ISA rates may not be setting the world on fire at the moment, but that doesn't mean you should turn your back on these nifty little accounts. If anything, it's the ideal time to take a look at your current situation, particularly if you're stuck in an account paying meagre rates of interest. Why not look to the alternatives?
Decent rates can be found, particularly if you're willing to lock your money away – check out the best ISAs currently on the market – and if you transfer funds, you could make the most of your tax-free allowance with a much better rate.
A quick word on the personal savings allowance (PSA) - the new rules mean that you can receive up to £1,000 in interest tax-free each year, which means many could wonder whether having an ISA is still worth it. Well, there's no telling how long the PSA will last for, so at some point, your savings could become taxable again; this isn't the case with ISAs, so it's well worth continuing to build up your pot.
So, with that in mind, we thought we'd put together a quick overview of six things you need to know about ISA transfers…
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
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