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ISAs haven鈥檛 had the smoothest ride since they were introduced 25 years ago, but this year they are having a renaissance.听

Historically low interest rates in previous years meant there was little point moving money into an ISA. Savers weren鈥檛 earning enough interest to benefit from its tax-free 拢20,000 allowance.听

But now, with top rates on savings accounts around 5%, the interest earned is quickly adding up.听

Savvy savers are therefore taking advantage of ISAs and moving their money.

The that households deposited an additional 拢11.7 billion into ISAs in April, the highest since records began.听

April is also a significant month for ISAs as it marks the end of one tax year and the beginning of another. The 拢20,000 ISA allowance resets at the start of the new tax year (April 6), so this is a popular time for savers to open or transfer funds to maximise the allowance.听

It鈥檚 important to note that everyone gets a personal savings allowance, which varies depending on the income tax band. For basic-rate taxpayers they have a personal allowance of 拢1,000, whereas higher-rate taxpayers have a 拢500 allowance. Savers may also get up to 拢5,000 of interest without paying tax if their income is less than 拢17,570.听

So, for those that are earning more interest than their personal savings allowance, it makes sense to transfer money into an ISA so you can earn interest tax-free on up to 拢20,000.听

There are also different types of ISAs - from cash ISAs to lifetime, junior, innovative finance and stocks and shares ISAs.听

Each type of ISA caters to different savings and investment goals, but the common benefit is that they are tax efficient and this can result in substantial savings when used correctly.听

There are also government incentives attached to some ISAs. For example, lifetime ISAs have an attractive bonus for those looking to buy their first house or save for retirement.听

Savers can add up to 拢4,000 into a lifetime ISA each year and the government will add 25% - up to 拢1,000. This is a significant boost to anyone鈥檚 savings, but this type of ISA does come with some specific terms and conditions, so it鈥檚 important savers follow the rules.

Stocks and shares ISAs also offer an opportunity for long-term growth and tax efficiency, but remember that capital is always at risk as the market can fluctuate.听

ISAs have also had more attention this year, as the government announced some key changes to this savings account and revealed the new British ISA.听

Previously, there was little flexibility with ISAs, but now savers can open more than one account of the same type and they can take money out of an ISA without losing any tax benefits. This is to encourage savers to make the most of the best deals in the market. However, always check the terms of the ISA as there might be specific rules for making withdrawals.听

The good news is there are plenty of enticing ISA deals for savers to make the most of their money.听

Plum is currently offering an easy access cash ISA at 5.17%, closely followed by Chip鈥檚 cash ISA at 5.10%. Both of these accounts have small opening deposits and can be managed via mobile banking.听

Alternatively, savers can lock away their money for a guaranteed interest rate. Fixed-rate cash ISAs remain competitive, with Paragon offering one at 4.83%. The minimum balance for this account is 拢500 and it鈥檚 a flexible ISA.听

Notice cash ISAs are also worth exploring as the West Brom has a 60-day notice account at 5.10%. This can be opened with as little as 拢1 and withdrawals are allowed after giving 60 days notice.听