Transferring previous years’ cash ISA savings into an ISA account with a higher rate could significantly boost any tax-efficient interest you earn. Transferring is easy, but you must make sure that you transfer properly.
If you encash your previous years’ ISA allowances they will lose their tax exempt status and you will undo your previous good work. All you need to do is request a transfer form for the new account, fill it in, and your new ISA provider should do the rest for you.
You may wish to consolidate any existing ISAs into one new ISA account to maximise any increased returns, because some cash ISA providers offer tiered interest rates, so the more you save the higher interest rate you get. Another thing to bear in mind is that you can transfer your existing cash ISAs into stocks & shares ISAs, but not the other way round, so once your cash ISA has become a stocks and shares ISA, you can't change it back.
The earlier you save your ISA allowance in a tax year, the more time there is for it to generate interest, protected from tax.
There is a wide range of savings options to choose from for your cash ISA allowance. use the tables we've provided to discover some of the latest deals on fixed rates, instant access and structured deposit alternatives.