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Martin Lewis explains how to switch your cash ISA to get a better savings rate.

He says it’s important not to ‘take your money out’ of an existing ISA.

"Go to the new provider and you say 'I'd like to transfer my old cash ISA in' and then the new provider transfers your cash ISA over and that protects its cash ISA status", he says.

Martin also says anyone who on a fixed rate over two years ago could benefit from switching to a higher interest ISA now.

"Even though you will pay a withdrawal penalty to get your money out and you may lose some interest, in most cases, the gain from boosting to today's top fixes at around 5% will just easily outweigh that penalty", he finished.

This clip was from Nihal Arthanayake on 13 March 2024.

Listen to the Martin Lewis podcast on Â鶹ԼÅÄ Sounds.