With ISA season well underway, many may be searching for a lucrative account to invest their savings before the tax year ends.

Some easy-access ISAs are currently offering interest rates of up to 5.11%. However, as markets anticipate the Bank of England to start lowering the Base Rate soon, savers are encouraged to take advantage of these accounts before interest rates fall.

The new tax year starts again on April 6, meaning savers have less than one month to make the most of the current tax year’s personal allowance before they “lose it” for good.

Tim Bennett, head of education at Killik & Co, said: “An ISA is just a tax wrapper that your investments or cash are housed within. This brings certain tax advantages, primarily the ability to save or invest money without paying income or capital gains tax.

“There is no minimum legal amount required to open an ISA, although some cash ISA providers in particular might stipulate a minimum deposit size. The annual contribution limit is then a fairly generous £20,000 per person, whether the amount is all put into cash, stocks and shares, funds or a mixture of these.”

However, he noted: “This is a ‘use it, or lose it’ deal and the deadline is April 5 – there is no way to reclaim unused allowances in subsequent years.”

Easy access ISAs provide the same tax benefits but offer the flexibility to withdraw funds without penalties. This feature is particularly useful during periods of high living costs when funds may need to be readily accessible.

Here are the top six easy access ISAs available at the time of writing.

Moneybox Cash ISA – 5.11 percent

Moneybox is taking the top spot with an Annual Equivalent Rate (AER) of 5.11 percent. The interest rate includes a 0.96 percent bonus for 12 months and savers can get started with £500.

Interest is paid on the anniversary of opening, and up to three withdrawals are permitted without facing a lower interest rate.

Chip Cash ISA – 5.1 percent

For those looking for more flexibility, Chip is offering an AER of 5.1 percent on its easy access Cash ISA (powered by ClearBank) with unlimited withdrawals.

Savers need just £1 to launch an account and interest is paid monthly.

Zopa Smart ISA – 5.08 percent

Zopa’s smart ISA offers an AER of 5.08 percent and can be opened with a minimum of £1. Interest is paid monthly and withdrawals are permitted at any time.

Virgin Money Defined Access Cash E-ISA – 5.06 percent

Virgin Money is offering an AER of 5.06 percent on its Defined Access Cash E-ISA (Issue 25). Savers need just £1 to invest and withdrawals can be made at any time.

Charter Savings Bank Easy Access Cash ISA – 5.03 percent

Charter Savings Bank is offering a competitive AER of 5.03 percent on its Easy Access Cash ISA (Issue 44).

Savers need a slightly larger deposit of £5,000 to launch the account and interest is paid on the anniversary. There are no limits to withdrawals.

Kent Reliance Cash ISA Easy Access – 5.01 percent

Kent Reliance is offering savers an AER of 5.01 percent on its Cash ISA Easy Access (Issue 46) on savings of £1,000 and over.

Savers can open the account with just £1, but the interest rate offered will be lower at 0.1 percent until funds reach £1,000.

Interest is paid annually and withdrawals are permitted at any time.