New tax year: First saver to max out ISA allowance took just six minutes after midnight

More than £1tn of savings is languishing in low-interest accounts Bank of England data has shown as Britons are urged to shop around for the best deals.

Some savers have already maxed out their new 2023-24 Isa allowances within hours – or even minutes – of the new tax year starting.

Fidelity International Personal Investing said the first customer to maximise their new Isa allowance of £20,000 did so at six minutes past midnight on Thursday April 6.

Ed Monk, associate director, personal investing, Fidelity International, said: “While investing a £20,000 lump sum upfront may not be possible for everyone, establishing a regular savings plan to drip-feed your contributions throughout the year is a great way to build up your pot without a lot of sacrifice.”

Savers were also keen to use up their 2022-23 Isa allowances before the end of the old tax year on April 5.

DIY investment platform Bestinvest said its final Isa investment of the 2022-23 tax year came in at five minutes to midnight on April 5.

Its first contribution to an Isa in the new 2023-24 tax year was at 5.32am.

Jason Hollands, managing director at Bestinvest, said: “Our telephone lines were open until midnight to receive any last-minute requests and they were certainly very busy.”

Mr Hollands added that Bestinvest’s first customer to use their fresh £20,000 Isa allowance in full did so at 6.58am.