A woman has thanked finance guru Martin Lewis and his team for advising her to make a phone call that turned out to be life-changing.

In a recent MoneySavingExpert.com (MSE) newsletter, it revealed the success story of a reader known as Sandra who made £2,330 by moving her cash ISA.

She told the MSE team that her previous ISA was only paying a rate of 1.75% which is significantly lower than the Bank of England's current interest rate of 4.5%.

The phone call she then made turned out to be one of the best decisions of her life.

South Wales Argus: The MoneySavingExpert.com (MSE) newsletter shared the success story (PA)The MoneySavingExpert.com (MSE) newsletter shared the success story (PA) (Image: PA)


She called her ISA provider and asked them to move over her money to another product from them.

The new cash ISA account had an interest rate of over double her previous one at 4.35% - meaning she will benefit from an extra £2,330 over the course of two years.

This even included the penalty she had to pay for leaving her previous cash ISA.

She said: "Another thank you from a very happy reader, as I switched my cash ISA from 1.75% to 4.35% with the same provider.

"I will benefit by £2,330 over two years, even after paying the penalty.

"Not bad for one phone call - thank you."

Martin Lewis has been at the forefront of the cost of living crisis and helped thousands save money through his wisdom.

He has now warned savers that many cash ISAs are currently paying "diddly squat" with a lot having an interest rate of under 2% - whilst normal savings accounts were paying much more with a lot over 3%.

For those with money in a "rubbish" ISA, the MSE website recommends that you "ditch and switch" to one that's paying a better rate.

South Wales Argus: Money Saving Expert Martin Lewis (BBC)Money Saving Expert Martin Lewis (BBC) (Image: BBC)

Moving one Cash ISA to another:

MoneySavingExpert.com says that if you want to move your money out of one cash ISA to another then you will need to "do it the right way".

If you are moving money, then you should never withdraw it from your Cash ISA as you'll immediately lose all the tax benefits of it.

Instead, you should speak to the new provider and fill in an ISA transfer form first, and your new provider should then sort it all out, including moving the money over for you.

Your provider should inform you of the process of how to move.

The transfer should take around 15 working days to complete.

You are able to transfer multiple old ISAs into a new one but you will need to inform your provider.

You are able to have multiple different ISAs if you are eligible for them, however, you can only pay into one every year.