Halifax has issued a warning to customers that the deadline for using this tax year's £20,000 ISA allowance is approaching. The bank stated that the tax year ends at 11.59pm on April 5, 2026, after which any unused allowance will be forfeited.
This deadline is particularly significant as it is one of the last opportunities to invest the full £20,000 into a cash ISA. From April 2027, Chancellor Rachel Reeves has announced that the cash ISA cap will be reduced to £12,000 annually for those under 65, with the remaining £8,000 of the total allowance needing to be allocated to another ISA type, such as a stocks and shares account.
Halifax is also offering a promotion where customers who transfer an existing ISA to Halifax by May 31, 2026, could receive up to £1,200 in cashback. To qualify, customers must open a cash ISA with Halifax or transfer into an existing one, and the transfer must be from a UK provider outside the Lloyds Banking Group. Customers will also need a Halifax current account, as the cashback will be paid into it by September 30.
