The Isa allowance is issued on a "use it or lose it" basis (Image: Getty Images)
The Isa allowance is issued on a "use it or lose it" basis, so if you don't use yours before the deadline of midnight on Friday April 5, you have lost it for good. Don't wait until the last minute because there is plenty to consider, for example, whether to save in a low-risk cash Isa, or invest in a stocks and shares Isa instead. There is a growing choice of Isa accounts to invest in, including the innovative finance Isa which pays higher rates of interest with more risk, the lifetime Isa that offers younger savers a government bonus, and the junior Isa for children.
The annual deadline has traditionally triggered a last-minute rush known as the "Isa season", but this has eased in recent years.
One reason is that the allowance is now worth £20,000 a year, and only the very wealthy can max out their limit. Those who miss this year's deadline can simply use next year's allowance instead.
The personal savings allowance has also reduced the attraction of cash Isas, because it allows basic rate taxpayers to earn up to £1,000 of savings interest each year without paying income tax; £500 for higher rate taxpayers.
Demand has fallen steadily over the past six years but Laura Suter, personal finance analyst at investment platform AJ Bell, said people should still use their allowance if they can.
"Once money is inside an Isa it is
