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COMMENT
Many of us with mortgages, loans, overdrafts and other borrowings are benefiting from the Bank of England's decision to keep interest rates at 4.5%. Unfortunately, from a savings point of view we're suffering, with measly interest rates barely boosting our hard earned sums of cash. A higher rate taxpayer with £3,000 in the bank at 3% will be earning 1.8% after tax - just £54 over the course of a year. Not too exciting, and less than the rate of inflation, so his money is actually being eroded away! Luckily there is an alternative. By squirreling that £3,000 into a mini-cash ISA paying 5%, our friend could find himself earning nearly three times more interest - a tax-free £150. So without further ado, here are the current, top five mini-cash ISA accounts on the market. Mini-cash ISA accounts, £1+, Instant access As long as he hasn't taken out a maxi ISA already this financial year, our friend could open a mini-cash ISA and move his £3,000 into it, and start earning interest, tax-free. What's more, come April his ISA allowance for 2005/6 begins, so he will be free to stash away another £3,000 from the taxman's prying eyes (and so will his wife!). It's worth remembering too that interest rates fluctuate significantly. If you already have a mini-cash ISA whose rate has taken a series of nosedives lately it may be time to make that move and transfer your cash to one of the accounts above. After all, every penny counts. So there we have it, a few reasons why we should all be making the most of our ISA allowance and earning interest on our cash, tax free. Isn't it about time you checked the rate your savings are earning?