Until 6th April each year you can continue paying into your current ISA at will; but doing so from 6th April 2015, the start of the new tax year, will mean you cannot then pay in elsewhere.
In short, you could deny yourself the best ISA rates 2015 has to offer.
This means the new 2015/16 tax year is a perfect opportunity to shop around. In fact, even if you later decide to stick with your existing account, you should make sure you do not contribute to it until you have checked there is not a better account available using our Cash ISA comparison 2015/16.
Remember, just because you found the best cash ISA 2014/15 had to offer, that does not mean it will still be the right account this year. Here is how to compare ISA rates 2015/16...
What type of account?
There are a few different types of account within the cash ISA bracket. This means your first steps toward finding the best ISA 2015/16 should be to decide which type of ISA account meets your needs:
- Fixed or variable interest describes whether the interest rate your money will earn can go up or down, or if it is guaranteed for a certain period
- Fixed term means you must hold the account for a set amount of time and you will not be able to access your money without a penalty
- Instant access allows you to deposit more money or make a withdrawal at any stage without incurring loss-of-interest penalties
- ISA transfer accounts let you transfer balances in from existing ISAs you hold elsewhere; this can be handy for meeting any opening balance criteria
What is your budget?
Once you have decided on the type of account you want, you can narrow down the available options by filtering out any you cannot afford. If you have £500 to invest then there is no point looking at the ISAs with headline interest that is only payable on balances over £1,000.
ISAs which allow transfers in will let you up your account balance by importing funds from other ISAs. On top of any previous years' subscriptions you transfer, your maximum opening balance (and the cash ISA limit 2015/16) is £15,240.
If you want to save regularly and within the cash ISA allowance 2015/16 HMRC limit, your maximum monthly deposit would be £1,270 over the course of the year.
How to find the best cash ISA rates 2015/16
You should only start looking at rates when you have found which of the accounts match both your budget and your account requirements. After all, there is no sense in finding the best cash ISA 2015 rates only to find out that you are not eligible for some.
For this reason there is no way to label one individual ISA as the best; instead you need to find which account will work best for you. That could mean the best fixed rate Cash ISA 2015/16 or the best instant access, 3-year or 5-year account.
Once you have prioritised what you need, simply compare interest rates from accounts that match up to find the right ISA for you.