You could make your savings work harder just by switching your ISA to a new provider. There are often competitive offers in the market so if you switch to a new provider you could have access to all the latest offers.

Find out more about ISAs from Lloyds TSB.

Choose your new ISA

Before you get started, it’s a good idea to see what types of ISAs are on offer so you can choose where to put your savings. There are plenty of options available so you’re sure to find one that’s right for you.

If you think you’ll need to dip into your savings, choose a Cash ISA Saver. This is an easy access ISA so you can withdraw money whenever you need it without charges being applied. However if you have deposited up to your ISA limit and you then make a withdrawal you can’t replace that money in the same tax year.

If you have enough money saved in your existing cash ISA, you could make it work harder by transferring it to a Fixed Rate Cash ISA. These accounts give you a fixed interest rate for the length of the account – typically from two to four years.

Requesting a transfer

Once you’ve found the ISA for you, you’ll need to speak to your new provider and fill out a transfer form. This will give them your permission to transfer your savings from your current ISA to a new one with them.

With Lloyds TSB it’s really easy to transfer your cash ISA. You can fill out a form online in a few minutes and they’ll take care of everything for you.

Download a Lloyds TSB ISA transfer form.

If you have a notice period on your current ISA, your provider will contact the new provider to let them know when it’s ready to move.

You’ll stay informed every step of the way so you’ll stay in control of your savings.

Decide how much to transfer

You can transfer all, or part of your ISA into your new one. You’ll need to transfer everything you’ve paid in to your existing ISA this tax year – so if you’ve already saved up to the limit you’ll have to transfer it all and you won’t be able to add any more until the next tax year. You can tell them exactly how much money you want to transfer when you fill out your transfer form. Your individual circumstances will affect how much tax you pay so this may differ. So it’s worth keeping an eye on your account to make sure you’re getting the most out of it.

Find out more about ISA savings from Lloyds TSB.