Your ISA deadline is approaching fast

You only have until 5 April to save tax-free. Here's how to work out which investment product best meets your needs

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If you're planning to open an ISA, you'll discover an array of solutions available from banks, building societies, and asset managers, all vying for your attention. Whether you want a cash ISA for some extra tax-free savings or stocks and shares ISA to build for the future, there will be something to meet your needs.

In fact, the biggest problem will be making a choice. So, where do you start? What do you need to know about the various options - and how do you decide between them?

INTEREST AND ACCESS

If it's a cash ISA, then your task is easier. The main focus will be the rate of interest they will be giving you in exchange for putting your money into their account. However, pay close attention to whether any restrictions apply.

Some accounts offer slightly higher interest rates if you tie up your savings for longer. This may be fine if you are unlikely to require it for a few years, but if you're using the ISA as your emergency fund then you will probably need it to be instant access.