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There's less than two weeks left to beat the taxman by using up your cash ISA allowance! Robert Powell takes a look at how to get the best return on your savings this ISA season...

If there’s one person you want to get one over on, it’s the taxman. And the good news is, by taking advantage of your tax free cash ISA allowance, you can!

For those not in the know, cash ISAs are effectively savings accounts with the crucial difference that the interest is not subject to income or capital gains tax. This means your interest rate will be boosted by 25% if you’re a basic rate taxpayer and 66% if you’re taxed at the higher rate.

But there is a limit to this tax-free lifeline...

Allowances

Each person over 16 currently has an annual cash ISA allowance of £5,100 - this is set to rise to £5,340 in April for the 2011/12 financial year. But if you haven’t used up this whole allowance by the end of the current financial year on 5 April (12 days' time) – you’ll lose it.

It’s also worth pointing out that your £5,100 cash ISA allowance is actually just part of a full ISA allowance of £10,200 (rising to £10,680 in the next financial year). You can split this allowance between a cash ISA and a stocks and shares ISA or use it all in a stocks and shares account.

Most people plump for the safer, more straightforward cash ISA, but there are still big returns on offer if you decide to invest in stocks and shares. Read Quadruple the return on your savings to find out more.

As the 5th April deadline edges ever closer, ISA providers have continued to do battle over interest rates in a bid to get your hard earned cash.

So to help you navigate your way through the bewildering number of deals on offer I’m going to take a closer look at what you should keep in mind when hunting for a perfect account this ISA season...

Instant access cash ISAs

If you want to squirrel your money away in an cash ISA, but think you may need access to get at it at some point, you should go for an instant access account. These cash ISAs won’t penalise you for withdrawing funds, but you will have to put up with lower interest rates.

Here’s seven of the top instant access ISAs:

The Santander Loyalty Flexible ISA is clearly the most competitive, paying 3.50%, as it tracks 3.00% above the base rate for the first year. However, to qualify, you need to be a Santander current account customer and pay in at least £1,000 a month, or have a mortgage or investment product with Santander.

If you don't qualify for this account, there's always the Santander Flexible ISA which pays 3.30%, tracking 2.80% above the base rate for 12 months. Or if you have a current account with Halifax, you could earn an even higher rate of interest at 3.20% with the Halifax Direct Reward Cash ISA.

And if you are thinking of switching to a Halifax current account, the Reward Account will give you £5 cashback per month if you pay in £1,000.

Fixed term ISAs

If you don’t need to get at your money for a while, you’ll get a higher interest rate if you lock up your savings for a set amount of time in a fixed term ISA.

Here’s a table showing five of the top fixed rate ISAs:

Predictably, the best rates are available to those prepared to stash their money away for five years. But even if you don’t need to get at your money for a long time, it still may not be a great idea to go for a lengthy term account. As we explained in Base rate set for rise by May, interest rates could be on the up sometime soon and if you’ve locked away your cash for five years, you could miss out on higher savings rates.

An alternative for those really wanting to lock away their savings for five years is Yorkshire Building Society’s Protected Capital Account. This five year account is linked to inflation and pays out 0.25% over the Retail Price Index, but also allows you to use your Cash ISA allowance for 2010 – 2012 as the investment. Head over to Take this chance to earn 6.6% on your savings to find out more.

ISA no-no’s!

And finally, if you are applying for an ISA, make sure you steer well clear of these pitfalls:

Don’t leave it until the last minute: ISAs can take a couple of weeks to arrange, especially if your provider is busy with several ISA season applications. So whatever you do, don't leave your application until the last minute!

Ditch and switch after a year: Most instant access ISAs will come with a bonus that will drop away after a year and leave you with paltry interest rate. Because of this, you should always shop around after 12 months to ensure you’re still receiving the best rate. Just make sure any new ISA you take out accepts transfers from old accounts.

Don’t withdraw the cash: If you do decide to take out a new ISA, whatever you do don’t withdraw the money from your old account! Taking the money out of your account will see it lose its tax-free wrapper, and you won’t be able to shovel it into your new ISA without losing part of your yearly allowance. Instead, ask your new ISA provider for a form to transfer the balance over directly.

Finally, don't forget to check out our free ISA guides.

More: Get a great cash ISA with lovemoney.com | Check out our free ISA guides | Top new ISAs for savvy savers | Get the best cash ISA of the year!