider of cash ISAs for over 25 years. Our range of cash ISAs give you plenty of choice when it comes to saving for your sunny days. You can visit our website to see the ISAs we currently have available.
The end of every tax year is a great time to review your savings. A little time spent giving your money a spring clean will set you up nicely to save over the coming months.
Related articles:
Busting common myths around ISAs
We’ve broken down some common cash ISA myths to help separate fact from fiction.
