Has your cash ISA bonus evaporated? How to check and where to move your money now

Savers who took out cash ISAs with three‑month bonus rates at the start of the new tax year should check their accounts now: the short‑term boosts have ended and underlying rates in some products are significantly lower.

Financial commentators and personal finance sites have warned that customers who signed up for headline rates in April may now be sitting on much weaker deals. Those wishing to move funds should use the official ISA transfer process to avoid inadvertently using up their annual ISA allowance.

Several providers continue to offer non‑boosted cash ISA rates above the Bank of England base rate of 4%, and accept transfers from existing cash ISAs. Charter Savings Bank’s Easy Access Cash ISA pays 4.26% AER variable, with a £1 minimum opening deposit, interest paid monthly or annually and online withdrawals available. The account is not flexible, meaning withdrawals replaced in the same tax year will count against the saver’s annual ISA allowance. The provider’s maximum balance is £1,500,000.

Family Building Society’s Market Tracker Cash ISA offers 4.3% AER variable and a £1 minimum opening balance, but requires branch or phone application to arrange transfers rather than an online request. Withdrawals carry a £100 minimum and interest is paid annually; the account is not flexible and has a £250,000 maximum balance.

Ford Money’s Flexible Cash ISA pays 4.18% AER variable and is a flexible ISA, which allows savers to withdraw and replace funds within the same tax year without affecting their allowance. The minimum opening deposit is £1, interest can be paid monthly or annually, and transfers can be requested during application or completed by form within 21 days of opening. Ford Money’s maximum balance across accounts is £2,000,000.

In addition to the non‑boosted transfer‑friendly options, two providers are offering 12‑month boosts for new customers. Those boosts are fixed for the promotional year but generally do not apply to funds transferred in and are available only to first‑time customers of the provider. Trading 212 advertises 4.38% AER variable including a 0.53% 12‑month boost; it has a £1 minimum deposit, monthly interest and is a flexible ISA. Plum’s cash ISA shows 4.35% AER variable including a 1.31% 12‑month boost, with a £1 opening balance; Plum’s boost is removed if the balance falls below £100 or if the saver makes more than three withdrawals a year, and the account is not flexible for replacement without using allowance.

Industry advisers note that top headline rates promoted in April often incorporated short‑term bonus periods. Those three‑month boosts have lapsed for many accounts opened early in the new tax year, leaving savers on lower underlying rates. To preserve tax‑free allowance and avoid accidental losses, savers should not withdraw money from an existing ISA and then deposit it into a new ISA; instead, they must request an ISA transfer through the new provider, who will liaise with the existing provider to move the funds without affecting the current year’s allowance.

Savers considering a move should check product terms, including whether the account is flexible, minimum and minimum withdrawal amounts, interest payment frequency, maximum balances and eligibility for promotional boosts. A strategy sometimes used is to transfer existing ISA balances into an account that accepts transfers and to place new ISA subscriptions into promotional accounts that offer first‑time customer boosts, since those boosts generally apply only to new cash subscriptions rather than transferred funds.

Consumers should also confirm eligibility: many promotional boosts are reserved for savers who have not previously held an ISA with the provider and will not be applied to balances transferred in. Transfer processing times can vary by provider and account type, and incomplete or incorrect transfer requests can delay the move or trigger unwanted tax‑year allowance consequences.

Financial advisers recommend acting promptly where appropriate. With headline deals and short‑term boosts already expired for some accounts, checking current rates and following the formal transfer process is the most reliable way for savers to preserve their ISA allowance and seek higher returns.