ISA season: top deals don't lock out existing savers

Good news for savers with existing ISA pots. Many of the top accounts accept transfers!

In previous years, the top ISA rates on instant access and notice ISAs have generally been reserved for new money. Great news if you’re just getting started with tax-free saving, but not much use for those who already have a pile of money saved in an ISA.

Thankfully, that’s not the case this year, with some of the best deals open to transferring in existing ISA money.

Top easy access ISAs

Let’s start by taking a look at the top variable Cash ISAs which offer easy access to your cash.

Account	AER	Minimum deposit	Accepts transfers?
National Savings & Investments Direct ISA	1.50%	£1	No
Nationwide Flexclusive ISA*	1.50%	£1	No
Post Office Online ISA	1.50% (includes 0.85% bonus for 12 months)	£100	Yes
Coventry BS Easy Access ISA	1.40%	£1	No
HSBC Loyalty Cash ISA*	1.40%	£1	Yes
Market Harborough BS Instant Access ISA	1.40%	£10	No
GE Capital Direct	1.40%	£500	Yes

*Must hold current account

As you can see, three of the seven ISAs above allow you to move in cash that you’ve already saved in previous ISAs. You can at least match the top deals that exclude transfers, though in the case of the Post Office ISA you should keep the fact that it offers a bonus in mind as 12 months down the line you'll need to move your money.

Notice ISAs

Now let’s take a look at those which require notice of up to 120 days.

Account	Notice	AER	Minimum deposit	Accepts transfers?
Al Rayan Bank Notice Cash ISA	120 days	2.02%*	£250	Yes
Hinckley & Rugby Notice Cash ISA	120 days	1.60%	£500	No
Furness BS Cash ISA	90 days	1.60%	£1,000	Yes
Teachers BS Cash ISA	90 days	1.50%	£100	No
Dudley BS Cash ISA	30 days	1.50%	£100	Yes
Shawbrook Bank Notice Cash ISA	120 days	1.45%	£1,000	Yes
Kent Reliance BS Notice NISA	60 days	1.40%	£1,000	Yes

*Anticipated profit rate

So the majority of top notice ISAs also accept transfers in. Again, excellent news for those with ISA pots already who don’t want to commit to locking their cash up in a fixed rate ISA for a couple of years or more.

Beating Cash ISAs

With all that said, the rates on Cash ISAs – even the market-leading ones in the tables above – are less than inspiring.

So what can you do?

If you are determined to make the most of your full ISA allowance – currently £15,000 for this tax year – then one option is to invest it in a stocks & shares ISA. You can invest in all sorts of things depending on your ISA, from individual shares and funds to bonds and gilts. Remember though that it’s an investment, so your money is not secure – you could end up with less than you put in.

If this sounds of interest, read our Beginner’s guide to Stocks & Shares ISAs, and compare the top deals over in our investment centre.

Current accounts also offer a cracking return for smaller balances. Nationwide’s FlexDirect pays 5% on balances up to £2,500 for a year, so long as you pay in £1,000 a month. And TSB’s Classic Plus Account pays 5% on balances up to £2,000 (with no rate drop in 12 months) so long as you pay in £500 a month.

If you have a bigger pot, then Santander’s 123 account pays 3% on balances between £3,000 and £20,000 and also offers the chances to earn cashback on certain direct debits. However there is a £2 monthly fee to consider.

Just remember that if you move cash from an ISA into a current account, it will lose its tax-free status.

Compare current accounts with lovemoney.com

More on saving for the future:

The best Cash ISAs for the 2014/15 tax year

HSBC Save Together: earn £10 a month from your ISA

Agribank: earn up to 3.3% on your savings