Free World Finance

Some ISA account holders transfer their accounts on a regular basis in order to get the best cash ISA rates. Financial institutions regularly offer high rates on their ISA’s to attract new customers. And, if they’re offering a better rate than your current provider is paying, you can increase your earnings by switching providers.

It is generally a lot easier to transfer an ISA than most people think. Once you’ve chosen the new ISA provider and opened an account, you’ll need to request a transfer form from your current provider. The transfer form will include basic information like the details of your new account.

Alternatively, the new ISA provider that you’ve chosen may even be able to handle all of the details of the transfer for you. It generally only takes about a week for the transfer to be final. And, while you’re waiting, your money will continue to earn interest until the transfer is complete.

One of the main problems in transferring an ISA is that some providers don’t allow new customers to transfer an existing account. In fact, the providers that offer the best rates often do not allow a transfer. Another downside to transferring an ISA is that many providers will charge you a penalty. Make sure you get all the information from both sources before making a decision.