YOUR FREE, ESSENTIAL 8-PAGE GUIDE TO ISA SAVINGS THE ISA SEASON IS UPON US

AVING FOR the future is never easy, but it will be a lot more rewarding if you can keep the taxman away from your nest egg.

That is why you need to make use of this year’s annual independent savings account (Isa) allowance, but you haven’t got long as the deadline for the 2017/18 tax year expires in just two weeks at midnight on April 5.

You can put away up to £20,000 in an Isa this year, with all returns free of income tax and capital gains tax for the rest of your life.

Although only the wealthy few can use their full allowance, it still makes sense to set aside smaller sums if you can.

You can split your money between the safety of a Cash Isa, and the riskier but potentially more rewarding alternative of a Stocks and Shares Isa.

Savers face a particularly tough decision, with Cash Isas still paying disappointing rates of interest, although there are finally signs that they are finally beginning to improve. Those who have taken a chance on Stocks and Shares Isas have reaped the rewards of a nine-year stock market bull run, but may now be feeling nervous after a volatile start to 2018.

There is now a new option called the Innovative Finance Isa, or Ifisa, which can help you combat today’s rock bottom interest rates with yields ranging from 4 to 10 per cent a year. The truth is that Isas are starting to look confusing, as the number of options continues to multiply.

As well as Cash, Stocks and Shares, and Innovative Finance Isas, there is also the junior Isa for younger family members.

The Lifetime Isa is another option, which includes a 25 per cent government-funded bonus to help younger people set money aside for a property or retirement. This sits alongside the help to buy Isa, which also aims to help the first-time buyers of the future. Choosing the right Isa for your needs is not easy and time is running out, so don’t delay any longer. This is also a good opportunity to review any existing Isa holdings, to work out if you can get a better return on your money by transferring them elsewhere.

You also need to ensure that you have the right blend of savings and investments to match your attitude to risk. As you get older, you should be taking fewer chances with your money.

Some banks, building societies and Isa fund managers allow you to buy online right up until midnight on Thursday April 5.

The allowance is issued on a “use it or lose it” basis, so do not squander this tax-free opportunity or leave it to the last minute, especially if you plan to make a paper application.

This bumper eight-page Isa supplement should help you decide where to put your money.