ISA

piemeister

My ISA savings over many years have now exceeded  £85000. I want to withdraw some  to start another ISA with a different bank. At 75 I'm very risk averse so don't want an investment ISA. I also prefer a well known bank even though the rate will be less than some of the newer ones. I understand some banks share the same safety limit so any advice would be very welcome.

eskbanker

https://www.moneysavingexpert.com/savings/safe-savings/#whatcounts highlights linkages to avoid.

https://www.moneysavingexpert.com/savings/best-cash-isa/ outlines leading rates.

https://moneyfactscompare.co.uk/isa/ has more comprehensive listings if you want to go beyond best rates to more familiar names.

Make sure you use the new provider's ISA transfer process to move funds from one to another, rather than doing this yourself via withdrawal and redeposit....

Mark_d

An ISA is an amount of money you can save/invest tax-free each year, regardless of bank.  The £85000 is the FSCS protection on the total amount of cash you have saved with a single bank.
If you have more than £85k with a single bank you might want to move some of it.  If the cash is inside an ISA, the general advice is that you do a partial transfer rather than withdraw the money.
The right decision for you depends very much on your financial circumstances.  You can possibly save money tax-free using Premium Bonds, or gifting money to grand children in Junior ISAs...

Voyager2002

Once you have found a new ISA that you like, be sure that you transfer the funds (so that they keep their tax-free status) rather than withdrawing from one and depositing in the new one. Ask the bank how to do an ISA transfer.

XzavierWalnut

If you have a fixed rate be careful not to lose most of your interest by withdrawing before maturity. I have had this recently with 2 ISAs and waited until I received all the interest, then split the funds between 2 providers.
Not all providers do it the same way either.
One let me transfer £75k directly into one of their fixed rate accounts and the balance into a variable, which I then transferred to another provider.
Another one I had to let mature into a variable rate first, then transfer some into a fixed and some to another provider.

piemeister

Thanks to you all for the helpful comments, especially regarding transfer. I would have withdrawn and redeposited without this advice. 

IvanOpinion

Have you thought of looking at something like Hargreaves Landsdown active savings?
Gives you a single view of your savings that could be spread across multiple products.