Last chance to cash in on the best savings rates in two years

With the deadline for ISAs fast approaching, savers are running out of time to make the most of this year's tax-free savings allowance. But with some providers pulling their rates a few days before the deadline, uSwitch.com, the independent price comparison and switching service, urges consumers not to leave it to the very last minute before shopping around.

Stefan Maryniak, personal finance expert at uSwitch.com, says: "The clock is ticking for savvy savers who want to make the most of this year's ISA allowance. The end of the tax year is just around the corner. And with average rates on ISAs the best they've been since January 2009, consumers need to take advantage of the tax free allowance. But with just a handful of competitive rates now left consumers need to move quickly if they want to make sure they get the best deal. This year they can't afford to leave it the last minute before shopping around, especially as the best rates tend to not be on the high street.

"If savers are prepared to lock their money away, the returns tend to be even greater, offering up to 4.5%. But if you're likely to need your money in the next year or so, getting a competitive rate and then switching it every year can provide a decent return and flexibility - which can be especially important in uncertain times.

"However, consumers need to be aware that many ISAs include a bonus which means that after a year the rate will plummet. If you don't move your money, you could end up on an extremely uncompetitive rate which is like throwing money down the drain. Moving your ISA should now be easier as transfers will now have to be completed within 15 days, or at the very least you will get interest from the 15th day. This will be music to savers' ears.

"If savers are savvy and shop around, they can take advantage of these new rules, and get the most from their money. But they need to act now before it's too late, with the tax year ending next week. And remember, it's a case of use it or lose if with the ISA allowance, so find the best deal for you this weekend."