An urgent warning has been issued to everyone with one type of ISA.

ISAs, or Individual Savings Accounts, are a tax-free way to save up to £20,000 per year and keep it from being taxed.

It means that you can add up to £20,000 to an ISA – or several ISAs as long as the total amount put in does not exceed £20,000 in a single financial year – without paying any tax on the interest you gain, even if you have used up all of your Personal Allowance.

Personal Allowance is the amount you can save…