Last minute change on the ISA front

Just as we are approaching the busiest time of the year for tax free savings, there are a number of key rate and product changes that consumers need to be aware of.

With many savers set to make their savings decisions for tax year 2009/10 and tax year 2010/11 over the next week or so, there have been some last minute manoeuvres in the ISA market that may catch a few people on the hop.

The 3.50% Flexible ISA from Santander has all but gone unless you have secured an in branch appointment to sign up for this table topping deal. Disappointingly the new issue of the Flexible ISA, whilst still very competitive, is paying 0.3% less at 3.20% but still sitting fractionally above Barclays Golden ISA at 3.10%.

However from 6th April Coventry Building Society is launching a one year fixed rate ISA paying 3.25%, so if you're not concerned about access to your cash, this may be a better deal to plump for. Unfortunately as is the case with many of the top rates on offer, the Coventry product doesn't allow transfers in.

Another change to highlight is with the Leeds Building Society five year fixed rate ISA paying 4.60%. This account has been very popular due to the combination of a very competitive rate and the ability to access 25% of your capital without penalty during the term. However from 3rd April transfers in to this product will no longer be permitted.

With the market changing so frequently so close to the tax year cut off, the ISA selection process for consumers is becoming even more of a challenge.