Your ISA Mid-Year Check-up: Transfers, Fees & Smarter Choices

ISA mid-year check-up: is it still working for you?

The middle of the UK tax year is a useful moment to step back and review your ISA strategy. A quick ISA mid-year check-up helps you see whether your savings, investments and choice of platform still match your goals.

Markets, interest rates and platform charges can all move over time. What felt like a solid set-up in April can look less competitive by October. This guide walks through ISA transfers, how fees add up, and when a Cash ISA or a Stocks & Shares ISA might be better for you. It also touches on Junior ISAs and Premium Bonds so you can see how they fit into a broader plan.

1. Your mid-year ISA checklist: what to look at

A structured review helps you spot hidden costs, strategy drift and better opportunities.

Key review points

The balance of your ISA allowance
In recent tax years the total you can pay into adult ISAs has been £20,000 across all your ISAs, but always check the latest allowance on GOV.UK as it can change.
Interest rates or fund performance
Cash ISA interest rates and investment returns can change. Review what you are currently earning and make sure the risk level still suits your time horizon.
Platform and fund charges
Platform fees, fund ongoing charges (OCFs) and trading costs can change. Higher-cost platforms can noticeably erode returns over the long term.
Account-type mix (Cash vs Stocks & Shares)
Check how much you hold in cash versus investments, and whether that split still matches when you expect to need the money and how much volatility you can tolerate.
Planned life changes
If you anticipate big life changes (for example, buying a home, starting a family or changing job), your ISA mix may need to become more cautious or more liquid.

Quick audit checklist

Confirm how much of your ISA allowance you’ve used so far.
Compare your current interest rates and investment performance with what’s available in the market today.
Check whether your platform’s charges or service level have changed.
Decide whether your current risk level and investment horizon still feel right.
Consider whether an ISA transfer could improve costs, service or simplicity.

2. ISA transfers: timing, rules and what to expect

Switching provider or account type mid-year can be sensible, but it is important to follow the rules and understand the timing.

How ISA transfers work

Use the official transfer process your new provider gives you rather than withdrawing and re-depositing the money yourself. If you withdraw and redeposit, the new contribution may count towards your ISA allowance again and could lose its tax-free status.
Cash ISAs can generally be transferred at any time, but fixed-rate or notice accounts may charge penalties if you move the money early.
Stocks & Shares ISAs can usually be moved either as a “cash transfer” (selling the investments and moving cash) or an in-specie transfer (moving the investments themselves). Transfers can take from a few days to several weeks, especially where less common assets are involved.
Many providers allow partial transfers, which means moving only part of your ISA balance or specific holdings if you want to keep some investments where they are.

Examples of when a transfer can be a good idea

You want to escape relatively high platform charges, or the level of service you used to rate highly has deteriorated.
Your Cash ISA interest rate has been reduced and you can clearly find a better rate elsewhere.
You would find it easier to manage everything in one place (for example, consolidating several old ISAs with one chosen provider).

Examples of timing your ISA transfer

Your Cash ISA is under a fixed term and moving early would mean paying early-exit penalties.
Markets are particularly volatile and you would have to sell at a loss to transfer as cash. An in-specie transfer may help reduce this issue in some cases.
A transfer in the middle of the tax year could cause short-term disruption, so make sure it really fits into your overall strategy.

Pro tip

See whether your current platform or a new provider allows partial transfers by tax year – for example, moving only previous years’ ISA money while leaving this year’s contributions unchanged. This can help you tidy up old ISAs without disturbing your current year’s structure.

3. Why platform fees matter over time

Fees really matter and can result in a considerable reduction in returns over time.

Types of common fees

Platform fees: often around 0.15%–0.45% per year, depending on the provider and the size of your investments.
Fund ongoing charges (OCFs): usually between about 0.06% for the cheapest index funds up to over 1% for some actively managed funds.
Trading fees: can range from £0 up to around £10 per trade, depending on the platform; these can add up for frequent traders.
Exit or account closure fees: less common now, but still worth checking before you transfer.

Example: the effect of fees

Consider that you have £10,000 invested in a Stocks & Shares ISA for 10 years with no growth, purely to isolate the effect of fees:

Platform A: 0.45% fee → charge of about £45 per year → roughly £450 over 10 years.
Platform B: 0.15% fee → charge of about £15 per year → roughly £150 over 10 years.

