1. MoneySavingExpert
  2. Savings
  3. Ditch fixed cash ISA

Ditch my fixed cash ISA? calculator

Should you pay the interest penalty to leave your fixed cash ISA early to move it somewhere that pays a higher rate? Our savings calculator will work it out for you

Your existing ISA


Not sure? 90 or 180 days' interest is common

Your new account

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Your Results

You'll be...

£ better off if you ditch your existing fixed cash ISA

and move to the new account paying %

How we worked this out...

Interest in new account over [] months£
Penalty to withdraw from your old ISA- £
Interest in old ISA over [] months- £
Amount you're better off by= £

Worse off? Stay where you are. Better off? Find the right new account...

Just because you're ditching a fixed cash ISA doesn't mean the best new account is automatically a new cash ISA (though for some it will be). Here's what you need to know to decide...

  1. Normal savings beat cash ISAs for most. Since 2016, the personal savings allowance (PSA) means basic (20%) rate taxpayers can earn £1,000 interest a year with no tax and higher (40%) rate taxpayers can earn £500 interest a year with no tax. If you won't make this much interest, you won't pay any tax, so should focus on moving your money to the highest interest rate, which is usually in a Top Savings Account.
  2. If normal savings would pay more interest than your PSA, a cash ISA is a good idea. It's still worth taking advantage of normal savings rates so you earn up to your PSA, but if you've savings above that, a Top Cash ISA is likely a good idea, as interest is ALWAYS tax-free and NEVER counts towards your PSA. Even if you don't pay tax on your savings interest now, but would if rates rose further, it can also be worth having some money in a cash ISA.

Another cash ISA best for you? Move your money the right way... If you're moving money from one cash ISA to another, make sure you ask the new provider to do the ISA transfer, rather than moving the money yourself. Moving it yourself means your money will lose its tax-free benefits... and paying it back in to an ISA will count towards this year's ISA allowance.

For more, see How to do an ISA transfer the right way.

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