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Mini Cash ISA war kicks off early

This year the battle for a slice of the Mini Cash ISA savings market has kicked off earlier than usual, with two of the current top three Mini Cash ISA Best Buys having been launched in the last month. Scarborough BS' Notice ISA offers 6.30% gross and Icesave's Easy Access ISA offers 6.10% gross.

If previous years are anything to go by we will see a glut of new Mini Cash ISA deals being launched in the next few weeks, but be warned; many of the Mini Cash ISA deals will only be around for a couple of months before being pulled from the shelves.

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It's refreshing to see that the Savings Best Buys this year aren't dominated by savings accounts with bonuses. Large bonuses for limited periods mean that the once great rate you originally plumped for, suddenly don't look so appealing 12 months later.

You can also check which Mini Cash ISAs accept transfers in so it's a good time for anyone with any existing ISA savings to move them to a better deal. With many savers having a five figure balance, the odd 0.1% can make quite a difference.

Looking for consistently good performing cash ISA?

If you're looking for a consistent mini cash ISA, the Direct ISA from NS&I has been the most consistent over the last 18 months and currently pays 6.05%. The most consistent mini cash ISA when judged over the last three years is the Yorkshire BS e-ISA that currently offers 5.80%.

New rules and allowances for the 2008/9 tax year

There is some good news for savers with the changes to the ISA rules which come into effect on 6 April. The annual contribution has been increased to £7,200 with the maximum cash element being increased from £3,000 to £3,600. The additional £3,600 tax-free allowance can be invested in equities.

The new rules also mean that anyone with previous year's cash ISA savings can transfer them into stocks and shares ISAs. Unfortunately the situation doesn't work in reverse, so stocks and shares ISAs can't be transferred into cash ISAs.

From 6 April 2008 Personal Equity Plans (PEPs) will be renamed ISAs and will be able to have the same flexibility as ISA savers enjoy.

Once you've used your ISA allowance, check out the best buys for non-ISA savings accounts

Due to the extremely competitive nature of the savings market at the moment, there are some excellent deals to be had.

• Short-term Fixed Rate Savings Long-term Fixed Rate Savings
• Instant Access Savings
• Notice Savings Accounts
• Over 50s Savings Accounts
• Internet Savings Accounts
• Fixed Rate ISAs