02.04.2020 | 3 minutes estimated reading time | Print this article

Last chance to move your savings before the end of the tax year

There are only a few days left before the 2019/20 tax year ends on 5th April. If you need to move your savings at the last minute, make sure you do so soon. Find out more about tax savings limits in the UK and how you can maximise your savings.

Tax allowance on savings

Before we get into tax allowances, we must stress that the information in this article should not be taken as advice. Please do your research and consider your circumstances before making a decision.

These are the two savings tax allowances worth considering at this time of year:


The maximum amount that you can deposit into an ISA was increased during Rishi Sunak’s 2020 budget, allowing you to deposit up to £20,000 into an ISA tax-free for the 2019/20 tax year.

Personal Savings Allowance

Depending on your Income Tax band, you can earn up to £1,000 in interest without having to pay tax on the interest you’ve earned as part of your Personal Savings Allowance. Your Personal Savings Allowance applies to a variety of different savings account types, including bank and building society accounts, savings accounts and ISAs.

If you exceed your Personal Savings Allowance, you’ll pay tax on any interest that you earn over your allowance at your usual rate of Income Tax. If you earn more than £10,000 from savings or investment, you’ll need to register for Self Assessment (if you haven’t already done so).

Lock away your money in a fixed term savings account

Fixed rate bonds typically don’t pay out interest until the maturity date, meaning that you could lock away your savings for a fixed term.

Why consider a fixed rate bond?

  • No rate changes: The rate is fixed for a term of your choosing.
  • Competitive rates: The rates of fixed rate bonds are typically better than other savings accounts
  • Lock away your money: Make as many deposits as you want to open your fixed rate bond. Once your savings account is open, you can’t make additional deposits or withdraw your money until the maturity date.

Here’s a selection of the fixed rate bonds available from our partner banks through our marketplace:

Top fixed rate bond rates at raisin.co.uk




1.85% AER

5 years

Gatehouse Bank

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1.65% AER

3 years

Zenith Bank

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1.60% AER

2 years

Gatehouse Bank

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1.50% AER

1 year

Gatehouse Bank

Find out more

1.45% AER

2 years


Find out more

Register for a free Raisin UK Account online

It only takes a few minutes to register for a free Raisin UK Account online. After registering with us, you can apply for any savings account from our partner banks in a few quick and convenient clicks. You could also be entitled to a welcome bonus worth up to £100 (terms and conditions apply) for funding your first savings account at raisin.co.uk.

Register to apply

This article may contain information about partner banks, savings accounts, rates and bonus offers which were correct at the time of publication on 2nd April 2020.