A reader from Chesterfield wants to move his cash ISA balance because of low interest rates, but is unsure how to.
Andy McKechnie, head of sales and marketing for savings at Halifax, tackles the problem.
Karl from Chesterfield asks:
I have saved almost £8,000 in a fixed rate ISA but my interest rate has dropped to 0.5 per cent.
I have seen other banks offering 3%+, could I transfer all of my ISA to another bank easily?
Yes, you are able to transfer your existing ISA to another provider to get a higher rate of interest.
I would contact your current provider first to make sure it’s possible, as different ISA accounts can have different restrictions.
Once you have decided on which ISA you would like to move to, speak to the new ISA provider who will then contact your existing ISA provider to arrange for the funds to be transferred across – it’s that simple.
Once your ISA has been transferred , your new provider will write to you to confirm.
If you have a question for Andy, go to the myfinances.co.uk Ask the Savings Expert section.
Or for more information on your savings options go to savings at Halifax
Twitter: My Finances
Join the conversation at #news_myfinances