Martin Lewis names 5 top ISAs for getting most out of your money in March

The money saving expert has named the best cash ISAs to use for saving money in March

Money expert Martin Lewis has revealed two top Cash ISAs which will beat the interest rates you can get by sticking with your bank.

March is the peak of Cash ISA season, where savvy savers look to maximise their yearly tax allowances by filling up their £20,000 Cash ISA limit before the tax year changes in April and the limit restarts, reports Express.co.uk.

For customers who are at risk of going over their Personal Allowance, which is £1,000 of savings interest for a basic 20% taxpayer, £500 for a 40% taxpayer, and £0 for an additional rate taxpayer, a Cash ISA protects the interest from tax.

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There are strong rumours that Chancellor Rachel Reeves is about to announce alterations to Cash ISA limits later this month, with suggestions that the £20,000 cap on deposits could be slashed all the way to £4,000.

In the meantime, Martin Lewis is urging people to maximise their savings by opening an account with one of the top providers instead of remaining with their bank.

Speaking on The Martin Lewis Podcast on BBC Sounds and Spotify on March 6, Martin stated: "At the moment with savings you can be earning getting on for 5% easy access, the likes of Chip and Trading212 are offering that in their Cash ISAs, and there are a whole host of other accounts out there that are paying decent rates."

Right now, Martin Lewis' MSE picks Chip as its top easy access Cash ISA (meaning you can withdraw the money at any time). The online only account pays 5%, including a 0.68% bonus for the first six months.

Tembo offers 4.8%, while Trading212 will give 4.78% in its Cash ISA. In terms of well known brands, the Post Office is offering 4.4% in its Cash IA, while Skipton Building Society will give you 4.25%.

For a one-year fix, OakNorth will pay customers 4.47%.

Treasury Minister Emma Reynolds refused to rule out cuts to Cash ISA limits in future. She told MPs that the Government is “committed to promoting savings and investment”, amid reports that Chancellor Rachel Reeves is considering a proposal to cut the maximum annual amount from £20,000 to £4,000.

Ms Reynolds, asked by Labour Treasury Committee chairwoman Dame Meg Hillier about the security of the cash ISA, told Treasury questions in the Commons: “Cash savings provide a vital source of savings for a rainy day, we recognise that.

“But equally, we want to build a better investment culture in our society so that it’s not just the 8% of people who can afford financial advice who can have the opportunity of better rewards by investing in British companies and others in our economy.”