Choosing best cash ISA now and throughout the tax year - do people jump around?

tracyk23

I'm with Virgin (23/24) and Trading212 (24/25). Virgin is ok till mid May interest wise 4.51%, then dropping to 4.11%. and Trading212 bonus ends also Mid May.
Do people take the best 3 month bonus and then transfer out to the next, best 3 month bonus provider? Is it allowed? Is it worth it? Have around £35k between them.
Thanks

Archerychick

It depends for me. If the rate change is big enough then yes I’ll transfer out to a different provider. It would also depend on the amount held in the ISA, I have a range of fixes and flexible instant access ISAs for different reasons. 

I have another fix maturing this month, which will be moved into another one year fix as the rates will only go down this year so I’d rather that chunk of month be locked in. This is likely to be with a different provider. 

Small increments are sometimes not worth it, but it mostly depends on how much is held for me in each ISA and when I need that money. 

Archerychick

Trading 212 is currently 4.5% without the bonus, one of the highest without a bonus so you might be ok there 

Albermarle

tracyk23 said:

I'm with Virgin (23/24) and Trading212 (24/25). Virgin is ok till mid May interest wise 4.51%, then dropping to 4.11%. and Trading212 bonus ends also Mid May.
Do people take the best 3 month bonus and then transfer out to the next, best 3 month bonus provider? Is it allowed? Is it worth it? Have around £35k between them.
Thanks

There are a few 'serial switchers' on these forums, who will switch for 0.1%.
On the other hand it is often reported in the media that there are Billions of Pounds languishing in low/zero interest accounts.
Personally I will switch from time to time but not just to gain £10 .

FishInGlass

I'm of the opinion that it has to be more worthwhile for me to consider changing Cash ISA accounts (fixed or variable) compared to a non ISA savings equivalent. This is mainly down to the potential time it takes for transfer to happen.

I recently did a partial transfer of old money from Moneybox to the Coventry Building Society which took almost 5 weeks to complete, mainly down to everything having to sent by post as far as I can tell. I appreciate that this is probably not a typical example, and as I was moving from easy access to fixed at a slightly lower interest rate I spent very little time chasing it.

However if it meant I ended up having money for too long in a lower paying account I would be less that impressed.

For the above reasons I have been avoiding all these enticing accounts with a 3 month bonus. Getting money out might just not be worth the hassle.

subjecttocontract

All of my cash ISAs except one are in 1 year fixed term accounts so I neither need or would want to transfer until maturity.