Working in the financial industry for over 30 years, Rachel Thrussell is the leading independent expert on UK savings products. Her views are constantly in demand from both the industry and the press.
I have an ISA that I started when they were first introduced and have always topped up by the maximum amount each year. However, I’ve never changed provider and was wondering if I’m best staying put with the same bank because of the vast sum of money I’ve built up or if I should move it somewhere else?
It’s not usually a good idea to stay with one provider for a long period of time as it is unlikely this bank or building society will consistently pay the best rate. The fact that you have a considerable sum in the account should not stop you from switching.
You can transfer the whole amount to another ISA paying a better rate, although you’ll need to make sure the new ISA is able to accept transfers in, as not all do. Another option is to leave some funds where they are and transfer some away. You are allowed to split investments from previous tax years and move them all to different providers if you like. It is also possible to transfer ISA funds in both directions between cash and stocks and shares.
|1 Year Fixed Rate Bond||1.37%|
|2 Year Fixed Rate Bond||1.47%|
|3 Year Fixed Rate Bond||1.68%|
|4 Year Fixed Rate Bond||2.01%|
|5 Year Fixed Rate Bond||2.00%|
|13 August 2019|
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