If you want to get the maximum benefits from an ISA account you need to keep up to date with the interest rates that are currently available. Most ISA’s start out with a very competitive rate, but once they mature you may find yourself earning very little interest on your savings.

The initial high rates can drop drastically once the bonus period of six months to a year has expired. And, when this happens the only way to make sure that you’re getting the best cash ISA rates is by transferring your ISA account to another provider.

The rules about transferring your ISA are set by your specific ISA provider. While you are allowed to transfer your savings, you may be required to pay a fee. The transfer fee generally equals the amount of interest your savings would earn for a one month period. But, if you can get a much better rate by doing a transfer it will be worth it.

ISA transfers usually only take about a week to become final. However, in some cases it can take as much as 30 days. But, while you’re waiting on the transfer process to be complete, your savings will continue to earn interest. The only way that you can maintain the best cash ISA rates is by keeping a close watch on current rates and switching when you find a higher rate.