Published: 22/02/2009

With a little over a month remaining of this tax year, it's time to turn our attention to ISAs and how they can help you get a better return on your savings.

Bank base rate has tumbled over the last five months, and the knock on effect has seen interest rates on savings accounts move much lower too. However, just because there's a cloud of doom and gloom surrounding the savings market at the moment; it's certainly no reason to discard your annual tax free allowance.

In fact in the last week we've started to see some better deals being launched by providers as we approach the frenetic two month window which spans the end of one tax year and the start of another, so maybe things are looking up.

ISA's were introduced back in April 1999, and if you had saved your maximum allowance each year, you would have earned interest on your savings of approximately £8,300. If you'd ignored ISAs and just saved your money in a standard savings account paying the same interest rate, as a basic rate tax payer you'd have given £1660 back to the tax man, and if you pay tax at 40% then you'd have lost out to the tune of a massive £3320 – ouch!

Just because the annual Cash ISA limit is £3,600, it doesn't mean you have to save this amount to qualify for tax free interest, some of the providers will let you open an ISA from as little as £1.

There are a wide variety of accounts in different shapes and sizes, with something to suit every type of saver, so whether you're looking for a fixed rate or variable rate or saving on a monthly basis or just with one lump sum, there's a product out there that will help you maximise your savings returns.

If you're looking to open a Cash ISA, there are a few questions you should always ask, as follows:

10 essential points to consider when choosing a Cash ISA:

• Is the rate fixed or variable?
• If fixed how long for?
• Does the rate include a bonus?
• Is the account available via branch telephone or online?
• Can I get interest monthly?
• What is the minimum deposit?
• Once I've made my initial deposit, can I pay in additional sums?
• Can I make any withdrawals, if yes are there any penalties?
• Can I transfer in previous ISA balances?
• If I transfer out what is the notice period and penalty details?

We've made the task really easy for you, just visit the Moneynet Cash ISA page and type in your own requirements and we'll show you a list of accounts that fit the bill.

Another important point to make is that if you want to transfer your existing ISA(s) to another provider, approach your new provider and give them the details of the account you wish to transfer and let them manage it for you.

Whatever you do, don't withdraw the funds yourself otherwise you'll lose the tax free status on that money for ever.

Stocks & Shares based ISAs - Don't miss out on your free guide(s) It's important that you do your research, especially if you are looking to invest some or all of your overall tax free allowance of £7,200 in stocks & shares based ISAs. To give you a head start, we've pulled together an invaluable selection of free guides from some of the biggest names in the business. These guides are designed to help you get the most out of your investment, so get your own personal free guide(s) now.

So with the 5th April tax year deadline just around the corner, make sure you don't lose out on your ISA allowance, because once it's gone, it's gone for good.