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Products featured in this article are independently selected by This is Money's specialist journalists. If you open an account using links which have an asterisk, This is Money will earn an affiliate commission. We do not allow this to affect our editorial independence.

Our deputy editor Lee Boyce picks his five favourite cash Isas for savers in 2022 - essential reading to help you choose a top savings account for your money.

This top Isa round-up has keeping our readers updated on the best savings deals since 2014 - and is kept up-to-date throughout the year - bookmark it for the very latest developments.

How an Isa works and why you should have one

Each year in April, savers are given a fresh Isa allowance that qualifies for tax-free interest. 

For the 2022/23 financial year, starting 6 April 2022, the limit is £20,000.

Piggy five: We round-up the best tax-free deals - and it is slim pickings at the moment

You can transfer Isa money whichever way you wish between an investment account to savings account, whereas previously you could only shift it from saving to investments. 

Cash Isa rates are rising, along with non-tax free rates. It is worth opening one to shield money away from the taxman, especially with rates moving upwards.

Isa rules state you can only contribute to one Isa per tax year.

You can also transfer an old Isa for better returns. Here's a quick guide to Isa saving.

It is possible to switch your current year's cash Isa if you move the entire amount, but it is far simpler to get your choice right in the first place.

Rates are rising meaning the potential for a tax bill

The cash Isa savings market has seen considerable improvement over the past year off the back of Bank of England rate rises.  

The best buy easy-access rate on a tax-free account pays 2.25 per cent. It also comes at a time as inflation races higher, leaving all savers with a serious headache.

Many may ask themselves why bother? Especially given that rates on non tax-free accounts are typically higher.

Yet when inflation is raging, it becomes even more important to make sure you are getting as much as you can from your savings. 

An Isa is worth having, despite the tax-free savings interest allowance of £1,000 a year for basic rate taxpayers and £500 for higher rate taxpayers. 

Essentially, with rates rising, more are likely to face a tax bill on their regular savings. 

If you're a basic-rate taxpayer earning 4.5 per cent interest, having £22,200 in savings will tick you over your PSA - and for a higher-rate taxpayer, that figure is £11,100.

Money sheltered in an Isa will deliver a tax-free income, even above that £1,000 level and if you are building up a long-term pot, you may one day be very grateful for that.

And who knows if the personal savings allowance will be around forever - it is much more likely to disappear than the Isa wrapper.

You may also want to look into stocks and shares version of an Isa - how to choose the best (and cheapest) DIY investing Isa.

HOW WE PICK OUR FAVOURITE FIVE ISAS

Our five favourite Isas round-up is a permanent feature of This is Money.

It comes complete with an explanation detailing why we're happy to pick each account.

This page will be kept updated as and when new deals pop up or old ones get scrapped.

Our team work tirelessly to stay on top of the latest rate changes, but banks and building societies can pull deals without telling us. 

If you spot a deal here that is not longer available please email us at editor@thisismoney.co.uk

Remember, you can open an Isa or transfer (provided you're not tied to a fixed-term) at any time during the year.

Note that we don't just copy the best rates from the savings tables - we scour the market for all-around winners. 

This is a taster of the top deals. For the best rates, visit our savings rates tables, which are comprehensive and independently compiled.

Our five favourite Isas:   

Coventry Building Society, easy-access, 2.25% [full details]

- Facts: £1 to open

- Transfers in: Yes 

- This is Money says: This account allows transfers in and is restricted to six withdrawals a year. From the seventh withdrawal onwards, you'll receive a charge equal to 50 days' interest based on the amount you're withdrawing. It requires £1 to open and is fully FSCS protected, as are all of the accounts in this list. It's online only.

Virgin Money, one-year fix, 3.7% [full details]

- Facts: £1 to open

- Transfers in: Yes

- This is Money says: This one year best buy can only be opened online, but can then be managed in branch too. It offers the best rate over 12 months and there are now 10 providers offering 3 per cent or more.

Santander, two-year fix, 4.2% [full details]

- Facts: £500 to open

- Transfers in: Yes

- This is Money says: Big banks are making a comeback in the Isa tables, with Santander now offering a top two year fix - in fact, you can't better it, even with a five-year fix. It is also offering a £50 gift card if you transfer in from a non-Santander Isa.

Santander, 18-month fix, 4% [full details]

- Facts: £500 to open

- Transfers in: Yes

- This is Money says: Another Santander entry to the list with the same details as the account above. 

Beehive Money, Cash lifetime Isa, 1.7% [full details]

- Facts: £1 to open

- Transfers in: Yes 

- This is Money says: For those aged between 18-39 who are either saving up to buy their first home or towards retirement, this is the best paying cash Lisa deal on the market. Save up to £4,000 each tax year and get a 25 per cent government bonus. The deal is only available via its app.

THIS IS MONEY'S FIVE OF THE BEST SAVINGS DEALS

Gatehouse Bank pays 2.8% on its easy-access savings account. It can be opened online with just £1. This rate is the 'expected profit rate' under Sharia compliant accounts.

Zopa bank pays 2.15% to holders of its ‘Smart Saver account’. The account can be opened with just £1. Savers can boost their rate on its platform up to 2.55% by locking their money away for longer.

Kent Reliance pays a rate of 4.45% on its one-year fixed rate savings account. You can open an account online with £1,000.

Gatehouse Bank* pays 4.8% on its two-year fixed rate savings account. You can open an account via the savings platform Raisin UK and get a £30 bonus when you sign up and deposit £10,000 via this link.*

Gatehouse Bank pays 5% interest on its three-year fixed rate savings account. You can open an account via the savings platform Raisin UK and get a £30 bonus when you sign up and deposit £10,000 via this link.*

* Affiliate link: If you take out a product This is Money may earn a commission. This does not affect our editorial independence.

Check our independent best-buy savings tables