I have a cash mini ISA but the interest rate is lower than others on the market at the moment. Can I transfer the money into another one with higher interest?
It is perfectly possible to transfer to a more competitive cash mini-ISA and I would encourage this behaviour (on a regular basis if necessary!). Banks and building societies profit from your apathy. If you are content to leave your money sitting in any kind of savings account then you lose and they win.
There is a massive difference between the best and worst cash mini-ISA interest rates. Just taking a quick look today I can see rates ranging from 5.30% to as low as 3.75%. Because rates change it is important to shop around on a regular basis - once every six months is normally frequent enough to ensure you are getting a good deal.
Watch out for short-term bonuses that are added to make interest rates look attractive. These are often used to manipulate the best buy tables by pushing the provider to the top for a short period of time. After the special bonus period ends you are left with an average or poor interest rate. There is nothing wrong with accepting a special offer bonus rate, but be prepared to shop around as soon as it finishes.
You can transfer between cash mini-ISAs as often as you like. Be aware that some providers will apply a penalty if you leave them and others will not even accept transfers in. When you open a new cash mini-ISA always think about your exit strategy. Ask them about exit costs and take these into account when looking for the best rates.
(Information is intended for guidance only and is offered without any legal responsibility. None of the information provided constitutes any form of recommendation and is not intended to be relied upon by you in making any investment decision. You should always obtain independent professional financial advice before making any investment decisions).