Martin Lewis fan explains how they made £2,330 after making one phone call
A Martin Lewis fan has shared how they are to be £2,330 better off after making just one phone call.
The MoneySavingExpert.com (MSE) newsletter shared the success story of a reader known as Sandra, who recently decided to move her cash ISA.
She told the MSE team that her previous ISA was only paying a rate of 1.75% which is very low compared to the current Bank of England interest rate of 4.5%.
Sandra decided to call her ISA provider and move over her money to another product from them.
The new cash ISA account had an interest rate of over double her previous one at 4.35% - this means she will benefit from an extra £2,330 over the course of two years.
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This even included the penalty she had to pay for leaving her previous cash ISA.
She said: "Another thank you from a very happy reader, as I switched my cash ISA from 1.75% to 4.35% with the same provider.
"I will benefit by £2,330 over two years, even after paying the penalty.
"Not bad for one phone call - thank you."
Martin Lewis has warned savers that many cash ISAs are currently paying "diddly squat" with a lot having an interest rare of under 2% - whilst normal savings accounts were paying much more with a lot over 3%.
For those with money in a "rubbish" ISA, the MSE website recommends that you "ditch and switch" to one that's paying a better rate.
How to move from one cash ISA to another
MoneySavingExpert.com says that if you want to move your money out of one cash ISA to another then you will need to "do it the right way".
If you are moving money, then you should never withdraw it from your cash ISA as you'll immediately lose all the tax benefits of it.
Instead, you should speak to the new provider and fill in an ISA transfer form first, and your new provider should then sort it all out, including moving the money over for you.
If you want to do what Sandra did and transfer to another ISA with the same provider then you could contact them and ask about the process.
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Your provider should then inform you of the process.
The transfer should take around 15 working days to complete.
You are able to transfer multiple old ISAs into a new one but you will need to inform your provider.
You are able to have multiple different ISAs if you are eligible for them, however, you can only pay into one every year.
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