Savings alert: Britons have two weeks to “use or lose” ISA allowance before deadline | Personal Finance | Finance

The savings expert also warned about the rules and regulations which are placed on people opening various ISA accounts.

Ms Rajah added: “ One is that you are restricted in the number of new ISAs you are permitted to open each tax year.

“Currently, you can open one of each ISA type per year; the £20,000 personal tax allowance can be divided between ISAs or all put into one product.

“For example, you can open a new IFISA, Cash ISA, Stocks and Shares ISA, and a Lifetime ISA in a given year, but you are not able to open more than one of each type.”

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