I seem to have been saying it for over a month now, but the annual ISA season is now well and truly under way. As we at Moneyfacts.co.uk reported last month, providers started making revisions to their existing ISA products and launching new ones up to a month earlier than is usually expected.

Image: Fidel knew when to switch

The reason behind the early kick-off is almost certainly due to increased competition amongst providers that are cash constrained and having to put more thought into trying to attract funds. But from a wider perspective, this scrap should be beneficial to savers, as a desire to secure deposits should equate to attractive rates of interest.

In the last week in particular, we have seen a number of new ISA issues and products achieve Best Buy status in the Moneyfacts.co.uk charts. While it is true that this season is unlikely to offer the headline rates seen in previous years – the Bank of England base rate will see to that – there are still deals that demand attention.

As you may or may not have noticed, the product news section of this website has been updated even more frequently than usual, with ISAs from Santander, Lloyds TSB, Skipton BS and Birmingham Midshires to name but a few all catching the eye. Rates of 3.00% or more can still be had on a one year product, scaling upwards the longer you are prepared to lock away your money.

It is a section worth keeping an eye on in the coming weeks, especially if you’re eyeing up a place to transfer your money.

And with more than nine in ten ISA products allowing transfers in, there really is no excuse for keeping your money in an account with a minimal rate of interest. Clichéd as it may sound, the great majority of us work hard for our money; in turn, we really should be making our money work hard for us.

Admittedly, saving is not fun; most consumers want to spend the minimum amount of time sorting out their finances. But it should be remembered that ISAs were originally devised to offer us a savings vehicle that, as well as sheltering our interest from the tax man, is portable, allowing people to transfer their allowance to leave behind uncompetitive rates and make more of their money.

Even if you are not planning on taking advantage of the new ISA limits – all savers will now be allowed to invest £10,200, with £5,100 allowed in cash – it is still worth having a look to see what is around. At the last count, there were 272 accounts allowing transfers in, so whether you want to lock your money away for a number of years on a high rate or want to give your savings a short, sharp shock, there should be an option for everybody.

James Henderson, Reporter, Moneyfacts Group

The Monetary Policy Committee's (MPC) decision to cut interest rates by a further 50 basis points and introduce £75 billion into the banking system has been welcomed by the Association of Mortgage Intermediaries (AMI). The move to slash rates to 0.5% - a record low - has split the opinions of institutions, experts and consumers alike. However, the AMI believes that the Bank is finally recognising the key issues facing markets and the systemic problems preventing lenders intermediaries and consumers from moving forward.

"The most important aspect of the announcement is the Bank of England's commitment to quantitative easing," said AMI director, Robert Sinclair. "AMI has consistently argued that the fundamental problem in the mortgage market has been a lack of liquidity. The £75 billion injection should begin to go some way to alleviating this problem. In addition to improving liquidity, the Government must accelerate the removal of bad loans in order to restore confidence in the marketplace."

The Bank of England's Monetary Policy Committee has reduced UK interest rates by an additional half percentage point to 0.5%, a figure which represents a new record low. The widely predicted move follows last month's cut by the same amount and means the base rate has been slashed by 4.5 percentage points since October following six consecutive months of reductions. The bank has also revealed plans to finance a programme of asset purchases to the value of £75 billion in an effort to boost the flagging economy and kick start bank lending. Lloyds TSB, which also lends under the Cheltenham and Gloucester brand, and Skipton BS had already pledged to pass on the cut to their standard variable mortgage rates, while Halifax and Nationwide have since followed suit. Barclays has said it will protect its savings customers by holding the rate on its savings accounts unchanged. CML general director, Michael Coogan said that the Bank's decision will present an immense challenge to lenders, as unless they can offer competitive rates to savers, their ability to offer new mortgages is restricted.