BEWARE SMALL PRINT ON TRANSFERS

CHECK the small print before transferring your old Isas to new accounts.

If you take money out of your existing Isa yourself it will lose its protection from the taxman and just become regular, taxable savings. Instead, you should open a new Isa and fill in the transfer form. Your bank will do the rest.

It should take no more than seven days to move money from cash Isas, under new guidelines for banks and building societies.

However, not all providers are hitting this target. So be prepared to wait up to 15 days. If it takes longer, you should chase up the bank and demand interest for the days you’ve had to wait. Some will pay interest during delays anyway.

It can take up to 30 days to move stocks and shares Isas because of all the paperwork involved. Again, this is a guideline and some transfers will take longer.

If you want to transfer cash you’ve invested in the current tax year, you must transfer all of it into the new account. This is because you can only invest in one Isa account in each tax year.

However, it is fine to move chunks of cash from Isas opened in previous tax years.

You can transfer a cash Isa to another cash Isa or a stocks and shares Isa — and vice versa.

Not all accounts will accept transfers, so check with the new provider before you sign up.

And beware that Isas that accept transfers may pay lower rates than those that don’t.

You should also check with your existing provider to make sure there are no penalties for moving your money early.

Some cash Isas are flexible, allowing you to add and remove money from your account without losing the tax-free benefit.

But not all providers offer this type of flexibility, so make sure that you the check terms and conditions carefully.