In direct contrast to most savings accounts, ISAs offer account holders a zero tax guarantee, currently up to the limit of £20,000. For an idea of what your ISA interest rates could be with us, take a look at our Fixed Rate ISAs.

If, instead of an ISA, your savings were kept in a fixed-term deposit account for example, any interest earned could contribute towards the personal savings allowance which is £1000 or £500 for higher rate tax payers.

So, why is this information important to ISA season? If towards the end of the financial year you’re yet to reach your £20,000 tax-free limit, many financial professionals would suggest that you ‘use it or lose it’!

Essentially this means that if you have money sitting in another savings and/or bank account, moving this into an ISA before the end of the tax year could maximise your tax-free savings, whilst also earning added interest.

To find out more about how ISA allowances work, check out our handy ISA allowance guide.

Typically, towards the end of a financial year, the market can become more competitive so savers can often benefit from more attractive rates. This is usually to encourage deposits within the remaining few months of the tax year - or even to onboard new customers early. This means those starting to save in April will benefit from a full financial year of tax-free savings.

At Furness Building Society, we have a variety of ISAs available for all ages and savings abilities. Take a look at our Cash ISAs, Fixed Rate ISA and Junior ISA accounts.

As with standard savings accounts, the best ISA rates tend to coincide with accessibility to your funds. If you’re willing to part ways with your money for a set period, or at least limit your access to it, the rates available to you are often a little more generous.

Whether you’re looking for the best Fixed Rate ISAS, Cash ISAs or seeking out saving opportunities with bonds, you can weigh this choice up easily with our ISAs Vs Bonds comparison guide.

Following the financial year, rather than the calendar year, means that ‘New Year’s Eve’ for the tax year falls on April 5th, with a new tax year starting on 6th April.