Spring is in the air! Goodbye Winter, hello brighter mornings, longer days, shorter nights and the weather, well the weather, it’s slightly warmer!

This renewed optimism shouldn’t just be confined to our homes spring-cleaning after what seems to be a longer than usual winter; we should also be spring-cleaning our personal finances by making sure our hard-earned money is working equally as hard.

There are many ways in which we can get the best out of our personal finances. Switching energy supplier is one, switching telecoms provider is another, both will secure better rates, but did you know you could switch your ISA (Individual Savings Account) too?

According to Bank of England figures, there was £270 billion sitting in Cash ISAs at the end of December 2017; the average Easy Access ISA Rate was 0.36% (1).

Here at Paragon Bank we specialise in Cash ISAs offering consistently competitive interest rates. The current rate for a Paragon Bank Easy Access Limited Edition Cash ISA is 1.16%(2).

Here are some quick basic facts about transferring ISAs(3):

• You can transfer your ISA from one provider to another at any time.(4)
• You can also transfer your savings to a different type of ISA or to the same type of ISA.
• If you want to transfer money you’ve invested in an ISA during the current tax year you must transfer all of it.
• For money you invested in previous years, you can choose to transfer all or part of your savings.

So now you know that, just how easy is it to transfer your ISA to get a better rate?

The straight forward answer is that it’s pretty easy.

First step is to shop around and find out who is offering one of the best rates. Once you have settled on where you want to transfer to, go online visit their website and complete their ISA transfer form, or request one. On average it should take no more than 15 minutes.

Building Societies and banks, such as Paragon, that participate in the electronic transfer of ISAs are tasked by the regulator (FCA) to complete the process in no more than 15 days.

Here’s a fun fact - Did you know that it’s quicker to transfer your ISA than it is to switch energy supplier!

These simple changes which require very little time to complete can make a big difference to your personal finances. So, don’t let the dust settle on your ISA, stop your energy bills from powering ahead and don’t let your phone bill off the hook. Take a short break grab a beverage of your choice and give your finances the spring-clean they deserve.

06 April 2018