ISA help please

[strawberry01]

I have £7k in an ISA that earned me virtually nothing in interested. I want to switch to a higher paying one and I have found a Virgin money that pays 1.65% on the MSE site.

I am confused about what to do though. Do I just open the new account then do a bank transfer or do I need to do a special ISA transfer?

Special isa transfer to keep it tax free

First of all, check that the new ISA accepts transfers in. If it does, then follow the instructions HERE

Whatever you do, don't close your existing ISA or try to do a bank transfer yourself to the new one because if you do that you will then lose the tax-free status.

Thank you for the quick replies. Should I contact my current bank to let them know or do I just wait until Virgin complete the transfer then close my empty Isa account.

Virgin will do it all for you and trigger the closing of the old account.

you can do better than that rate, though, with a two year fix.