- 10
- Mar
- 08
If you have recently read our article “Important ISA tip: compare, get better rates and then save” you will know that you can transfer existing ISA funds into an ISA paying better interest rates without affecting your annual tax-free allowance.
We thought we would make the process of transferring your ISA even simpler by writing this step-by-step mini-guide:
Step one – Compare ISA savings accounts
Firstly, you will need to find yourself an ISA which offers a better rate of interest. To do this, why not use our user-friendly comparison service. If you go to our compare ISA savings accounts section, you will be shown a table of ISAs with columns showing you key information about what each account offers, without having to fill in forms.
Step two – Choose an ISA
Find the account which you like the best. Don’t automatically go for the account offering the highest interest rate; this should obviously be one factor you look at, but don’t forget to bear other features of the account in mind.
It will be pointless choosing an account with a 10% interest rate if you will end up losing out in the long run if you cannot meet the other requirements of the account.
Step three – Apply for the ISA
Once you have found the ISA that best suits your needs (and has a higher interest rate than your present account), click on the ‘Apply’ button and fill in the form with details of your current provider.
Step four – Over to your providers
Your old ISA provider should now provide the full account details to the new provider within five days.
This in practice, according to industry experts, could take a couple of months.
Step five – Wait
Wait until you have received confirmation from your new provider stating that your new account is up and running.
Do not close your account before you have spoken to your new provider, otherwise you will lose your tax breaks.
Step six – Save, save, save
Try to make the most of your annual tax-free savings allowance. This currently stands at £3,000, but will increase to £3,600 on 6 April.
Related articles: 'Important ISA tip: Compare, get better rates, and then save'
Note: Comment moderation is enabled. Your comment will not appear until approved.
Recent Entries
- No balance transfer fee with the Capital One Low Rate Balance Transfer No Fee Credit Card
03 Oct´08 - Low balance transfer fee with the Capital One Low Rate Balance Transfer Credit Card
01 Oct´08 - Extension of 0% offers on the Capital One Balance Transfer and Purchases Credit Card
30 Sep´08 - Increase in 0% offer on the Capital One Platinum Credit Card
29 Sep´08 - NEW Sainsbury’s Pet Insurance offer – 3 months free when you renew after a year
26 Sep´08
Recent Comments
Top tips to improve and maintain your credit rating
Ash said: Interesting, would you say a late payment once in 6 months would be bad? It was only a day or two la...
[More]
Student Special Part 1: Home Insurance
James said: I remember when looking for a policy, that insurers weren't particularly happy with house sharing, a...
[More]
£100 for switching to Alliance and Leicester Premier Current Account
Sarah B said: This is a great offer, i've just applied for one and got my mum and dad too - get an extra £25 for r...
[More]
Market leading credit card offer from Capital One
meringue87 said: Wow!! what a great offer from Capital One! It's been a long time since a credit card company have of...
[More]
Poll results – 50% think credit card offers have deteriorated over past two years
meringue87 said: I think they have definitely got worse over the last couple of years but they seem to be picking up ...
[More]
Comments...
There are no comments for this entry.