Cash ISA

I have a cash ISA and I would like to withdraw all my money in it and transfer it to a bank account instead. What banks that has a high interest rate would you recommend to transfer my money to?

Reply 1

DataVenia

Volunteer Team, Clearing and Applications Advisor

Original post by Chanae.xo

I have a cash ISA and I would like to withdraw all my money in it and transfer it to a bank account instead. What banks that has a high interest rate would you recommend to transfer my money to?

What is your motivation for moving your money? Is there some feature or facility that you're looking for, which isn't available via your Cash ISA account? I ask because (generally speaking) a Cash ISA will earn more interest that a standard savings account which will earn more interest that a current account - and the only criterion you've mentioned is "a high interest rate".

Reply 2

normaw

Clearing and Applications Advisor, Universities Forum Helper

Original post by Chanae.xo

I have a cash ISA and I would like to withdraw all my money in it and transfer it to a bank account instead. What banks that has a high interest rate would you recommend to transfer my money to?

The following page is usually kept up to date with details of the accounts with the best interest rates:

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

Reply 3

martin7

Original post by Chanae.xo

I have a cash ISA and I would like to withdraw all my money in it and transfer it to a bank account instead. What banks that has a high interest rate would you recommend to transfer my money to?

I would echo @DataVenia's questions. It would be interesting to know your reasons for wanting to do this. Is there something specific about your cash ISA that means that it doesn't meet your needs?

If your issue is that your Cash ISA has a poor interest rate, then you might be able to transfer it to another provider's ISA that pays a higher rate. (Note that you need to follow a specific process to transfer an ISA from one provider to another -- you can't just withdraw the money from one ISA and pay it into a different one.)

What sort of sums are involved? Are you talking about hundreds of pounds? Thousands? Tens of thousands?

Do you want instant unlimited access? Or are you prepared to have an account that allows only a small number of withdrawals per year? Are you prepared to tie money up for longer periods, like a year or two years?

@normaw has provided a helpful link to the MoneySavingExpert site; another site with savings rates is https://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html

Reply 4

stifle

It's not usually advisable to take your money out of a cash ISA, as you'll lose the "ISA-ness" and the tax advantages. You can use the ISA transfer system to move it to a new provider, this requires the new provider to process the transfer for you. Don't do it yourself!

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