Savers are being warned to take action swiftly as they have mere weeks remaining before a crucial deadline looms. Shawbrook’s experts are advising individuals to check if their ISA and non-ISA accounts are set to mature before the year’s end.

A cash ISA (Individual Savings Account) offers a tax-free haven for your savings, meaning no tax is paid on the interest accrued. Within each tax year, you’re allowed to contribute up to £20,000 into a cash ISA, with options ranging from easy access to various fixed rate ISAs, reports Birmingham Live.

Adam Thrower, Shawbrook banking group’s head of savings, emphasised the urgency of acting before your account reaches maturity, warning that otherwise, funds are likely to be moved to an account with “lower than the rate you had been getting paid”. He advised: “This will depend on how often you’ll need access to your money. For those building a rainy-day fund, an easy access or notice account might be more suitable, as these accounts typically allow for easier access to your money without paying any early withdrawal fees.”

“However, it is important to review the specific terms and conditions, as accessing your funds may still be subject to limitations or fees depending on the account provider.”

He also mentioned: “A focus on short-term, easy-access accounts might be costing them a valuable opportunity in the long run.”

“Utilising fixed rate accounts, and potentially opting for interest to be paid monthly you could have a steady income stream from your savings. These accounts will require you to lock your money away for a fixed period, but could provide better sustained rates in return.”

With Shawbrook, it’s possible to open an account with as little as £1,000 and apply online within minutes. You can save tax-free up to £20,000 per tax year, it says.