Skipton Building Society has launched a 4.20% 18-month ISA, which is available now. For new and existing customers, the account can be opened in branch, online, via the app or by phone.

Alex Sitaras, Head of Savings & Partnership Products at Skipton Building Society, said: "With ISA allowances set to change in the coming years, many people are understandably looking for straightforward ways to make the most of the taxfree opportunities available today."

The 18-month ISA has no partial withdrawals permitted and you can save anything from £5,000 to £1million.

You can pay in up to your ISA allowance (£20,000 for the current tax year) plus request ISA transfers in until the last paying in date.

With the account, annual and monthly interest options are available.

Alex adds: "At Skipton, fairness matters and that means ensuring everyone has the support they need to maximise their ISA allowances before the changes take effect.

"Whether that's free Money Guidance or regulated financial advice, our experts are here to help people make confident decisions and get their money working harder.

"That's why we're delighted to launch an ISA offering that combines competitive rates with real flexibility.

"With this breadth of support, we're helping savers navigate the ISA changes and plan ahead with confidence, enabling people to protect more of their savings at a time when every pound of taxfree interest counts."

Skipton Building Society is one of Britain's biggest mutual lenders, it has more than a million customers and around 1,300 branches.

First launched in 1999, Individual Savings Accounts (ISAs) are a tax-efficient savings or investment account available to UK residents. There are four main adult ISA types: Cash ISAs, Stocks and Shares ISAs, Lifetime ISAs, and Innovative Finance ISAs.

Cash ISAs function like a standard savings account, but all interest earned is tax-free.

There is a total ISAallowance that runs each tax year, starting from April 6 to April 5, and the maximum you can deposit across all your ISAs is currently £20,000.

You can split this allowance across different types of ISAs, and recent rule changes allow you to pay into multiple ISAs of the same type in the same tax year, provided you don't exceed the overall limit.

To open an ISA, you must be at least 18 years old (or 16 for a cash ISA) and a UK resident for tax purposes. People aged under 18 can instead launch a Junior ISA, which allows tax-free savings of up to £9,000 per year.

As of April 2027, the ISA landscape will change drastically. While the overall allowance will remain the same, anyone under 65 will be limited to saving £12,000 annually in a cash ISA from April 2027.

Any remaining allowance must be used in other accounts, such as a Stocks & Shares ISA or a Lifetime ISA. Labour said it was designed to encourage more investment and to support investment in UK companies, but not all MPs agree with the decision.