Overview
- Providers escalated offers Saturday with the tax year ending Sunday at 11:59pm, creating a last push to capture deposits before allowances reset.
- HSBC raised its Fixed Rate Cash ISA to 4.5% and launched tiered cashback up to £500 for large new deposits, aiming to convert savers before the cutoff.
- Halifax contacted customers about transfer bonuses worth up to £1,200 for ISAs moved in by May 31, requiring a Halifax current account for the payout.
- Plum lifted its easy‑access cash ISA to a market‑leading rate for new money and set 4.45% for transfers, while Yorkshire Building Society launched a 4.05% flexible online ISA that allows withdrawals without losing the year’s allowance.
- Bank of England data show £4.6bn flowed into cash ISAs in February and about £20bn since November, yet HSBC research finds 39% of adults hold no ISA and only 23% expect to use the full allowance, prompting advisers to steer more savers toward stocks and shares ISAs as cash limits fall and to use ISAs to shelter interest that can exceed the Personal Savings Allowance.