Guide to ISAs: Make the most of your ISA before the end of the tax year!

What is an ISA?

An Individual Savings Account (ISA) is a type of savings account that allows you to earn interest without paying tax on it. If you earn interest outside of an ISA, for example, through a different savings products such as an easy access savings account or fixed deposit, it will count towards your annual personal savings allowance (PSA), and you may be required to pay income tax on it. With an ISA, the interest you earn does not count towards your PSA, which is why your returns are ‘tax-free’.

Key features of an ISA:

· There are different types of ISAs depending on your saving needs i.e. Cash ISAs, Stocks and Shares ISAs, Innovative Finance ISAs. UBL UK only offers Fixed Rate Cash ISAs.

· You can invest up to £20,000 into your ISA in the current 2024/2025 tax year.

· You can open and pay into cash ISAs with different providers, as long as you do not pay in more than £20,000 across all the ISAs you have.

What You Need to Know Before the End of the Tax Year: Maximise Your ISA Allowance before 5th April 2025

If you do not use your ISA allowance by the end of the tax year, you will lose it. You will not be able to carry any unused allowance forward into the next tax year. You should aim to maximise your ISA subscription before 5th April 2025 to make the most of your tax-free savings.

Want to invest in a Cash ISA?

UBL UK offers a Fixed Rate Cash ISA with a range of terms and interest frequencies, providing you with the option to pick a savings account tailored to your needs. By choosing a UBL UK Cash ISA, you can enjoy:

· Choosing a fixed term and interest frequency which suits you.

· Fixed interest rate for a fixed period.

· Managing your ISA online through our Digital Banking Platform.

How to Apply for a UBL UK Cash ISA

1. Check your eligibility:

· You must be aged 18 or over and resident in the UK for tax purposes.

· Only open this account in your sole name.

· Hold a valid National Insurance Number.

· Must invest a minimum balance is £2,000.

2. How to apply:

· Online: digitalbanking.ubluk.com

· Post: Apply by post by downloading our ISA application form from our website and sending it to FREEPOST: RUEE-STYR-XYKE, UBL UK, 2 Brook Street, London W1S 1BQ.

· Branch: Visit and apply in our London Branch.

Keep in mind that tax rules can change in future and their effects on you will depend on your individual circumstances. To find out more about ISAs, please visit: https://www.gov.uk/individual-savings-accounts.