In this simple example, the cheaper platform leaves around £300 more in your pocket over 10 years. If your investments also grow over time, the difference created by lower fees can become even larger.

This is a simplified illustration and does not account for growth, trading costs or inflation, but it shows how powerful ongoing costs can be.

Tip

Getting more benefit from smaller base fees can be an eye-opener, especially when combined with broadly diversified, low-cost funds or trackers.

4. Cash ISA versus Stocks & Shares ISA: should you change course mid-year?

The middle of the tax year is a good time to ask whether your current ISA mix still suits your goals and risk appetite, especially if your circumstances or time horizon have changed.

When a Cash ISA would suit you

You want no investment risk at all and your main aim is to preserve your capital.
You are working towards a short-term goal (for example, buying a home within 1–3 years).
You think interest rates are likely to stay where they are or prefer the certainty of a fixed or easily understood return.
You prefer cash and other very low-risk, liquid assets for steady, predictable growth.

When a Stocks & Shares ISA can be useful

Your investment term is 5 years or more, giving time to ride out market falls and volatility.
You can tolerate some short-term ups and downs if it offers the potential for higher long-term returns.
Your goal is to grow your savings faster than inflation, rather than just preserving their current purchasing power.
You are comfortable focusing on the long term and not reacting to every bout of market uncertainty.

Example scenarios

Saving for a house in 2026 → On a short timeline, protecting capital is usually the priority, so a Cash ISA may be more suitable.
Saving for retirement in 2045 → With a long time horizon, a Stocks & Shares ISA may offer better growth potential, accepting that values will move up and down along the way.

Quick rider

While shares and funds can offer higher long-term returns and income, they also come with the risk of falls in value. It is important to think carefully about how much of your capital you can afford to expose to that risk given your personal situation.

5. Junior ISAs and Premium Bonds: how they fit into your strategy

Junior ISAs (JISAs)

A Junior ISA (JISA) lets you build up tax-efficient savings or investments for a child. In recent tax years the annual JISA allowance has been £9,000 per child; always check the current limit on GOV.UK as it can change.

Mid-year is a good time to review:

Whether cash, investments or a mix is most appropriate for the child’s time horizon.
The level of platform and fund fees on any existing JISA.
Whether your regular contributions are on track to make good use of the annual allowance.

Remember: when the child turns 18, the JISA normally converts to an adult ISA in their name and they gain full control of the money.

Premium Bonds

Premium Bonds, offered by National Savings & Investments (NS&I), do not pay regular interest. Instead, your money is entered into a monthly prize draw and prizes are tax-free.

Premium Bonds may appeal if:

You like the idea of 100% capital security, backed by the UK government.
You enjoy the chance of winning a tax-free prize.
You have already maximised your Cash ISA for the year and want another tax-efficient option for some of your cash.

However, keep in mind:

Returns are not guaranteed and your personal return could be lower than the average prize rate.
In many interest rate environments, the expected return from Premium Bonds may be lower than what you could earn from a competitive Cash ISA or other savings account.

6. Constructing a balanced mid-year ISA strategy

Here are some ideas you can use today to polish your ISA strategy while keeping it tax-efficient.

Strengthen your ISA mix

Hold cash for short-term needs and investments for longer-term goals.
Consider partial transfers where possible to tidy up old accounts and reduce charges.
Compare platform and fund fees at least once a year — costs can creep up over time.
Keep an eye on interest rate changes and the wider economic outlook, particularly around autumn and winter when rate decisions are common in the UK.
Set up a regular monthly contribution plan if you can; this can smooth the timing of investments and reduce the impact of volatility (often called “pound-cost averaging”).

A simple action plan

Re-evaluate your financial goals, splitting them into short-term (around 1–3 years) and long-term (5+ years).
Match each goal to the most suitable ISA type: Cash ISAs for shorter-term goals, Stocks & Shares ISAs for longer-term targets.
Check whether your current platform and fund fees still look good value for the service and features you receive.
If not, consider moving to another provider where you can benefit from lower costs and a simpler overall portfolio.

Conclusions

Having a mid-year check-in helps you make adjustments to your ISA strategy well before the rush at the end of the tax year. By reviewing transfers, comparing fees and checking whether Cash ISAs, Stocks & Shares ISAs (or a mix of both) are right for your goals, you can aim to make your tax-efficient savings work harder for you.

If you are planning around your income and savings, you can also try our salary calculator. Taking a bit of time now could help you finish the tax year in a stronger position.