A fan of Martin Lewis has shared how she was able to be £2,330 more financially bolstered by making a quick and easy phone call.
As it frequently does, Martin's Money Saving Expert's most recent newsletter shared a 'Success of the Week' in the form of reader Sandra, who decided to switchover who her cash ISA was stored with.
She told Martin's team that her previous rate was set at a substantially low 1.75% - as opposed to the current Bank of England interest rate of 4.5%.
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The Mirror reports that she therefore decided to call her ISA provider, and opted to transfer her money to a better product from them. Her new cash ISA account holds an interest rate more than double her previous one, standing strong at 4.3%.
It also means that she will benefit from an extra £2,330 over the next two years - inclusive of a penalty paid for scrapping her old ISA plan. Sandra, said: "Another thank you from a very happy reader, as I switched my cash ISA from 1.75% to 4.35% with the same provider.
"I will benefit by £2,330 over two years, even after paying the penalty. Not bad for one phone call - thank you."
Martin has warned Britons that a number of cash ISAs may currently be paying 'diddly squat', holding interest rates below 2% - while normal savings accounts typically pay credibly higher rates above 3 per cent.
Those stuck in a 'rubbish' ISA are advised to 'ditch and switch' to one paying better rates. MSE says that should you however choose to move your ISA, you should 'do it the right way'.
If you're moving money, never withdraw it from your Cash ISA or you'll risk losing the tax benefits from it immediately. Instead, consult with your new provider and fill in an ISA transfer form. Your new provider should then sort it all out, inclusive of the task of moving the money for you.
If you want to do what Sandra did and transfer to another ISA with the same provider then you could contact them and ask about the process. Your provider should then inform you of the next steps. The transfer should take around 15 working days to complete.
You are able to transfer multiple old ISAs into a new one but you will need to inform your provider. You are also able to have multiple different ISAs if you are eligible for them, however, you can only pay into one every year.
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