The viewer said they were keeping around £71,000 in a two-year fixed ISA, which ends in 2024, offering 1.18 percent interest. The penalty to switch accounts would cost 180 days’ worth of interest, equivalent to around £414.95.

Mr Lewis said: “If what you’re saying is, ‘I have a fixed rate cash ISA that ends in over a year and I’ll lose £400 interest if I leave, would I earn more interest if I paid that penalty and went elsewhere?’.

“Well, the basic answer is yes. You’re earning just over one percent at the moment and you have £71,000. So let’s say you’d earn £800 interest this year if you keep it there.

“The top-paying one-year fixed ISA pays 3.8 percent. So it would earn around £2,700 interest in the top one year fixed now.