Savers encourages to avoid ISA deadline rush

Posted on March 23rd, 2011 | Categories - Savings

Applications for ISAs need to be sent off before the April 5th deadline.

One in ten investors hand in their ISA applications a couple of days before the deadline date.

ISA savers are being encouraged to fill in their ISA applications before the deadline for the 2010/2011 tax year grows closer by investment fund manager Fidelity International.

The firm is urging consumers to treat this weekend as an ‘ISA weekend’ and avoid the rush that tends to occur just before the April cut-off point by being proactive and completing their ISA forms early.

During the same period last year 27% and 10% of Fidelity’s ISA applications were received in the last week or last few days of the tax year respectively. London investors were also found to be the most likely to invest at the last minute with a fifth handing in their applications close to the final hours. Investors in Northern Ireland were found to be the most organised with just 1% of savers leaving it until the last week.

Savers need to ensure that they decide how much they are going to invest before the deadline passes in order to take advantage of this year’s ISA allowance.

Rob Fisher, head of UK personal investments at Fidelity International, said: “The new financial year is just around the corner. Whichever way you prefer to invest, don’t leave buying your ISA to the very last minute – use this weekend to get your 2010/11 ISA application done and dusted ahead of deadline and beat the rush”.