With just one week until the end of the tax year on 5 April, now's the time to get your finances in order. Whether you're new to bank switching, stoozing your way to a better return, or maximizing regular savers accounts, there are some crucial moves to make before the deadline. Miss them and you'll lose opportunities until next year.
We've put together a practical checklist to make sure you don't leave money on the table.
The Tax Year End — Why It Matters Right Now
The UK tax year ends on 5 April, and that date matters more than you might think. Your ISA allowance resets after that date. Your Personal Savings Allowance resets. Any moves you've been planning need to happen in the next seven days if you want them to count towards this year's tax-free allowances.
The timing is awkward — it's in early April, not January, so plenty of people miss it. But for savers and stoozerz, it's one of the most important dates in the financial calendar.
Checklist Item 1: Use Your ISA Allowance
This is the big one. You have a £20,000 ISA allowance per year, and if you don't use it by 5 April, it's gone forever. You can't carry it forward. You can't use it next month. The clock stops on 5 April.
If you've got cash sitting in a regular savings account earning almost nothing, now's the time to move it into a Cash ISA. The interest earned inside an ISA is completely tax-free, forever, on that money.
What counts toward your allowance?
- Cash ISAs (current accounts often come with easy-access options too)
- Stocks and Shares ISAs
- Lifetime ISAs (if you're saving for retirement or a first home)
- Innovative ISAs (less relevant for most savers, but they exist)
You only need to open one ISA per financial year, but you can have multiple accounts as long as they're different types. So you could have a Cash ISA and a Stocks and Shares ISA in the same year.
Quick win: If you've got surplus cash from bank switching bonuses or stoozing profits, now's the perfect time to move it into a Cash ISA. It's completely tax-free interest going forward.
Check out our live offers page to find the best instant-access ISA rates available right now.
Checklist Item 2: Track Your Bank Switch Bonuses for Tax
Bank switching bonuses are taxable income. Yes, really. If you've earned switch bonuses this year, you technically need to declare them on your self-assessment tax return (if you're self-employed or earn over the tax-free threshold anyway).
The good news: if you're a basic-rate taxpayer and your total income is under £17,500, you don't need to declare anything. The bonus just sits there, tax-free.
But if you're a higher-rate taxpayer, or if you've done multiple switches and the bonuses push you over that threshold, you'll need to report them. This is exactly why we've written a full guide on how bank switch bonuses are taxed.
What to do now:
- Go back through your statements and list every bank switching bonus you've received this year (1 April 2019 to 5 April 2020)
- Write down the amounts and dates
- Store these somewhere safe for your tax records
- Calculate your total income to see if you're within the basic-rate threshold
If you're planning to do more switches before 5 April and you're already a higher-rate taxpayer, it's worth checking your numbers now. You might decide to leave it until next year to spread the tax liability.
Checklist Item 3: Plan Stoozing Moves Before 5 April
Here's where it gets interesting. If you're stoozing (using a best 0% cards to earn interest on savings), there's no tax deadline that matters more than this one.
Why? Because any interest you've earned on stoozing before 5 April needs to be counted towards this year's Personal Savings Allowance. If you're a basic-rate taxpayer, you get £1,000 tax-free interest per year. If you're a higher-rate taxpayer, it's £500. Non-taxpayers don't get one at all.
Once 5 April passes, that allowance resets completely.
Example: Let's say you're a basic-rate taxpayer. You've earned £800 in stoozing interest so far this year. You've got room for another £200 of tax-free interest before the deadline. If you make a large stoozing move now and earn more than £200 in interest before 5 April, the excess will be taxable next month.
Sounds complicated, but the strategy is simple: if you're close to your allowance limit, do your big moves after 5 April when your allowance resets. If you've got room left, do them now.
Want to understand stoozing better? Our complete stoozing guide walks through how it works and what the tax implications actually mean for your money.
Checklist Item 3: Maximize Your Regular Saver Before April
If you're using regular saver accounts (those 5%, 6%, or even 7% accounts that require you to pay in a fixed amount each month), make sure you've got one set up before 5 April if you haven't already. They usually pay higher interest than standard savings accounts, but only on deposits made within the current tax year.
Some banks reset their regular saver cycles on 5 April, which means new money you add after that date might not qualify for the full year's interest. Check with your bank to see exactly how their terms work — it varies.
Quick move: If you've got a one-off lump sum sitting around (from a bonus, tax refund, or savings goal), consider splitting it across regular deposits into a regular saver account now, rather than waiting until next year. You'll capture a few weeks of high interest that you'd otherwise miss.
Checklist Item 4: Organize Your Documentation Now
This matters for your own peace of mind and for tax purposes if you're ever audited by HMRC.
Gather and organize:
- Statements from all accounts you've opened or closed this year
- Records of all bank switching bonuses (amounts, dates, which bank paid them)
- Statements showing stoozing activity and interest earned
- Regular saver account statements
- Records of any cash ISA contributions
- Evidence of any transfers between accounts
Store these somewhere safe — either digitally (photos, PDFs scanned to cloud storage) or physically in a folder. You need to keep tax records for at least five years, and having them organized now means you won't scramble if HMRC ever asks questions.
Checklist Item 5: Plan Your Next Steps for After 5 April
While you're in planning mode, think about your strategy for the new tax year starting 6 April.
Questions to ask yourself:
- How many more bank switches can I realistically do before hitting cooling-off checker period delays?
- Which stoozing opportunities will I pursue in the new year?
- What regular saver rates will I lock in?
- How much of my new £20,000 ISA allowance do I want to use?
- Am I close to higher-rate tax status, or safely in basic-rate territory?
The new tax year brings fresh allowances, so you'll have a clean slate. Plan strategically rather than reacting to offers as they pop up on your social media feed.
Common Questions
Does my Personal Savings Allowance reset on 5 April? Yes. If you're a basic-rate taxpayer, your £1,000 annual allowance (£500 for higher-rate) resets on 6 April. Any tax-free savings interest you didn't use by 5 April is lost forever. Plan your stoozing and regular saver withdrawals accordingly.
What if I've already hit my ISA limit? Can I pay more in? No. Your £20,000 allowance is per tax year. Once it's gone, it's gone until 6 April. If you've got surplus cash after 5 April, you'll need to choose between a regular savings account (which might not offer as good a rate) or waiting for the new tax year to start. This is why planning ahead matters.
Are bank switching bonuses really taxable if I'm a basic-rate taxpayer? Technically yes, but they're treated as non-savings income. If your total income for the year (salary, bonuses, earnings from stoozing, bonuses from switching, etc.) is under the basic-rate threshold, you don't have to do anything. If you're on PAYE employment and your employer is already taking tax through your salary, you likely won't owe anything extra. But if you're close to the threshold, it's worth checking your numbers.
Can I do a bank switch on 5 April itself, or do I need to be completely finished by 4 April? As long as you initiate the switch by 5 April, you're fine. The completion date doesn't matter for tax purposes. However, you'll want to complete it quickly so you can access the new account and receive any bonus that comes with it. The cooling-off period (usually around 7–20 working days) starts from completion, not initiation.
What's the best move if I haven't done any bank switches yet this year? Get started immediately. Use our switching guide or eligibility checker to see which banks have the best current offers. Even if you only manage one or two switches before 5 April, the bonuses add up quickly. After that, you've got a fresh year to do more.
That's it. Seven days, five checklist items, and a few questions answered. The end of the tax year isn't glamorous, but it's where free money lives if you pay attention.
Get organized, make your moves, and make sure you're not leaving allowances unused or missing tax-free thresholds. Your future self will thank you when April rolls around and you've actually maximized what should have been straightforward opportunities.