Many of your old ISAs will be paying rates as low as 0.1%. If you’ve got one, you can transfer to a different ISA provider to get up to 10 times more interest. It’s a lot nicer (for your money) in a ISA!
Cash ISA Transfer need-to-knows
You can transfer your ISA to another provider to boost the rate
There are many reasons to transfer an ISA into a new account, but what they all have in common is that the ISA you’re currently saved in is no longer the right fit for you.
Don’t take the money out, ask the new provider to transfer it for you
Transferring an old ISA is a technical process, it’s not just like switching a normal savings account. Yet as long as you abide by the golden ISA transfers rule, it should go smoothly.
If you want to transfer, never, ever, ever, withdraw money from a cash ISA!
You’ll immediately lose all the lasting tax benefits.
Instead, speak to the new provider and fill out an ISA transfer form. Your new company should then sort it all out, including moving the money over for you, keeping your ISA cash permanently tax-free.
Q: Can I transfer into an ISA without paying new money in?
A: Yes. You’re not opening a new ISA, you’re simply moving your old ISA to a new provider.
Q: Can I transfer more than one old ISA into a new one?
A: Consolidating all your old ISAs into one is allowed, and often a good way of upping the rate.
To do this, you just tell the new provider you want to transfer in from multiple old ISAs.
Article source: Money Saving Expert, Savings, Cash ISA’s,