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Lloyds Bank, which has about 15 million customers and a 20% share of current account balances, has sent its savings customers a reminder.
Under the subject line: ‘Here’s your new year tax alarm’ Lloyds has reminded savers that their new ISA allowance started this month.
The message, sent to customers and seen by The Express, said: ‘Your ISA allowance reset on 6 April and that can be big news for your money. Why? It means the idea time to save with an ISA and keep more of your money. And that might help get you to your goals even sooner.’
Lloyds also asked customer to consider our investment options or moving their current ones over to Lloyds. ‘Keeping everything in one place,’ the message continued.
The tax year changes every year on April 6. It means that for various savings, tax, pensions and other rules and limits, the new financial year brings a new set of allowances to be followed, to avoid the shock of a nasty tax bill later down the line.
Financial experts at investment platform Hargreaves Lansdown have also issued guidance to its customers about what it all means for people with Cash ISAs, Stocks and Shares ISAs, private pension funds, savings and other financial products for this tax year, running from April 6, 2025 to April 5, 2026.
Despite widespread speculation that Cash ISA limits were about to be altered by Chancellor Rachel Reeves, they remain set at £20,000 for the year.
Other allowances are as follows:
ISA Allowance: Remains at £20,000 across all ISAs, including a £4,000 allowance for Lifetime ISAs. You can now open more than one ISA of the same type in a tax year.
Pension Annual Allowance: Remains at £60,000 but can be as little as £10,000 for high earners or if you’ve accessed a pension.
Junior ISA Allowance: Invest up to £9,000 in a child’s future.
Personal Allowance: Earn up to £12,570 before paying tax.
