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

It’s tempting to suggest that, had Alistair Darling stood at the dispatch box when recently delivering the Pre-Budget Report and announced that that he had managed to clear the global deficit, voices of dissent would still have made themselves heard, both inside and outside the House of Commons.

Image: Has the Chancellor pulled a rabbit from the hat, or is he pulling the wool over the public’s eyes?

So, by increasing National Insurance by 0.5p from 2011 for those on £20,000 or more – dubbed an ‘extra tax on jobs’ by the CBI – and implementing further restrictions to pension relief for higher earners, the Chancellor ensured reaction was, shall we say, mixed.

Mr. Darling built his address around the notion of fairness and coaxing the economy out of recession, rather then stunting impending growth. He told the Commons: “Those on modest incomes are protected. Those on middle incomes will pay more depending on their earnings. The biggest burden will fall on those with the biggest shoulders.”

The one off levy of 50 per cent on any bank bonuses of £25,000 or more has made headlines as it was designed to do, but seems to have done little to appease a general public that is already hearing of multi-million pound figures being given to bankers on top of their salaries, all while the UK remains in recession.

There was some talk of hitting any bonus over £10,000 with this one-off tax, although this didn’t come to fruition, as was the case with the windfall tax that the banks had feared, a decision which will no doubt rankle amongst rank and file workers who count themselves fortunate to still be employed.

But enough about me. Other key points included a pledge to help young unemployed people back into work, tax rebates for wind farms and electric cars and a household boiler scheme, which will look to pick off where the car scrappage scheme left off. Also noteworthy was Mr. Darling’s decision not to extend the Stamp Duty holiday, a move that many housing bodies had called for in the weeks leading up to the announcement.

It remains to be seen if this inaction will slow the apparent upturn in the sector; an accusation the Chancellor will be loath to attract following his assertion that his announcements were designed to aid any recovery, not wreck it.

The decision to freeze the individual Inheritance Tax allowance at £325,000 for the next year has also been condemned, with accusations that the lower limit has not moved in line with soaring property values over the past decade.

And what of pensions? Well, the Chancellor will surely point to the 2.5 per cent increase – or a four per cent real-term increase if you prefer – in the state pension which will come into effect with the new tax year. However, his decision to extend the limitation on higher rate tax relief has come under intense scrutiny and criticism, as has the announcement that personal accounts will be phased in as part of cutbacks that have been designed to save £5 billion.

No shortage of criticism then, not least from the Conservative Party, which accused Labour of failing to take tough decisions and delivering a Pre-Election Report. In the face of such national debt, similar sentiment is likely to be replicated when the Budget is unveiled in April. However, George Osborne may not have to wait too much longer to get the chance to prove he can do better in reversing the fortunes of public finances.

Let us know how the changes detailed in the Pre-Budget Report will affect you.

James Henderson, Online Reporter, Moneyfacts Group