On the first day of the new tax year

On the first day of the new tax year, some of the savers maxed out their £20,000 Isa allowances

Within hours or even minutes of the new tax year beginning, some savers have already used up their 2023–24 Isa allowance.

Fidelity International Personal Investing revealed that six minutes past midnight on Thursday, April 6, the first customer used the maximum Isa allowance of £20,000.

Associate director, personal investing, Fidelity International, Ed Monk, conveyed that “While investing a £20,000 lump sum upfront may not be possible for everyone, establishing a regular savings plan to drip-feed your contributions throughout the year is a great way to build up your pot without a lot of sacrifice.”

Savers were determined to utilize their 2023–24 Isa allowance before the beginning of the new tax year on April 6.

DIY investment platform Bestinvest revealed that five minutes before midnight on April 5, they received the final Isa investment of the 2022–23 tax year.

At 5.32 am, it made its first Isa contribution for the next 2023–2024 tax year.

Managing director at Bestinvest, Jason Hollands, revealed: “Our telephone lines were open until midnight to receive any last-minute requests, and they were certainly very busy.”

Mr. Hollands added that BestInvest’s first customer to arrive at 6.58 a.m. used their fresh Isa allowance of £20,000 in full.

- Published By Team Timeswire

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