Cash ISA holders have been hit with a fresh warning as a critical deadline approaches.
Those who fail to act now could miss out under sweeping changes expected in the coming weeks.
Financial experts are urging Cash ISA holders to take action before May 1, as the best interest rates are expected to disappear.
The warning comes as the Bank of England is anticipated to cut rates at the next Monetary Policy Committee meeting on May 8, which would likely trigger a fall in Cash ISA interest rates.
Finance firms are pushing savers to move quickly to secure current high rates before they vanish.
Antonia Medlicott, founder and managing director at financial education specialists Investing Insiders, advises that savers should lock away their money sooner rather than later.
She recommends transferring to a fixed Cash ISA, which offers protection against base rate reductions.
Medlicott said: "With Cash ISAs currently offering up to nearly five per cent in interest on deposits and some offering even more with introductory rates, savers can gain peace of mind over the returns they will receive and some great rates."
As the new £20,000 ISA allowance resets, experts say now could be the ideal time to fix savings to make the most out of one's moneyGETTYHowever, these favourable conditions won't remain for long, particularly with the expected Bank of England rate cut in May. Transferring funds to a fixed Cash ISA could protect savers from the anticipated rate reductions.
Medlicott continued: "However, most of the top-paying accounts offer 'variable' rates, meaning they can go up and down as the Bank of England rate fluctuates.
"You will generally get easier access to the cash held in these accounts."
She advises savers to consider fixed rate accounts and long-term ISAs before rates potentially drop.
Medlicott said: "Fixed rate savings accounts typically require you to lock your money away for a set period of time, but offer certainty over interest rates, no matter what the Bank of England does."
Cash ISAs have also been at the centre of mounting speculation regarding potential policy changes by the Government.
Cash ISAs have also been at the centre of mounting speculation regarding potential policy changes by the Government
GETTYMoney Saving Expert, Martin Lewis has confirmed that discussions have taken place within Government about reducing Cash ISA deposit limits.
Chancellor Rachel Reeves is rumoured to be considering cutting the current £20,000 limit to as low as £4,000. This potential policy shift adds further urgency to the advice for savers to take action now.
Medlicott said: "If you have spare cash sitting in a low-interest account, moving it into an ISA protects it from tax on interest, dividends and capital gains."
These developments make it even more important for savers to review their ISA arrangements before May begins.
For savers worried about possible changes to Cash ISAs, Medlicott says stocks and shares ISAs tend to perform better over time.
Millions of Britons are missing out on higher interest rates for their Cash ISAsPAShe explained that just 21 per cent of adults use investment ISAs, compared to 40 per cent who stick with cash ISAs.
Many people avoid investing, she said, because they feel they lack the knowledge or confidence to get started. However, there are benefits of a longer-term approach.
Medlicott explained that investing is best suited to those who can leave their money untouched for at least five years, and that looking further ahead offers greater potential rewards.
She said: "Historically, those who have put their faith in the markets have enjoyed far greater returns than those who stayed in savings accounts."
