Adam Thrower, head of savings at Shawbrook Bank, said people should check how much they have in savings going into the new tax year, as thousands of pounds could be subject to a tax charge. He said: "With the new ISA year now open, savers should review where their money is sitting right now. "At current average rates, savers with over £14,085 in the top easy-access savings account will exceed their personal savings allowance, so for people with larger savings pots, ISA products could be attractive as they can benefit from tax-free interest payments on annual deposits up to £20,000." Interest earned on ISAs is not subject to tax and neither is any income derived from an ISA when a person withdraws funds. READ MORE: Pensioners urged to think about 'less-active years' as state pension rises by 10.1%