"To do this, just apply for a new cash ISA, and as part of the application you'll be asked if you want to transfer your existing cash ISA over (don't just withdraw cash to move it, then it loses its 'cash ISA' status)". The MoneySavingExpert added: "If your existing cash ISA earns less, most of the above allow you to transfer them in. He advises that Britons with a cash ISA should check what they earn now - even if they're fixed.įor easy-access he listed Cynergy Bank (3.5 per cent) in the number one spot, with a minimum of £1 in the account, tax-free savings, 25/7 withdrawals and transfers-in accepted at the time of application.įor a one-year fix, Lewis named Secure Trust Bank (4.3 per cent), with a minimum of £1,000 initial investment, and the ability to save up to £20,000. If you have a fix, the interest crystallises for tax when you can access it, so some may want it paid monthly so they can spread out the interest over years, rather than get it in one lump which may push you up a tax bracket".įinally, the finance experts says people could take advantage of cash ISAs and although rates are up, they still pay less than normal savings. Jim Lewis (born 1955) is an American writer known for his work with The Jim Henson Company and The Muppets. The Mariners (1949-1955) (Jim Lewis, Tom Lockard, Nat Dickerson, Martin Karl). The Money Saving Expert revealed the top saving options available for people who want more from their money Pexelsīut he warned: "Beware a fixed-rate interest tax trap.
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