Pictured above: Kevin Jenkins

You have until 5th April to take advantage of the current financial year's tax free savings allowances for investment in an Instant Savings Account (ISA).

It is generally recommended to take advantage of the tax free ISA allowances, but it is important to pay close attention to the interest rate being offered on cash ISAs as there are significant differences. And as we enter the last few weeks of the 2010/11 ISA season, many financial institutions are starting to unveil better deals, in the hope of attracting some of the last minute investors. Currently, Santander tops the best buy table at 3.15%, closely followed by Halifax at 3% for instant access cash ISAs.

Kevin Jenkins, an independent financial adviser with Lichfield based Key Financial Management which is a trading name of 2plan Ltd commented: "You currently have an annual tax free savings allowance of £10,200 which can be split between a maximum of £5,100 in a cash ISA and £5,100 in a stocks and shares ISA. Or you can invest the full amount in a stocks and shares ISA.

"For the new tax year, from 6th April, the overall limit is increasing to £10,680, giving you a maximum of £5,340 to invest in a cash ISA."

Jenkins concluded: "Many financial institutions rely on apathy and anyone who has had money saved in a cash ISA for a while should check the rate they are getting. With the end of the tax year fast approaching, now is a good time to make sure all your finances are in order and that you have the best possible deal.