For savers looking to maximise their money as the Cash ISA season approaches, savings app Chip is topping the table with a 5.25% interest rate on its instant access pot.

Cash ISAs have grown in popularity over the past few years as higher interest rates drag more people into savings tax thresholds. These accounts allow individuals to save up to £20,000 a year tax-free, making them a key tool for savvy savers.

Chip’s offering includes a 0.89% bonus rate for new customers for the first three months.

The account can be opened with a deposit as low as £1, and interest is paid monthly. To receive the bonus rate, savers simply need to enter the code “CASHISA” on Chip’s website.

After the initial bonus period, the interest rate will revert to Chip’s standard rate of 4.32% AER, so it’s important for savers to review their accounts regularly to ensure they’re still getting a competitive return.

This flexible ISA allows savers to withdraw and replace funds within the same tax year without affecting their annual ISA allowance. Plus, there are no penalties or restrictions on withdrawals, making it an ideal option for those who want easy access to their savings.

However, it’s important to note that a Chip subscription is required to open the account, with both free and paid subscription options available.

The account is authorised by the Financial Conduct Authority (FCA), and deposits up to £85,000 are protected by the Financial Services Compensation Scheme (FSCS).

While Chip may be offering the top rate in the easy access Cash ISA market, competition doesn’t fall too far behind.

Money app Plum takes the second position with an Annual Equivalent Rate (AER) of 5.05% on deposits over £100.

The rate includes a 12-month 1.49% bonus, and interest is paid monthly. However, a lower interest rate will apply if more than three withdrawals are made in one calendar year.

Trading 212 joins Plum in second position, offering an AER of 5.03%. The rate includes a 0.13% bonus for 12 months, and interest is paid monthly. There are no restrictions on withdrawals.

Moneybox takes third place with a 5% AER. This account includes a bonus rate of 0.55% for 12 months, and interest is paid on the anniversary of opening. Savers can launch the account with a minimum deposit of £500, but only three withdrawals are allowed per year. Otherwise, similar to Plum, a lower interest rate will be applied to the balance.