How to get the best rates on your Isa

The deadline for using up your cash Isa allowance is fast approaching. Tim Bennett explains how to get the best interest rates for your money.

Savers need to be ready. The end of the tax year 5 April is approaching fast. That means the window for using your cash Isa allowance is narrowing for 2011/2012 and no one wants to waste the opportunity to earn tax-free interest. So what are the common pitfalls to avoid before committing your cash?

Firstly, don't be too hasty. Sure, the £5,340 maximum deposit has to be committed before the end of the tax year, and it's offered on a use it or lose it' basis. However, many of the best Isa rates are only released close to 5 April as the banks engage in a last-minute marketing drive to get your money. So it's probably worth your while hanging on to see what the best last-minute deals will be.

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Tim graduated with a history degree from Cambridge University in 1989 and, after a year of travelling, joined the financial services firm Ernst and Young in 1990, qualifying as a chartered accountant in 1994.

He then moved into financial markets training, designing and running a variety of courses at graduate level and beyond for a range of organisations including the Securities and Investment Institute and UBS. He joined MoneyWeek in 2007.