Halifax has contacted customers to inform them of an approaching deadline. In email correspondence, it stated that the conclusion of the tax year was drawing near at 11.59pm on April 5, 2026.

This is when ISA allowances reset, meaning an unused allowance is forfeited if not utilised by that point. Presently, individuals can deposit £20,000 annually into an ISA, or combination of ISAs.

This year’s cut-off point is particularly significant, as it represents one of the final opportunities to place £20,000 exclusively into a cash ISA. Following amendments announced by Chancellor Rachel Reeves, from April 2027 the cash ISA threshold will alter, dropping to £12,000 annually for everyone aged under 65.

The overall allowance will stay at £20,000, but the £8,000 differential will need to be allocated to another variety of ISA, such as a stocks and shares account. That means there are merely two opportunities remaining to maximise £20,000 yearly in a cash ISA – the forthcoming deadline and next year, April 5, 2027.

Halifax said: “The end of the tax year is approaching, but there’s still time. You have until 11.59pm UK time on April 5to make the most of this tax year’s £20,000 ISA (Individual Savings Account) allowance before it resets. This limit applies across all your ISAs, whether they’re with us or with other providers.”

“Take your next step by moving your savings into a tax‐free cash ISA, helping you keep more of your money for yourself. Adding an investment ISA alongside it can also help make your long‐term life goals feel a little easier to reach.

“Saving for something in the short term? Maybe a new sofa or a car? A cash ISA could be just what you need.”

Halifax also highlighted an offer it is currently promoting. Anyone who transfers an existing ISA to Halifax by May 31, 2026, could receive up to £1,200 in cashback, it stated.

To take advantage of the offer, Halifax said customers needed to open a cash ISA with it, or transfer into one that’s already open.

The transfer must be from any UK provider that’s outside of Lloyds Banking Group – Halifax, Lloyds, Bank of Scotland and Scottish Widows.

Customers will also require a Halifax current account, as this is where the cashback will be deposited.

It added that cashback would be paid by September 30.